ScholarLens Back to search
2013•Federal Reserve Bank of San Francisco, Working Paper SeriesOpen access

The Effects of Unconventional and Conventional U.S. Monetary Policy on the Dollar

Federal Reserve Bank of San Francisco, Reuven Glick, Sylvain Leduc, Federal Reserve Bank of San Francisco

Open full text 64 citations

Abstract

We examine the effects of unconventional and conventional monetary policy announcements on the value of the dollar using high-frequency intraday data. Identifying monetary policy surprises from changes in interest rate futures prices in narrow windows around policy announcements, we find that surprise easings in monetary policy since the crisis began have had significant effects on the value of the dollar. We document that these changes are comparable to the effects of conventional policy changes prior to the crisis.

Open-access reader

About this research paper

What this paper is about

We examine the effects of unconventional and conventional monetary policy announcements on the value of the dollar using high-frequency intraday data. Identifying monetary policy surprises from changes in interest rate futures prices in narrow windows around policy announcements, we find that surprise easings in monetary policy since the crisis began have had significant effects on the value of the dollar. We document that these changes are comparable to the effects of conventional policy changes prior to the crisis.

Why it matters

OpenAlex reports 64 citations for this work. Citation counts describe recorded attention and do not establish research quality.

Key contribution

A contribution statement is not available in the OpenAlex record.

Method / approach

Method details are not available in the OpenAlex metadata.

Main findings

Findings are not separately available in the OpenAlex metadata.

Limitations

Limitations are not available in the OpenAlex metadata.

Applications

Application details are not available in the OpenAlex metadata.

Available abstract

We examine the effects of unconventional and conventional monetary policy announcements on the value of the dollar using high-frequency intraday data. Identifying monetary policy surprises from changes in interest rate futures prices in narrow windows around policy announcements, we find that surprise easings in monetary policy since the crisis began have had significant effects on the value of the dollar. We document that these changes are comparable to the effects of conventional policy changes prior to the crisis.

Key concepts: Monetary policy, Liberian dollar, Surprise, Economics, Monetary economics, Futures contract, Value (mathematics), Quantitative easing

Related papers

Related paper 1Related paper 2Related paper 3
Back to paper searchBrowse research topicsOriginal source
The Effects of Unconventional and Conventional U.S. Monetary Policy on the Dollar — Research Paper | ScholarLens