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The Research and Policy Notes of the Czech National Bank (CNB) are intended to disseminate the results of the CNB´s research projects as well as the other research activities of both the staff of the CNB and collaborating outside contributors. The Notes aim to present topics related to strategic issues or specific aspects of monetary policy and financial stability in a less technical manner than the CNB Working Paper Series. The Notes are refereed internationally. The referee process is managed by the CNB Economic Research Department. The Notes are circulated to stimulate discussion. The views expressed are those of the authors and do not necessarily reflect the official views of the CNB.