Dedola, Luca; Georgiadis, Georgios; Gräb, Johannes; … - 2021
We estimate the effects of quantitative easing (QE) measures by the ECB and the Federal Reserve on the US dollar-euro … 2016 depreciated the euro vis-à-vis the US dollar by 12%. Regarding transmission channels, we find that a relative QE shock … that expands the ECB's balance sheet relative to that of the Federal Reserve depreciates the US dollar-euro exchange rate …