Why has Swiss export performance been so strong during the past quarters despite the marked appreciation of the CHF? What is the outlook for Swiss exports given the still elevated CHF? In this paper, we shed light on these questions by analyzing a panel of Swiss exports disaggregated along both...

This paper analyses how exchange rate shocks are transmitted at the firm level and establishes a nexus to firm-level export activity. Using precise survey data from a sample of Swiss firms, I find that an appreciation increases the probability of a decrease in firm-level costs, prices and...