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

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  • Michel Dupuy

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.

Suggested Citation

  • Michel Dupuy, 2012. "Les effets des politiques de quantitative easing sur le taux de change : les enseignements de l'expérience américaine," Revue d'économie financière, Association d'économie financière, vol. 0(4), pages 243-260.
    • Handle: RePEc:cai:refaef:ecofi_108_0243
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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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