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Monetary policy: Implementation in the money market

Video topic block

Monetary policy: Implementation in the money market

From policy rate to SARON: How the SNB implements its monetary policy.

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Published on 15.01.2026
2–3 lessons
German, French, Italian
KV
FVB
GYM
Easy to use

Overview

In a video with animations, SNB economist Linda Kirschner explains how the implementation of monetary policy has worked since the 2007/2008 financial crisis.

  • Two worksheets are available to work through the explanatory video.
  • The first worksheet focuses on the fundamentals. Most of the learning objectives can already be achieved here.
  • The second worksheet explores the topic in more depth and offers a closer look at the implementation of monetary policy since the 2007/2008 financial crisis.
  • The content of the video is also available as a scroll story. This optimally supports work with the video content.

Learning objectives

Students can …

  • describe the role of the SNB policy rate and SARON in the Swiss monetary policy system, and understand their significance for the financial markets and the day-to-day lives of companies and households;
  • roughly outline the process by which changes in the SNB policy rate are transmitted to the short-term money market rates (SARON), to financial markets and, finally, to interest rates relevant for consumption and investment decisions;
  • (as part of advanced work) sketch out in their own words the development of the SNB’s monetary policy instruments since the 2007/2008 financial crisis, distinguishing between conventional and unconventional measures.

Didactics

Didactic notes
Notes on the background to this topic block, on lesson preparation and on possible scenarios for use in the classroom.

Video

Monetary policy: Implementation in the money market

This video with animated graphics explains the role of the money market in the implementation of monetary policy.
Protagonist: Linda Kirschner, Swiss National Bank

Source: Zense. ‘Monetary policy: Implementation in the money market’ (June 2025, Duration: 05:59), prepared using the Vimeo video platform

If you have problems playing the embedded video, please use the following direct link: Open video in new window

Video as scroll story
The content of the video is also available as a scroll story. This interactive display combines text and image, with the story being revealed step by step through scrolling. The pace can be controlled individually. The scroll story optimally complements the video and supports work with its content.
To the scroll story

Worksheet

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Worksheet 1

Two worksheets are available to work through the explanatory video. The first worksheet focuses on the basics and conveys the most important contents of the video. Most of the learning objectives can already be achieved here.
Create your own version Download

Worksheet 2

The second worksheet explores the topic in more depth and offers a closer look at the implementation of monetary policy since the 2007/2008 financial crisis.
Create your own version Download

Sample answers Worksheet 1

 Download

Sample answers Worksheet 2

 Download

Extras

Summary of the video
This summary of the video’s key messages, supplemented by selected illustrations from the video, helps students work through the exercises in worksheet 1.

Overview chart
This overview chart on monetary policy measures since the period before the 2007/2008 financial crisis assists in working through the exercises in worksheet 2. The overview chart can also be used as an advance organiser.

Transcript of the video (voiceover)
Transcript of the video is available in English and in German.

Additional information

Links

The SNB explained

‘The SNB explained’ answers questions such as ‘How does the SNB keep inflation on track?’ and ‘Will cash at some point become obsolete?’, demonstrating the way the SNB works.

www.snb.ch

How the SNB's implementation of monetary policy has changed with the level of the policy rate

SNB Economic Note No. 9/2025 (July): This academic article explains how the Swiss National Bank has adapted its monetary policy implementation in the money market since 2015, across periods of negative, positive and zero interest rates.

www.snb.ch

Credits – Monetary policy: Implementation in the money market

Concept:
Iconomix

Video:
Iconomix (in June 2025), produced by Zense GmbH on behalf of Iconomix, prepared using the Vimeo video platform

Scroll story:
Produced by Visual Minds AG, Zurich, on behalf of Iconomix, based on the video content.

Consultants:
Linda Kirschner and Thomas Nitschka, both Swiss National Bank

Translation & proofreading:
SNB Language Services

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