Les effets des politiques de quantitative easing sur le taux de change: les enseignements de l'expérience américaine

Michel Dupuy

Revue d'économie financière, 2012, vol. N° 108, issue 4, 243-260

Abstract: Since 2008 some industrialised countries, including the United States and the United Kingdom, have been facing liquidity trap problems and have implemented Quantitative Easing (QE) measures in an attempt to improve financing conditions in their overall economy. Although Quantitative Easing policies primarily act upon long-term interest rates and asset prices, they also have secondary effects on exchange rates. In a ?currency war? context, some countries might be tempted to use QE as a protectionist weapon in a bid to achieve exchange rate depreciation. After identifying which QE transmission channels affect exchange rates, the paper proposes an empirical analysis of stylized facts and econometric tests on the United States. Classification JEL: E44, E51, E52, F31, F41.

JEL-codes: E44 E51 E52 F31 F41 (search for similar items in EconPapers)
Date: 2012
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