Fed’s Covid-19 response drove euro’s appreciation – ECB paper

Federal Reserve

Quantitative easing policies pursued by the European Central Bank and the Federal Reserve have “large and persistent effects” on exchange rates, new research argues.

The research by Luca Dedola et al is due to be published in the ECB’s latest economic review, and in the Journal of Monetary Economics. The authors estimate the effects of the two central banks’ QE policies using the statistical method of “local projections with external instruments”.

Using data from 2008 to the spring of 2019

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