The removal of the lower bound on the EUR/CHF exchange rate in January 2015 provides a unique setting to study the implications of a large and sudden appreciation in an otherwise stable macroeconomic environment. Using transaction-level data on non-durable goods purchases by Swiss consumers, we...

We employ novel time-stamped reserve sales data, provided by the Czech National Bank (CNB), to carry out a time-series analysis of the exchange rate implications of Czech reserve sales aimed at mitigating valuation losses on Euro-denominated assets. The sales were explicitly not intended to...

We dissect the impact of a large and sudden exchange rate appreciation on Swiss border import prices, retail prices, and consumer expenditures on domestic and imported non-durable goods, following the removal of the EUR/CHF floor in January 2015. Cross-sectional variation in border price changes...