Publications, Presentations and Speeches


Academic Journals (refereed)

Investors’ risk attitudes in the pandemic and the stock market: new evidence based on internet searches” with Giulio Cornelli, Leonardo Gambacorta and Dora Xia. BIS Bulletin, No 25, June 2020.

Does sovereign risk in local and foreign currency differ?,” with Frank Packer and Jimmy Shek, Journal of International Money and Finance, Volume 101, March 2020. 2018. [BIS Working Papers 709.2018]. [IMES Discussion Paper Series 18-E-01, Institute for Monetary and Economic Studies, Bank of Japan wp 2018] [slides ABFER 2018]

The Fed New York staff underlying inflation gauge , 2017, with Simon Potter and Robert Rich, Economic Policy Review.

Measuring Trend Inflation with the Underlying Inflation Gauge”, 2017, with Simon Potter and Robert Rich, Liberty Street Economics, May 22, 2017.

“Long-run effects of exchange rate appreciation: Another puzzle?”, 2017, with Beatrice Weder di Mauro, Aussenwirtschaft, University of St. Gallen, School of Economics and Political Science, Swiss Institute for International Economics and Applied Economics Research, vol. 68(01), pages 63-82, December.

How do global investors differentiate between sovereign risks? The new normal versus the old, 2016, with Eli Remolona and Jimmy Shek, Journal of International Money and Finance, vol. 66(C), pages 32-48.

A spare tire for capital markets: Fostering corporate bond markets in Asia, 2016, with Steven Kong, Frank Packer and Eli Remolona, BIS Papers No. 85.

Sovereign ratings of advanced and emerging countries after the crisis, 2015, with Frank Packer, BIS Quarterly Review December.

Monetary policy implementation: common goal but different practices, 2011, with Antoine Martin, Current Issues, Federal Reserve Bank of New York.

Monthly Pass-Through Ratios, Journal of Economic Dynamics and Control, 2010, with Andreas Fischer.

Are Weekly Inflation Forecasts Informative?“, Oxford Bulletin of Economics and Statistics, 2009, Vol.71, Issue 2(04), with Andreas Fischer.

Do macroeconomic announcements move inflation forecasts?“, Federal Reserve of St. Louis Review, 2009, II 91(5 Part 2), 507-518, with Andreas Fischer.

Search theory and applied economic research, Quarterly Bulletin of Swiss National Bank, 2002, with Aleksander Berentsen.

Work in Progress

Trade Sentiment in Chinese Media and Financial Markets“, with Leonardo Gambacorta, Chao He and Dora Xia (BIS).

The origin of blockchain: building blocks and history“, with Thomas Hugh, manuscript.

“A new indicator for the Structure of the Chinese Government Bond Market”, with Michael Funke, 2018, submitted to BOFIT working paper series.

“Modelling Sovereign Ratings: China’s versus the approach of the Big3”, with Frank Packer, manuscript.

Academic Working Papers

Chinese Bond Market and Interbank Market“, 2019, with Zhiguo He NBER working paper No 25549. [Macro Finance Research Program, Chicago Booth]

“Does sovereign risk in local and foreign currency differ?”, 2018, with Frank Packer and Jimmy Shek, BIS Working Papers 709, Bank for International Settlements. / IMES Discussion Paper Series 18-E-01, Institute for Monetary and Economic Studies, Bank of Japan.

Developing an Underlying Inflation Gauge for China (建立中国基础通货膨胀指标, 2018, with Ma Guonan and Ye Huan, BOFIT working paper 11/2018. Previous version published as PBC working paper No. 2015/05, and BIS working paper No. 465.

Optimal Diversification for Institutional Investors: Before and After the Crisis, 2014, with Joachim Coche, manuscript presented at ‘Joint Worldbank/BIS Conference’ in Washington 2013, BIS Reserve Manager Seminar in Kunming China 2013, and BIS Reserve Manager Seminar in Lucerne 2014.

Real Time Underlying inflation gauges for policy makers, 2009, FRBNY Staff Report No. 420, with Simon Potter.

Shock Identification of Macroeconomic Forecasts Based on Daily Panels, 2005, FRBNY Staff Report No. 206, with Andreas Fischer.

