The Swiss National Bank (SNB) announced to refrain from profit distribution in 2022 owing to the accumulation of a huge financial loss. In this note we examine the key determinants of the SNB's loss and shed light on its implications to conduct monetary policy. In particular, we show that...

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The paper studies the profit distribution and portfolio management of the Swiss National Bank in comparison with the behavior of other European central banks. It is shown that the SNB's behavior is unique in a number of respects : Relatively to the countries size, it holds the largest gold...

The paper studies the profit distribution and portfolio management of the Swiss National Bank in comparison with the behavior of other European central banks.It is shown that the SNB's behavior is unique in a number of respects : Relatively to the countries size, it holds the largest gold...

The proposed new law for the Swiss National Bank attempts to establish the SNB as an entity, which is practically uncontrolled by the democratic institutions of our country. The proposal has to be fundamentally remodelled, taking into account the following principles: The more independence the...