Quarterly Bulletin 4 / 2021  December

Quarterly Bulletin 4 / 2021  December

Volume 39

Contents

Page

Monetary policy report

4

1

Monetary policy decision of 16 December 2021

6

Monetary policy strategy at the SNB

7

2

Global economic environment

8

3

Economic developments in Switzerland

14

4

Prices and inflation expectations

19

5

Monetary developments

22

Business cycle signals

28

Acknowledgements

37

Glossary

41

Chronicle of monetary events

46

Quarterly Bulletin 4 / 2021  December

3

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SNB - Swiss National Bank published this content on 22 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 December 2021 14:06:13 UTC.