Oil prices and monetary policy – a new paradigm, Quarterly Bulletin of Swiss National Bank, 2005, with Philipp Hildebrand.

Sequential Information Flow and Real-Time Diagnosis of Swiss Inflation: Intra-Monthly DCF Estimates for a Low-Inflation Environment, 2004, CEPR-Discussion Paper 4627, with Andreas Fischer.

Is the impact of monetary policy on banks’ lending asymmetric in Switzerland? – Evidence from a Markov Switching Model, manuscript presented to the SNB Board, 2003, with Sylvia Kaufmann.

Befindet sich die Industriekonjunktur bereits in einer Überhitzungsphase? – Konstruktion von Schwellenwerten zur Früherkennung von konjunkturellen Extremphasen anhand von Umfragedaten für die Industrie in: KOF Monatsbericht, Konjunkturforschungsstelle der ETH Zürich, January 2002.

Credit rating and interest rates, credit losses and defaults, in: Einblick in das Innenleben des Kreditgeschäfts, Economic Briefing Nr. 22, CREDIT SUISSE, 2002, with Urs Wolf.

Vom Rating zum Kreditsatz, in: KMU das Magazin für Unternehmer, Geschäftsführer, höheres Kader, Juni 2001, pp. 22-29, with Cesare Ravara, Peter Weibel und Urs Wolf.

Deriving Unbiased Thresholds To Signal Turning Points In Leading Indicators, manuscript presented at the International Symposium on Forecasting, Pine Mountain USA, June 2001.

Investment behaviour of Swiss firms– Annual Publication of the Swiss Economic Institute (KOF/ETH), 1996, 1997, 1998 and 1999.

Dating and Predicting Regime Phase Changes in the Swiss Business Cycle, KOF/ETH-Working Paper, 1999.

Methods to identify and forecast business cycle turning pointsin: Business Cycle – monthly report of the Swiss Economic Institute (KOF/ETH), December 1997.

Books and Book Contributions

The Handbook of China’s Financial System, Co-Editor and Author joint with Wei Xiong and Sun Guofeng. Forthcoming, Princeton University Press, Nov 2020.

Central Bank Digital Currency (CBDC) and Fintech in Asia“, 2019, Editor with Bihong Huang, Peter J. Morgan, and Sayuri Shirai. With contributions by PBoC, OJK, BoJ, BoK, BoT, RBA as well as BIS, CUHK-SZ, IMF, Keio University, Luohan Academy and a foreword by Ken Rogoff. Asian Development Bank Press. [Paperback ISBN: 9784899742135]

Regulating Fintech: Objectives, Principles, and Practices“, 2019, in: “CBDC and Fintech in Asia”, ADB Working paper series 1016.

Regulating Fintech: Ignore, Duck-type or Code“, 2019, in: “The Economics of Fintech and Digital Currencies”, Ed Antonio Fatas, CEPR ebook.

Central bank unconventional policies, CGFS/MC report, BIS, 2009, with H. Nakaso, G. Debelle, D. Longworth, F. Papadia, F. Haas, H.-H. Kotz, E. Zautzik, J. Iwasaki, J. Alonso, T. Jordan, M. Amstad, M. Cross, St. Meyer, J. E. Gagnon, P. Mosser, K. Chen, F.-L. Michaud, D. Domanski, C. Ho.

Wachstumsfluktuationen, Zykluskonzepte und konjunkturelle Wendepunkte, in: Classification and Clustering in Business Cycle Analysis, Ed. Heilemann&Weihs, 2007, with Bernd Schips.

Neural Networks in: Geld-,Bank- und Finanzmarkt-Lexikon der Schweiz, Ed. Boemle et al., pp. 789-791, Verlag SKV, 2002, with Hans-Georg Zimmermann.

Backtesting and Performance Improvement of CREDIT SUISSE quantitative firm rating, internal CREDIT SUISSE handbook, December 2001.

Signalling Bottlenecks/Overcapacities and Low/High Dynamics – A New Approach to Indicate Changes in Business Cycles in: Economic Surveys and Data Analysis, CIRET Conference Proceedings, hosted by OECD, Paris, October 2000.

