Category Archive: 1.) Dirk Niepelt

Main Author 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.
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SNB Losses in the News

2022-08-01

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2022-08-01

My written statement for 20minuten: Anlageverluste der SNB sind schlecht für den Schweizer Steuerzahler, denn ihm gehört die SNB. Sie können aber auch Entwicklungen widerspiegeln, die ihre guten Seiten haben. Jetzt zum Beispiel führt die Frankenstärke zu Anlageverlusten, bremst aber auch die importierte Inflation.

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The SNB’s Financial Result, Currency Reserves, and Distribution Reserve

2022-07-27

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2022-07-27

How are SNB profits and losses distributed and what issues are debated? Annual Result Funds two “Reserves” The annual result (Jahresergebnis) of the Swiss National Bank (SNB) is split into two parts.

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“Digitales Notenbankgeld – und nun? (CBDC—What Next?),” FuW, 2021

2021-12-08

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2021-12-08

I draw some conclusions from the CEPR eBook on CBDC, namely: Banks will change, whatever happens to CBDC. The main risk of retail CBDC is not bank disintermediation. CBDC may not be the best option even if it has net benefits. It should be for parliaments and voters, not central banks, to decide about the introduction of CBDC.

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“Die Nationalbank ist an vielen Fronten gefordert (Challenges for the Swiss National Bank),” NZZ, 2021

2021-08-10

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2021-08-10

Should the SNB follow the Fed and the ECB and rework its strategy? There is a case for rethinking the broad inflation target, the monetary policy concept, and the communication strategy. Equally important is a strategy review outside of the SNB: The SNB cannot and must not decide about the framework within which it operates.

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“Die Schattenseiten von Schuldenbremsen (The Dark Side of Debt Limits),” ifoSD, 2021

2021-04-16

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2021-04-16

Was Schuldengrenzen aus politökonomischer Sicht besonders attraktiv erscheinen lässt – ihre vermeintliche Einfachheit und Klarheit – birgt also auch Risiken. Es führt dazu, dass Politiker und ihre Wähler die Solidität der Staatsfinanzen über Gebühr an expliziten Bruttoschulden messen.

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“Dirk Niepelt im swissinfo.ch-Gespräch (Interview with Dirk Niepelt),” swissinfo, 2020

2020-12-16

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2020-12-16

Swissinfo, December 14, 2020. HTML, podcast. We talk about CBDC, the Swiss National Bank, whether CBDC would render it easier to implement helicopter drops, and how central bank profits should be distributed.

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SUERF Webinar Baffi Bocconi Libra 2 0 20200831

2020-11-24

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This SUERF Baffi Bocconi e-lecture hosted Katrin Assenmacher, ECB, and Dirk Niepelt, University of Bern, to discuss Libra 2.0 from a monetary policy and financial stability perspective and to set Libra 2.0 in relation to the concept of Central Bank Digital Currencies (CBDC).

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“Unabhängigkeit der Nationalbank (Independence of the SNB),” FuW, 2020

2020-07-28

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2020-07-28

Von verschiedenen Seiten werden Ansprüche an den Gewinn der Nationalbank gestellt. Es sollte in der Kompetenz der SNB liegen, zu entscheiden, welchen Teil ihrer Bilanz sie nicht zur Erfüllung ihrer Aufgaben benötigt.

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“Monetäre Staatsfinanzierung mit Folgen (Monetary Financing of Government),” Die Volkswirtschaft, 2020

2020-07-27

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2020-07-27

Die Volkswirtschaft, 24 July 2020. PDF. Clarifying the connections between outright monetary financing, QE, the distribution of seignorage profits, the relationship between fiscal and monetary policy, and central bank independence.

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Lecture Series (online): Prof. Dr. Niepelt – Digital Money and Central Bank Digital Currency

2020-06-09

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This lecture series is about “Digital Money and Central Bank Digital Currency” with Dr. Prof. Dirk Niepelt, Director of Study Centre Gerzensee, Foundation of the Swiss National Bank. Associate Professor University Bern. About Central banks already issue digital money, but only to a select group of financial institutions. Central bank digital currency would extend this …

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“Wenn die Notenbank den Staat finanziert (When the Central Bank Finances the State),” FAS, 2020

2020-06-02

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2020-06-02

Monetary deficit financing is the norm—after all, central banks distribute their profits. Monetary financing occurs in the context of regular open market operations and QE and, hyper charged, with helicopter drops. The question is not whether monetary policy should finance the government, but why it does so, and to what extent. Fiscal and monetary policy are inherently connected; what constitutes monetary policy is defined by objectives.

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Switzerland Peps Up SMEs

2020-03-28

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2020-03-28

How Switzerland peps up SMEs: Banks are encouraged to extend credit (at 0%). The treasury guarantees the loans. The SNB refinances banks and accepts the guaranteed loans as collateral. Fast and efficient. Eventually, some of these loans will turn into grants of course. But that’s ok; the first-best response to a shock with asymmetric effects does involve transfers if markets are incomplete.

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Central Banks Zoom In on CBDC

2020-01-23

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2020-01-23

According to a BIS press release, several leading central banks collaborate with the BIS on matters relating to the introduction of CBDC: The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Sveriges Riksbank and the Swiss National Bank, together with the Bank for International Settlements (BIS), have created a group to share experiences as they assess the potential cases for central bank digital currency...

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BIS Innovation Hub Centre in Switzerland

2019-10-10

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2019-10-10

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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Future of Money Part 13 Dirk Niepelt

2019-07-13

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Public Versus Private Digital Money: Macroeconomic (ir)relevance, Dirk Niepelt is Director of the Study Center Gerzensee and Professor at the University of Bern. A research fellow at the Center 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 …

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SNB Grants Fintechs Access to SIC

2019-01-16

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2019-01-16

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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“Vollgeld – Was spricht dagegen? (Sovereign Money—What are the Problems?),” RABE, 2018

2018-05-19

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2018-05-19

Die Vollgeld-Initiative will die Schweizer Geldpolitik komplett umkrempeln. Künftig soll nur noch die Nationalbank Geld herstellen dürfen, sowohl Banknoten und Münzen als auch das elektronische Geld. Die Schweizer Geschäftsbanken wie die UBS oder die CS, die heute 90% des elektronischen Geldes herstellen, soll das künftig verboten sein.

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“Was Vollgeld bringt – und was nicht (Sovereign Money—Pluses and Minuses),” SRF, 2018

2018-04-30

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2018-04-30

Francs
Wer soll Franken herstellen dürfen? Nur die Schweizerische Nationalbank, oder auch die Geschäftsbanken wie UBS, CS oder die Kantonalbanken? Ginge es nach der Vollgeld-Initiative, über die wir am 10. Juni abstimmen, wäre künftig klar: Geld als gesetzliches Zahlungsmittel gäbe es nur von der SNB.

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Elektronisches Zentralbankengeld hat Vorteile

2018-04-13

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2018-04-13

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...

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SNB Rejects Vollgeld and Questions ‘Reserves for All’

2018-01-17

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2018-01-17

Swiss National Bank
In the NZZ, Peter Fischer reports that SNB president Thomas Jordan rejects the Vollgeld initiative and stops short of endorsing the ‘reserves for all’ proposal.

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