
==================================================================
                                      SNB Bill yields (in %)      
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Reverse repo yield (in %)        1.43*** 1.54*** 1.47***  1.50*** 
                                 (0.17)  (0.16)   (0.20)   (0.13) 
                                                                  
3M SNB Bill (dummy)                      0.06*** 0.06***  0.07*** 
                                         (0.01)   (0.01)   (0.01) 
                                                                  
6M SNB Bill (dummy)                      0.09*** 0.09***  0.11*** 
                                         (0.01)   (0.01)   (0.02) 
                                                                  
12M SNB Bill (dummy)                     0.22*** 0.23***  0.25*** 
                                         (0.01)   (0.01)   (0.02) 
                                                                  
Reverse repo allotment (in bio.)                 0.02***  0.02*** 
                                                  (0.01)   (0.00) 
                                                                  
Reverse repo bids (in bio.)                       -0.00    -0.00  
                                                  (0.00)   (0.00) 
                                                                  
SNB Bill allotment (in bio.)                                0.00  
                                                           (0.00) 
                                                                  
SNB Bill bids (in bio.)                                     0.00  
                                                           (0.00) 
                                                                  
Constant                         0.06***  -0.01  -0.10*** -0.13***
                                 (0.01)  (0.01)   (0.03)   (0.04) 
                                                                  
Observations                       127     127     127      127   
R2                                0.76    0.86     0.87     0.88  
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