On the use of Markov Switching Models applied to business survey data for the prediction of turning points in: Use of Survey Data For Industry, Research And Economic Policy – Selected Papers presented at the 24nd Ciret Conference, Wellington, New Zealand, 1999, Ashgate (2000).

Business Cycle Turning Points: Dating and Forecasting – Chronology of different types of turning points and development of an early warning system based on Markov switching models of Swiss survey data, 1999, Ph.D. thesis University of St. Gallen.

How innovative is the Swiss industry? A theory based analysis using a system of Indicators, in: International Innovation Management – Formation of international processes of innovations to create long term advantages in competition, Editors: O. Gassmann and M. von Zedtwitz, München, Verlag Beck-Vahlen, pp. 231-258, 1996, with Spyros Arvanitis and Heinz Hollenstein.

Determinants of Swiss industry’s patent activity – Poisson and Negative-Binomial models based on firm data, 1997, Swiss National Science Foundation Project ‘Operating Profits and Innovation’, Zürich, with Spyros Arvanitis.

The economic impact of financing private consumption with consumer credits and leasing on growth and employment in Switzerland – A simulation using a Leontief-Input-Output-Matrix, 1995, Analysis by request of the Swiss Business Federation (economiesuisse).

Estimating length of employment duration in Switzerland – using the first data vintage from the Swiss Labour Force Survey (SLFS), 1994, master thesis, University of Bern.

Revision of the Swiss Federal Retail Trade Statistics: Concepts, methods and recommendations 1994, Expert report by request of the Swiss Federal Statistical Office.

Newspaper and Other Publications

China’s corporate defaults at record high – at last!“, with Zhiguo He, VoxEU, 17 July 2019

Underestimated Role of Banks in China’s Bond Market“, with Zhiguo He, VoxChina, 16 July 2019

Regulating Fintech: Ignore, duck type or code, VoxEU, 22 March 2019

«China kennt den Westen besser als der Westen China», Handelszeitung Interview, Februar 2019.

The tyranny of benchmarks, VoxEU, with Eli Remolona and Jimmy Shek, 28 October 2017.

Sovereign ratings after the crisis: methodologies revised, with Frank Packer, Global Public Investor 2017.

Measuring Trend Inflation with the Underlying Inflation Gauge, 2018, with Robert Rich and Simon Potter, Liberty Street Economics, 22 May 2017.

Das Zahlungssystem meistert Krise souverän, 16. December 2009, Finanz und Wirtschaft.

The SIC system and the financial market crisis, ClearIT – The Swiss professional journal for payment traffic, Edition 41, September 2009.

Similar yet different – the US and Swiss real estate markets, Januar 2009, Schweizerische Personalvorsorge.

How should we assess the correction in the US real estate market?, 23. December 2008, Neue Zürcher Zeitung, NZZ 300.

Trends werden künftig exakter erfasst – Die Schweizerische Nationalbank publiziert ein neues Mass für Kerninflation, 17. Mai 2006, Finanz und Wirtschaft, mit Andreas Fischer.

New core inflation measure: dynamic factor inflation (DFI), in SNB Monthly Statistical Bulletin, May 2006.

Was ist eine Rezession?, 12. November 2002, Neue Zürcher Zeitung, NZZ 263.

Indicator Development for Policy Makers and Investors

Federal Reserve Bank of New York staff Underlying Inflation Gauge (UIG)): an indicator for US trend inflation; developed and implemented during an assignment as Visiting Resident Scholar at the Fed NY 2004-2005; UIG for the US is updated daily at Fed NY since June 2005 and is published monthly by Fed NY since September 2017. Bloomberg: ticker <UIGDATA>.

Peoples Bank of China – Underlying Inflation Gauge (UIG) for China: an indicator for Chinese trend inflation; developed and implemented for PBoC.

Swiss National Bank – Dynamic Factor Inflation (DFI) Indicator for Swiss trend inflation; developed and implemented 2002-2004 at SNB.

Conference organisation / committee

Fintech, Social Finance and Financial Stability, conference by Asian Development Bank Institute (ADBI), School of Management and Economics of the Chinese University of Hong Kong, Shenzhen, the Shenzhen Finance Institute, dual submission to Journal of Financial Markets (JFM), jointly organised with Tarun Chordia, Bihong Huang, Peter Morgan, Sayuri Shirai, Bohuis Zhang. Dec 11-12 Shenzhen, China.

