Dirk Niepelt

Dirk Niepelt

Dirk Niepelt is Director of the Study Center Gerzensee and Professor at the University of Bern. A research fellow at the Centre for Economic Policy Research (CEPR, London), CESifo (Munich) research network member and member of the macroeconomic committee of the Verein für Socialpolitik, he served on the board of the Swiss Society of Economics and Statistics and was an invited professor at the University of Lausanne as well as a visiting professor at the Institute for International Economic Studies (IIES) at Stockholm University.

Articles by Dirk Niepelt

BIS Innovation Hub Centre in Switzerland

From the SNB’s press release regarding the newly established BIS Innovation Hub Centre in Switzerland: The Swiss Centre will initially conduct research on two projects. The first of these will examine the integration of digital central bank money into a distributed ledger technology infrastructure. This new form of digital central bank money would be aimed at facilitating the settlement of tokenised assets between financial institutions.

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SNB Grants Fintechs Access to SIC

SNB Logo

In a press release the Swiss National Bank explains that it: “grants access to … [fintechs] that make a significant contribution to the fulfilment of the SNB’s statutory tasks, and whose admission does not pose any major risks.

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Elektronisches Zentralbankengeld hat Vorteile

Cryptocurrencies

Die Schweizerische Nationalbank hat dem E-Franken eine Absage erteilt – zu Unrecht, sagt Dirk Niepelt im Interview mit finews.ch. Der Direktor des SNB-nahen Studienzentrums Gerzensee erklärt, warum digitales Geld Vorteile bringt. Vergangene Woche hat sich Andréa Mächler, Mitglied des dreiköpfigen Direktoriums der Schweizerischen Nationalbank (SNB), kritisch zur Einführung eines elektronischen Frankens durch die SNB geäussert, wie auch finews.ch berichtete.

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Swiss Perfectionism

Kostensteigerung bei der SNB, 2006 - 2016

In Der Bund, Adrian Sulc comments on the Swiss National Bank’s perfectionism. Keine andere Schweizer Organisation kommuniziert so professionell wie die SNB, keine andere Organisation kann so gut dichthalten.
Perfectionism is costly. Der Personalbestand ist in den letzten fünf Jahren um 18 Prozent auf 795 Vollzeitstellen gestiegen. … Die durchschnittlichen Lohnkosten pro Mitarbeiter betragen mittlerweile 155 000 Franken pro Jahr. Dies weil gemäss Nationalbank fast ausschliesslich Spezialisten aus Wirtschaft und IT eingestellt wurden.

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Switzerland’s Changing International Linkages

Over the last decade, the economic linkages between Switzerland and the rest of the world have been transformed. First, merchanting and the chemical industry account for an increasing share of international trade, with chemicals exports expanding robustly in recent years despite the European crisis and the strong Swiss franc.

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The SNB’s Currency Interventions

SNB Holdings, 2001 - 2017

On the FT’s Alphaville blog, Matthew Klein reviews Swiss monetary policy over the last years and its effect on the real economy. He concludes that – it seems the SNB’s relentless accumulation of foreign assets has been pointless — at best. More likely, the behaviour qualifies as predatory mercantilism at the expense of the rest of the world, especially Switzerland’s hard-hit neighbours.

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Digital Swiss Francs

The Swiss National Bank held its annual general meeting of shareholders (web TV). In response to one of the questions posed by shareholders Thomas Jordan suggested (2:58–2:59) that possibly a digital Swiss Franc might be introduced sometime in the future.

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Swiss Franc Exchange Rate Index

Nominal and real effective exchange rate indices of Swiss Franc

The Swiss National Bank has updated its exchange rate indices. In an SNB Economic Studies paper, Robert Müller describes how. The upshot is that the SNB considers the Swiss Franc slightly less overvalued than before.

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How Derivatives Markets Responded to the De-Pegging of the Swiss Franc

bank of england

In a Bank of England Financial Stability Paper, Olga Cielinska, Andreas Joseph, Ujwal Shreyas, John Tanner and Michalis Vasios analyze transactions on the Swiss Franc foreign exchange over-the-counter derivatives market around January 15, 2015, the day when the Swiss National Bank de-pegged the Swiss Franc. From the abstract.

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End of Peg Buiter Critique

In a Citi research note, Willem Buiter discusses the SNB’s decision to discontinue the exchange rate floor of the Swiss Franc vis-a-vis the Euro. His main points are: Buiter refers to his earlier work on removing the lower bound on nominal interest r…

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