In einem Beitrag auf LinkedIn am 29. Dezember 2019 wirft Prof. Erwin Heri von der Universität Basel in die Runde, dass negative (Real-)Zinsen möglicherweise vernünftig sind. Sie wären das natürliche Ergebnis der Präferenzen der Wirtschaftssubjekte – und nicht primär das Ergebnis einer Manipulation von Zentralbanken.

The current monetary environment in Switzerland is as far from ordinary as can be imagined: negative interest rates (from -0.75% in the short term to -0.25% for 50Y govt bonds) and oceans of liquidity (M0 has grown to 50% of M3 from pre-crises levels of around 8%).

This post is a long excursion to make two simple points: The SNB is IMHO just acting in a passive way as a clearing house for (massive) capital inflows. It is not actively managing the exchange rate. A rate of increase of sight deposits of 2.5bn per week (100bn p.a.) is not extraordinary considering the need to recycle a current account surplus of 80bn p.a.