International Macroeconomics, Money & Banking, 7th Annual conference of ABFER (Asian Bureau of Finance and Economic Research), jointly organised with Giorgio Valente, program directors Takeo Hoshi (Stanford) Andrew Rose (Berkeley), Singapore, 27-30 May 2019.

International Macroeconomics, Money & Banking, 8th Annual conference of ABFER (Asian Bureau of Finance and Economic Research), jointly organised with Ippei Fujiwara (Keio University), program directors Takeo Hoshi (Stanford) Antonio Fatas (INSEAD), Singapore, 18-21 May 2020


Academic Conferences and Seminars (presenter)

Geneva International Macroeconomics and Finance Workshop 2020 / Research seminar, Princeton University, Paul and Marcia Wythes Center on Contemporary China and Bendheim Center for Finance 2019 / BIS research seminar 2019 / ABFER annual conference 2018 / ABFER annual conference 2017 (discussant) / Bank of Japan Seminar, 4th October 2016, Tokyo / China Economists Society (CES) Annual Conference ,11 June 2016. / Bank of Thailand seminar, Bangkok, 5. March 2015. / Hong Kong Institute for Monetary Research, 6. August 2014. / International Monetary Fund (IMF) Seminar, Washington, 20. January 2015. / Federal Reserve Bank of New York Research and Markets Seminar, New York, 13. January 2015 / Reserve Bank of New Zealand seminar, Wellington, 6. December 2014. / BIS Hong Kong seminar, 20. June 2014. / People’s Bank of China research seminar, with Ye Huan, Beijing, China, 28. February 2014 / Chinese Academy of Science, Academy of Mathematics and Systems Science, Beijing, China, 27. February 2014 / BIS seminar, Basel, Switzerland, 14. May 2014 / BIS brown bag seminar, joint with Ye Huan (PBoC), Hong Kong, 30. August 2012.

Policy and Investor Conferences, Guest Lectures (presenter), Panels (chair)

Dialogue and Coordination: How Board Directors Make A Real Difference, IMD – High Performance Boards. Being a Board Member of a Regulator, 27th November 2019, Lausanne.

Regulating FinTech:Objectives, Principles and Practice, AFLP Asian Financial Leaders Program, 12th November 2019, Singapore

Regulating FinTech:Objectives, Principles and Practice, SEACEN Central Bank Governance: Roles and Objectives of Modern Central Banks, 11th November 2019, Kuala Lumpur

Balancing FinTech Risk and Opportunities, Hong Kong Fintech week, 6 November 2019, Hong Kong

Balancing Risks and Opportunities of FinTech, IMF-BoT Fintech conference on the Bali Fintech agenda, June 11-12, Bank of Thailand and IMF, Bangkok, Thailand.

FinTech and SupTech – use of new technologies in financial markets and supervision, Peoples’ Bank of China research seminar, 29 April 2019, Beijing, China.

Regulating FinTech, Vaduz Roundtable “The Financial System 2030”, 15-17 February 2019, Vaduz.

Chinesische Finanzmärkte verstehen, Statistisch Volkswirtschaftliche Gesellschaft (SVG) Basel, 4 February
2019, University of Basel

Fintech and Regulation, China Finance 40 Forum, Beijing Global Fintech Summit, Beijing 16-17 November 2018.

Market Opening in China: Impact, Future, Strategy, keynote speech, NZZ Swiss International Finance Forum 2018. Zuerich 25 October 2018. (Video from min 26 onwards)

The Myths and Realities of Cryptocurrencies, Blockchain, ICO & Co. and their Impact on Future Research, Panel Discussion with Douglas Arner, Joerg Gasser, Robert Kauffmann, Byran Zhang. 1st “International FinTech, InsurTech & Blockchain Forum”, organised by University of Zuerich, Zurich 24th October, 2018. (

A China Strategy in Three Pillars, Hearing by the Aussenpolitische Kommission des Nationalrats (APK-N), Bern 15. October 2018.

