This paper investigates the role of shocks to U.S. productivity and demand in driving the real value of the dollar, and … response to these shocks. Demand shocks also appreciate the dollar, but have negligible effects on absorption and the trade …

-weighted dollar and real bilateral rates against the dollar. However, taking these additional factors into account reduces the … estimated effects of interest rates on the dollar. An error-correction model that includes these factors explains about half of … the in-sample variation of changes in the real trade-weighted dollar and has out-of-sample prediction errors that are 60 …

Since the fiscal expansion and real appreciation of the dollar in the early 1980s, widespread attention has focused on … the economy. In this paper we take a critical look at this view. ; We argue that the association of a dollar appreciation … analyzing the empirical support for the "two-tiered" hypothesis, we show that the negative association between dollar …

While the global financial crisis was centered in the United States, it led to a surprising appreciation in the dollar …, suggesting global dollar illiquidity. In response, the Federal Reserve partnered with other central banks to inject dollars into …. Theory consistent with dollar appreciation in the crisis suggests that their impact should be greater for countries that have …

We examine the effects of unconventional and conventional monetary policy announcements on the value of the dollar … significant effects on the value of the dollar. We document that these changes are comparable to the effects of conventional …