CNB Working Papers are academically oriented, original studies. The series includes both empirical and theoretical works which, in their scope and quality of execution, meet the standards of scientific journals. The studies are peer-reviewed and provide detailed analyses, new methodological approaches, and original research results with implications for the area of monetary policy, financial stability, and other relevant fields (see CNB Research Priorities). The texts express the opinions of the authors and may not reflect the official position of the Czech National Bank.