Households heterogeneity in a global CGE model: Les effets des politiques de Quantitative Easing sur le taux de change: les enseignements de l’expérience américaine

Michel Dupuy ()
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Michel Dupuy: Larefi, Université de Bordeaux

No 1302, Larefi Working Papers from Larefi, Université Bordeaux 4

Abstract: Facing liquidity trap problems, a number of industrialised countries, including the United States and the United Kingdom, have since 2008 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.

Keywords: Quantitative Easing; exchange rate; monetary base; long-term interest rates (search for similar items in EconPapers)
JEL-codes: E44 E51 E52 F31 F41 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2013-02
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