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Les effets des politiques de Quantitative Easing sur le taux de change : Les enseignements de l'expérience américaine


  • M. Dupuy

    (Larefi - Laboratoire d'analyse et de recherche en économie et finance internationales - Université Montesquieu - Bordeaux 4)


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.

Suggested Citation

  • M. Dupuy, 2013. "Les effets des politiques de Quantitative Easing sur le taux de change : Les enseignements de l'expérience américaine," Working Papers hal-00780498, HAL.
  • Handle: RePEc:hal:wpaper:hal-00780498
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    References listed on IDEAS

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    More about this item


    exchange rate; monetary base; long-term interest rates; Quantitative Easing; taux de change; base monétaire; taux d'intérêt à long terme;

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