CNB research finds exchange rate moves dampen shocks

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A working paper published on March 19 by the Czech National Bank (CNB) finds that the exchange rate of the koruna to the euro is a source of stability for the Czech Republic.

Monetary Policy and Exchange Rate Dynamics: The Exchange Rate as a Shock Absorber, by Volha Audzei and František Brázdik, notes that some studies find the exchange rate contributes to fluctuations in output and inflation, while others suggest a dampening effect.

The paper decomposes variables in a structural vector

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