FINMA, FinTech and ICOPanel with Swiss and local FinTech representatives during working visit of the Federal Councillor with Government and industry representatives: Sao Paolo, Brasil 18 July 2018, Buenos Aires, Argentina, 20 July 2018. / Conference “FinTech, Credit and the Future of Banking”, Rigi, 13 July 2018.

An Academic view on Asia, Real Estate Day, Swiss Finance & Property Group, Zuerich, 26. June 2018.

Chinas Rating Agencies, Inaugural meeting of the European Risk Management Council in Hong Kong, Correspondent Club Hong Kong, 30 May 2018.

Plan B: How to structure a Bad Bank? Hitotsubashi University, 7th October, 2016

Trends and Challenges in Reserve Management: Asian Bonds and Inflation Linkers,Central Bank Chief Representative Roundtable, New York,16. January 2015

Asian Bond Fund initiative – Review and Current IssuesEMEAP Meeting in Wellington, hosted by Reserve Bank of New Zealand, December 2014. / EMEAP Meeting in Kuala Lumpur, hosted by Bank Negara Malaysia, September 2014. / EMEAP Meeting in Sydney, hosted by Reserve Bank of Australia, June 2014. / EMEAP Meeting in Manila, hosted by Bank of Philippines, March 2014. / EMEAP Meeting in Tokyo, hosted by Bank of Japan, December 2013. / EMEAP Meeting in Sydney, hosted by Reserve Bank of Australia, September 2013. / EMEAP Meeting in Kuala Lumpur, hosted by Bank Negara Malaysia, 6-7 June 2013. / EMEAP Meeting in Sydney, hosted by Reserve Bank of Australia, 12-14 December 2012. / EMEAP Meeting in Sydney, hosted by Reserve Bank of Australia, October 2012. / EMEAP Meeting hosted by Monetary Authority of Singapore, 4. July 2012. / EMEAP Meeting in Kuala Lumpur, hosted by Bank Negara March 2012.

Optimal Diversification for Institutional Investors, BIS Asset Management Associate Program, Basel, Switzerland, 5. May 2014.

Challenges for Reserve Management, BIS Asset Management Workshop, Lucerne, Switzerland, 28 April 2014.

Trends and Challenges in Reserve Management, Bank Indonesia, Annual Investment Forum for the Governing Board members of Bank Indonesia, 16. January 2014

The On-shore Chinese Sovereign Debt Market (CNY), Inaugural meeting of the Advisory Committee on the BIS New Cooperative Project in Asset Management Services, Basel, Switzerland, 11. November 2013.

The Asian Bond Fund initiative by EMEAP, BIS Reserve Management Seminar, Lucerne, Switzerland, 13. May 2013.

Challenges for Reserve Management, BIS Reserve Management Seminar, Lucerne, Switzerland, 6. May 2013.

Optimal Diversification for Institutional Investors, BIS Advanced Reserve Manager Seminar, Kunming, China, 17. April 2013.

Unconventional Monetary Policy – A typology, BIS Advanced Reserve Manager Seminar, Kunming, China, 16. April 2013.

Input Parameters for Strategic Asset Allocation, Bank of Thailand seminar for reserve managers, Bangkok, Thailand, 13.-14. March 2013.

The EMEAP Single Market Fund initiative, joint presentation with James Whitelaw (Reserve Bank of Australia), EMEAP Meeting in Bangkok, Thailand, 12.-13. March 2013.

Challenges of Diversification: chair in panel with Mr HS Choo, Deputy Governor, Head of Reserve Management Group, Bank of Korea; Mr Francis Chu, Executive Director, Reserve Management, HKMA; Mr James Whitelaw, Deputy Head, International Department, RBA; Mr Vasuvirabhadra Ramdeja, Division Executive, Reserve Management, Bank of Thailand; Asia & Middle East Government Funds Roundtable organised by Institutional Investor, Singapore, 15.-16. November 2012.

Drivers of local currency bond markets, three day Seminar on Asset Management: (currency, current account/credit, inflation, and liquidity), inflation-linked bonds and Asian bond funds, Central Bank of Timor, Dili, 24.-26. September 2012.

