The Swiss National Bank (SNB) has announced it will refrain from profit distribution in 2022 owing to the accumulation of a huge financial loss. In this paper we examine key determinants of the SNB’s loss and shed light on its implications to monetary policy pursuit. In particular, we show that different accounting principles yield different results concerning the equity position of a central bank’s balance sheet, yet not affecting the ability to run monetary policy.

中文翻译：

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瑞士央行：近期的损失是否对货币政策构成威胁？研究笔记1

瑞士国家银行（SNB）宣布，由于积累了巨额财务损失，将不再进行2022年利润分配。在本文中，我们研究了瑞士央行损失的关键决定因素，并阐明了其对货币政策追求的影响。特别是，我们表明，不同的会计原则会在央行资产负债表的权益头寸方面产生不同的结果，但不会影响货币政策的运行能力。