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 … ECB's balance sheet relative to that of the Federal Reserve by 35 percentage points between September 2014 and the end of … that expands the ECB's balance sheet relative to that of the Federal Reserve depreciates the US dollar-euro exchange rate …