Challenges for Reserve Management, BIS Reserve Management Seminar, Lucerne, Switzerland, 21.-25. May 2012.

Central Banking in Unconventional Times – short, medium and long term impact of the GFC, BIS Advanced Reserve Manager Seminar, Jeju, Korea, 17 March, 2012.

Konjunktur und Finanzmärkte 2012, Horizonte und Trends 2012, Anlass der Schweizer Personalvorsorge, Zürich, 5. Januar 2012.

Zeit der Extreme – (Schweizer) Geldpolitik und die Finanzkrise, Gastvorlesung in der Vorlesung „Ökonomie“ von Professor Dr. R. Schubert, Universität Zürich, 21. Dezember, 2011.

Zeit der Extreme, Wegelin Konferenz für Institutionelle Investoren Zürich, 27. Oktober 2011.

Schweizer Geldpolitik: Möglichkeiten und Grenzen, Expertenhearing des Regierungsrat des Kantons Zürich, 26. Oktober 2011.

Is this time different?, Fachtagung Zürich Anlagestiftung, 9. Juni 2011.

NOT too big to fail, Moderation der Podiumsdiskussion mit Konrad Hummler (Präsident der Vereinigung Schweizerischer Privatbankiers und Peter Siegenthaler (Präsident des Verbandes Schweizerischer Kantonalbanken), Forum für Universität und Gesellschaft der Universität Bern, 19.April 2011.

Is this time different?, Thurgauer Kantonalbank – Anlass für institutionelle Investoren, April 2011.

Aktuelle Geldpolitik, Schweizerischer Verband für interne Revision (SVIR), Zürich 1. April 2011.

Möglichkeiten und Grenzen der Geldpolitik, Horizonte und Trends 2011, Anlass der Schweizer Personalvorsorge, Zürich, 07.Januar 2011.

Erkennen von Risiken und geldpolitische Massnahmen, Ausbildungsseminar zusammen mit Peter Siegenthaler für die Graubündner Kantonalbank, 29.Oktober 2010.

Aktuelle Herausforderungen der Notenbanken, Rotary Luzern, Leitthema 2010 „Innovation und Veränderung“, 28. September 2010.

Banker werden nach der Finanzmarktkrise?, Schlusspräsentation der Studienwoche «Finanzplatz Schweiz» für Schweizer Jugend forscht, Zürich, 18. September 2010.

Finanzkrise: Möglichkeiten und Grenzen der Geldpolitik, Vortrag mit Aymo Brunetti (seco) in der Vortragsreihe des Forums für Universität und Gesellschaft der Universität Bern, 2. Juni 2010.

Inputs to Monetary Policy Decisions, CFA Institute Annual Conference, Boston, 17. Mai 2010.

Konjunktur und Finanzmärkte wohin?, Thurgauer Kantonalbank – Anlass für institutionelle Investoren, 22. April 2010.

Konjunkturausblick mit Fokus Immobilien, SVIT – Schweizerischer Verband der Immobilienwirtschaft – Immobilienmesse 2010, Zürich, 17. April 2010.

Chancen und Risiken der Finanzmarktregulierung, Moderation der Podiumsdiskussion mit T. Jordan (SNB), Harris Dellas (Universität Bern) und Hans-Ulrich Müller (Credit Suisse), Forum für Universität und Gesellschaft der Universität Bern, 24. März 2010.

Konjunktur- und Finanzmärkte 2010, Horizonte und Trends 2010, Anlass der Schweizer Personalvorsorge, Zürich, 7. Januar 2010.

Herausforderungen und Aktionsmöglichkeiten der SNB, Postfinance, Fachtagung, Bern, 26.November 2009.

Finanzkrise und aktuelle Geldpolitik, Mercer Investment Symposium – Gazing over the Horizon, 11. November 2009.

SNB Policy Implementation during Financial Market Crisis, FRBNY, Seminar for Research and Markets Department, New York, 28. August 2009.

Bad Banks and Good Policy?, Finance Circle 2009, Veranstaltungsreihe des ZHAW Instituts für Banking & Finance, Zürich, 7. September 2009.

Lehren aus der Finanzmarktkrise, ZKB, Kundenanlass für Personalvorsorgeverantwortliche, Zürich, 16. Juli 2009.

