Economic Advisor · Swiss National Bank and Study Center Gerzensee
Payment economics · financial market infrastructures · money markets and monetary policy implementation · financial stability
thomas.a.nellen@gmail.com RePEc LinkedIn October 2026
Economic Advisor, Study Center Gerzensee
Economic Advisor, Swiss National Bank — Stress Testing and Data Science, Financial Stability, Zurich
Liquidity stress testing. Data science. Research function.
Economic Advisor, Swiss National Bank — Oversight, Financial Stability, Zurich
Lead policy and regulation. Deputy CPMI member (Committee for Payment and Market Infrastructures), member of the CPMI–IOSCO Steering Group and the CPMI–IOSCO Policy Standing Group. Research function.
Secondment, Federal Reserve Bank of New York — Money and Payments Studies, Research Group
Senior Economist, Swiss National Bank — Oversight, Financial Stability, Bern
Lead overseer of the Swiss central counterparty and central securities depository. Member of the LCH and Eurex international oversight colleges.
Economist, Swiss National Bank — Financial Market Infrastructures, Zurich
Establishment of new oversight function. Member of the drafting team for the National Bank Act and the National Bank Ordinance, and of the crisis management steering group with the Ministry of Finance and the Federal Banking Commission.
Junior Economist, Swiss National Bank — Banking Operations Analysis, Zurich
Established the banking operations analysis function and the bank's active participation in the CPMI.
World Bank technical assistance missions — Costa Rica, payment systems; Brazil, securities settlement system
PhD in Economics (Dr. rer. oec.), University of Bern
Thesis: Essays in Payment Economics. Supervisors: Ernst Baltensperger and Antoine Martin.
PhD Program, Study Center Gerzensee — microeconomics, macroeconomics, econometrics
Master in Economics (lic. rer. pol.), University of Bern
Microeconomics and microeconometrics, with mathematics as a minor. Erasmus exchange at the University of Maastricht, 1996–1997.
Advanced methods in data science
Machine learning, causal machine learning and Bayesian networks. Study Center Gerzensee and GSERM, the Global School in Empirical Research Methods.
Monnet, Cyril and Thomas Nellen. The collateral cost of clearing. Journal of Money, Credit and Banking 53(5), 939–970.
Meuli, Jonas, Thomas Nellen and Thomas Nitschka. Covered bonds, loan growth and bank funding: the Swiss experience since 1932. International Finance 24(1), 77–94.
Kraenzlin, Sébastien, Christoph Meyer and Thomas Nellen. Covid-19 and regional shifts in Swiss retail payments. Swiss Journal of Economics and Statistics 156:14.
Nellen, Thomas. Intraday liquidity facilities, late settlement fee and coordination. Journal of Banking and Finance 106, 124–131.
Guggenheim, Basil, Mario Meichle and Thomas Nellen. Confederation debt management since 1970. Swiss Journal of Economics and Statistics 155:15.
Mägerle, Jürg and Thomas Nellen. Interoperability between central counterparties. Journal of Financial Market Infrastructures 4(2), 49–71.
Kraenzlin, Sébastien and Thomas Nellen. Access policy and money market segmentation. Journal of Monetary Economics 71, 1–12.
Kraenzlin, Sébastien and Thomas Nellen. Daytime is money. Journal of Money, Credit and Banking 42(8), 1689–1702.
Heller, Daniel, Thomas Nellen and Andy Sturm. Swiss Interbank Clearing. Financial Markets and Portfolio Management 14(4).
Ebner, Till, Thomas Nellen and Jörn Tenhofen. Budget control and payment behavior: evidence from Switzerland. In Cash in the Age of Payment Diversity, International Cash Conference, Deutsche Bundesbank.
Oleschak, Robert and Thomas Nellen. Does SIC need a heart pace maker? In Hellqvist, M. and T. Laine (eds.), Diagnostics for the Financial Markets, Simulator Seminar Proceedings 2009–2011.
Nellen, Thomas. Essays in Payment Economics. PhD thesis, University of Bern.
