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Unconventional monetary policy and the dollar–euro exchange rate: further evidence from event studies

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Sosvilla-Rivero, Simón and Fernández Fernández, Natalia (2016) Unconventional monetary policy and the dollar–euro exchange rate: further evidence from event studies. Applied Economics Letters, 23 (12). pp. 835-839. ISSN 1466-4291

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Official URL: https://doi.org/10.1080/13504851.2015.1111984



Abstract

New evidence is presented on the impact on the US dollar–euro (USD–EUR) exchange rate of the unconventional monetary policy conducted by the US Federal Reserve (FED) and the European Central Bank (ECB). To that end, we employ an event study approach using daily the USD–EUR exchange rate for the period from 2 January 2007 to 31 January 2015. Our results indicate that the announcement and subsequent implementation of such measures by the ECB would have caused in general an appreciation of the dollar, while those by the FED would have caused a depreciation of the dollar.


Item Type:Article
Uncontrolled Keywords:Quantitative easing, Unconventional monetary policy, Announcements; Federal Reserve; European Central Bank, Exchange rates.
Subjects:Social sciences > Economics > Money
Social sciences > Economics > Econometrics
Social sciences > Economics > Stock exchanges
Social sciences > Economics > Microeconomics
JEL:C10, D58, F31, G15
ID Code:55442
Deposited On:27 May 2019 12:14
Last Modified:01 Aug 2019 12:14

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