Geldpolitik in der Finanzkrise, ZKB, Internes Seminar für Ökonomen, Aktien- und Obligationen-Spezialisten, Zürich, 05. Juni 2009.

Lehren aus der Finanzmarktkrise, Concordia, Weiterbildungsseminar des Verwaltungsrats, Luzern, 22. April 2009.

Immobilienkrise in den USA: Auswirkungen auf die Schweiz, SVIT (Schweizerischer Verband der Immobilienwirtschaft), Zürich, 7. April 2009.

Aktuelle Herausforderungen der SNB, AWi Anlagestiftung Winterthur für Personalvorsorge, 25. Ordentliche Mitstifterversammlung, Bern, 15. März 2009.

Konsequenzen der Finanzkrise für die Wirtschaftspolitik, Expertenhearing im Zürcher Regierungsrat, Zürich, 28. Januar 2009.

Zeit der Extreme, Referat und anschliessende Paneldiskussion an der Hochschule Luzern, 13. Januar 2009.

Immobilienmarkt, Finanzkrise und Geldpolitik, Schweizer Immobilienkongress 2008, Bern, 12. November 2008.

Konjunkturausblick, SNB Wirtschaftsbeiratssitzung des Kantons Zürich, Zürich, 11. November 2008.

Lehren aus der Finanzmarktkrise, Luzerner Kantonalbank, Verwaltungsratssitzung, Luzern, Oktober 2008.

Konjunktur im Lichte der Finanzmarktkrise, Zentralschweizerische Handelskammer, Verwaltungsratssitzung, Luzern, Oktober 2008.

Expert Reports to the SNB Board (selected)

FX Derivatives – relevance for monetary policy, September 2011, headed interdepartmental working group.

Demand for CHF from 2008 to 2010: assets and investors, February 2011, SNB internal report presented to the SNB Board.

CHF-Overshooting – measurement and assessment from a market perspective, June 2010, SNB internal study to Head of the SNB III. Department, with Ch. Meyer.

Speeches for Swiss National Bank Governing Board Members

For Dr. Philipp Hildebrand: Überlegungen zum Franken-Wechselkurs, Center for Comparative and International Studies (CIS) der Universität Zürich, der ETH Zürich und der KOF Zürich, Zürich, 24.04.2007. / Einleitende Bemerkungen, Jahresend-Mediengespräch, Zürich, 14.12.2006. / Comments on “Money and monetary policy: The ECB experience 1999 – 2006”, ECB Central Banking Conference, Frankfurt, 09.11.2006. / Schweizerische Geldpolitik und Finanzmärkte, KOF-Prognosetagung, Zürich, 05.10.2006.