Brown, Martin, Yves Nacht, Thomas Nellen and Helmut Stix. Cashless payment and consumer spending. SNB Working Paper 6/2023.
Alexandrova-Kabadjova, B. et al. (20 authors, incl. T. Nellen). Intraday liquidity around the world. BIS Working Paper 1089.
Ebner, Till, Thomas Nellen and Jörn Tenhofen. The rise of digital watchers. SNB Working Paper 1/2021.
Working paper versions of the journal articles above are omitted.
Capel, Manuel and Thomas Nellen. Periods of inactivity and central queuing arrangements.
Capel, Manuel and Thomas Nellen. Payment fragility and central queuing arrangements.
Capel, Manuel, Thomas Nellen and Paolo Vanini. Bank stress event prediction.
Nellen, Thomas, Silvio Schumacher and Flurina Strasser. Settlement liquidity in SIC.
Brown, Martin, Giannina Elsaid-Miller, Nicole Hentschel and Thomas Nellen. From cash to generation Z: cash usage by the young.
Fuhrer, Lucas and Thomas Nellen. The relative supply of safety: the spread between treasuries and covered bonds.
Nellen, Thomas. Factors of resiliency: the Swiss franc repo market during turbulent times.
Nellen, Thomas. Stablecoins as new financial market infrastructures? Pay, the payments professional magazine of SIX, 7.
Ebner, Till, Thomas Nellen and Jörn Tenhofen. The rise of digital watchers. SUERF Policy Brief.
Oleschak, Robert, Thomas Nellen und Beatrice Kraus. Simulator bestätigt effiziente Zahlungsabwicklung. CLEARIT, Dezember.
Application of the Principles for Financial Market Infrastructures to stablecoin arrangements. CPMI–IOSCO.
Client clearing: access and portability. CPMI–IOSCO.
Resilience of central counterparties: further guidance on the PFMI. CPMI–IOSCO.
Recovery of financial market infrastructures. CPMI–IOSCO.
Principles for Financial Market Infrastructures. CPMI–IOSCO.
Central bank oversight of payment and settlement systems. CPMI.
Contributor to further CPMI, CPMI–IOSCO and CGFS reports since 2000.
Payments and Central Banks. Central Bank Course on Money and Payments, Study Center Gerzensee.
Money Markets and Financial Stability. Central Bank Course on Financial Stability, Study Center Gerzensee.
An Economic Approach to Financial Regulation. MIME master program, Universities of Bern and Basel.
Retail Payments and RTGS Payment Systems. Joint Vienna Institute.
From cash to generation Z. Economics of Payments XIV, Rome. Payment fragility and central queuing arrangements. International Conference on Payments and Securities Settlement, Ottawa.
Payment fragility and central queuing arrangements. Economics of Payments XIII, Vienna. Discussion of Goldstein, Yang and Zeng, Swiss Society for Financial Market Research, Zurich.
Payment networks and bank stress nowcasting. Economics of Payments XI, Bank of Canada, and De Nederlandsche Bank.
The rise of digital watchers. BIS seminar. Discussion of Huynh, Molnár, Shcherbakov and Yu, Economics of Payments X, Bank of Finland.
Settlement liquidity in SIC. Economics of Payments IX, BIS Basel, and Federal Reserve Bank of New York.
The collateral cost of clearing. Bank of England, Federal Reserve Bank of New York, Federal Reserve Bank of Chicago, University of Basel.
Interoperability between central counterparties. Bank of England, Bank of Canada, BIS, Economics of Payments V, Washington.
Journal of Money, Credit and Banking; Journal of Banking and Finance; Journal of Macroeconomics; Journal of Financial Market Infrastructures; Computational Economics.
Co-organizer and/or scientific committee member: Economics of Payments; BIS–CEPR–Gerzensee–SFI Financial Intermediation Conference; Summer Workshop on Money, Banking, Payments and Finance.
Scientific Committee, Annual Conference of the International Journal of Central Banking (2026). Publication Committee, Swiss National Bank (2012–2017).