The article examines how the way money affects the economy in the Czech Republic has changed from 1996 to 2010. The researchers used a special model to see if the economy's response to things like interest rates or exchange rates has shifted over time. They found that the economy now reacts more to changes in interest rates and exchange rates, likely due to improvements in the financial system and inflation control. However, the impact of credit shocks on the economy was more significant during a period of bank troubles. Overall, the study shows that financial shocks are less important for the economy when the financial system is stable.