For Prof. Thomas J. Jordan: Einleitende Bemerkungen, Jahresend-Mediengespräch, Bern, 10.12.2009. /Herausforderungen für die schweizerische Geldpolitik, Geldmarkt-Apéro der Schweizerischen Nationalbank, Genf, 12.11.2009. / Immobilien, Hypotheken und Geldpolitik, IAZI, Schweizer Immobilienkongress 2009, Zürich, 10.11.2009. / Der Schweizer Franken und die Finanzmarktkrise, Kapitalmarktforum 2009 der WGZ-Bank Luxembourg SA, Luxembourg, 25.09.2009. / 10 Jahre FrankenRepomarkt – eine Erfolgsgeschichte, Repo-Tagung 2009, Luzern, 02.07.2009. / Tiefe Hypozinsen: Fluch oder Segen?, Delegiertenversammlung des HEV Schweiz, Säntis, 19.06.2009. / Einleitende Bemerkungen, Mediengespräch, Bern, 18.06.2009. / Finanzmärkte und Weltwirtschaft, Swiss Economic Forum, Thun, 14.05.2009. / Geldpolitik im Bann der Finanzkrise, State Street Global Advisors (SSgA) Prima Talk, Zürich, 06.05.2009. / Die Geldpolitik der Schweizerischen Nationalbank in stürmischen Zeiten, GeldmarktApéro der SNB, Zürich, 19.03.2009. /Perspektiven für die Schweizer Wirtschaft 2009, Weinfelden, 15.01.2009. / Einleitende Bemerkungen, Jahresend-Mediengespräch, Jahresend-Mediengespräch, Zürich, 11.12.2008. / Finanzierung von Hypotheken und die Risiken einer Kreditverknappung in der Schweiz und im Ausland, Schweizer Ökonomentag, Universität Zürich, 10.09.2008. / Geldpolitik im Spannungsfeld zwischen Inflation und Wachstum, Swiss Venture Club, Mitgliederversammlung 2008, Bern, Hotel Bellevue Palace, 02.09.2008. / Einleitende Bemerkungen, Halbjahres-Mediengespräch, Genf, 19.06.2008. / Finanzierung von Hypotheken: Verbriefungen und Pfandbriefe im Lichte der Finanzkrise, Generalversammlung der Pfandbriefbank Schweizerischer Hypothekarinstitute, Zofingen, 15.05.2008. / Auswirkungen der Finanzmarktkrise auf die Schweiz, Zuger Wirtschaftskammer, Zug, 28.04.2008. / Geldpolitik in der Finanzmarktkrise, Anlass für Banken und Pensionskassen, Hotel Bellevue Palace, Bern, 02.04.2008. / Aktuelle geldpolitische Herausforderungen für die Schweizerische Nationalbank, GeldmarktApéro der Schweizerischen Nationalbank, Zürich, 27.03.2008. / Geldpolitik und Finanzmärkte: Was bringt das Jahr 2008?, Messe Fonds 2008, Zürich, 31.01.2008. / Geldpolitik und Unsicherheit, Universität Freiburg im Breisgau, 15.01.2008. / Fallende Immobilienpreise in den USA, steigende Immobilienpreise in der Schweiz und deren Bedeutung für die Geldpolitik der SNB, Hochschule für Technik und Wirtschaft, Chur, 18.12.2007. / Globalisierung und Finanzmärkte: Herausforderungen und Chancen, ETH Alumni Engineering & Management, Zürich, 13.11.2007. / Geldpolitik in einem Umfeld grösserer Unsicherheit, Geldmarkt-Apéro der SNB, Genf, 01.11.2007. /Geldpolitik und Staatsverschuldung: Unterschiedliche Perspektiven, 13. Zermatter Symposium, Zermatt, 28.08.2007. / Einleitende Bemerkungen, HalbjahresMediengespräch, Bern, 14.06.2007. / Kommunikation, Transparenz und Geldpolitik, Vereinigung Basler Ökonomen, Basel, 24.05.2007. / Private Equity – Gibt es speziellen Regulierungsbedarf?, Veranstaltung “Deutschland – Schweiz, Partner im Dialog”, Berlin, 09.05.2007. / Die Nationalbank erleichtert und sichert den Zahlungsverkehr, Swiss Banking Operations Forum, Zürich, 25.04.2007. / Aktuelle geldpolitische Herausforderungen für die Schweizerische Nationalbank, Geldmarkt-Apéro der Schweizerischen Nationalbank, Zürich, 22.03.2007. / Wie hat sich das geldpolitische Konzept der SNB bewährt, Vereinigung Berner Wirtschaftswissenschafter (VBW), Bern, 27.02.2007.

For Prof. Jean-Pierre Danthine: The strong franc and the future of Switzerland’s financial market infrastructure: two current challenges for the SNB, Money Market Event of the Swiss National Bank, Geneva, 03.11.2011 / Introductory Remarks, Media News Conference, Bern, 17.06.2011. / Introductory Remarks, Media News Conference, Bern, 16.06.2011. / After the crisis: improving incentives in the financial sector, Founding event of the School of Finance, University of St. Gallen, 20.05.2011. / Swiss monetary policy in the public eye, Money Market Event of the Swiss National Bank, Zurich, 24.03.2011 / Introductory Remarks, Media News Conference, End-of-year Media News Conference, Zurich, 16.12.2010 / Monetary policy in turbulent times, Money Market Event of the Swiss National Bank, Geneva, 4.11.2010. / Introductory Remarks, Media News Conference, Bern, 17.06.2010. / Calmer waters after the storm?, Money Market Event of the Swiss National Bank, Zürich, 18.03.2010.