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San Francisco Fed: Unconventional monetary policy has impacted the dollar as much as rate cuts- Our analysis shows that unconventional monetary policy has affected the dollar exchange rate. In particular, surprise unconventional policy easing has pushed down the value of the dollar roughly as much as similar surprise downward moves in the federal funds rate did before the crisis. – The effectiveness of these new policy tools is an open question. In particular, we dont know whether the standard channel for transmitting monetary policy through financial markets works as well now as it did in the past. – It is more difficult to assess whether these changes in the dollars value stemming from unconventional monetary policy have similar effects on U.S. net exports as those stemming from conventional policy. The recent boost to net exports from a weaker dollar may have been obscured by other factors, such as reductions in foreign demand stemming from uncertainty about Europes economic recovery.
