We document that during the Global Recession, US monetary policy easings triggered the “exorbitant dutyâ€� of the … United States, the issuer of the world’s dominant currency, by causing a dollar appreciation and a transfer of wealth from … the United States to the rest of the world. This dollar appreciation runs counter to the predictions of standard …

Facility. We provide new evidence on how the central bank swap lines and FIMA Repo Facility can reduce strains in global dollar … funding markets and U.S. Treasury markets during extreme stress events. These facilities are found to reduce strains in dollar …