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

2013-11 | May 1, 2013

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.

Article Citation

Glick, Reuven, and Sylvain Leduc. 2013. “The Effects of Unconventional and Conventional U.S. Monetary Policy on the Dollar,” Federal Reserve Bank of San Francisco Working Paper 2013-11. Available at https://doi.org/10.24148/wp2013-11

About the Authors
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Reuven Glick is a group vice president in the Economic Research Department of the Federal Reserve Bank of San Francisco. Learn more about Reuven Glick
Sylvain Leduc
Sylvain Leduc is executive vice president and director of Economic Research at the Federal Reserve Bank of San Francisco. Learn more about Sylvain Leduc