This chapter surveys recent theoretical and empirical contributions on foreign exchange rate
determination. The chapter first examines monetary models under uncovered interest parity …

This paper assesses the global spillovers from identified US monetary policy shocks in a
global VAR model. US monetary policy generates sizable output spillovers to the rest of the …

We explore the size of the financial effects of QE relative to those of conventional monetary
policy for the Euro Area, UK and US. Following previous work for conventional monetary …

The uncovered interest parity puzzle concerns the empirical regularity that high interest rate
countries tend to have high expected returns on short term deposits. A separate puzzle is …

What are the effects of monetary policy on exchange rates? And have unconventional
monetary policies changed the way monetary policy is transmitted to international financial …

The impact of announcements of large-scale purchases of government bonds on real GDP
and the CPI in the United Kingdom and the United States is explored with a Bayesian VAR …

In this paper, we develop a dynamic stochastic general equilibrium (DSGE) model for an
open economy, and estimate it on Euro area data using Bayesian estimation techniques …

We document that a trading strategy that is short the US dollar and long other currencies
exhibits significantly larger excess returns on days with scheduled Federal Open Market …

We assess the progress made by the profession in understanding real exchange rate
behavior through a selective and critical, but nonetheless expository, review of the literature …

We assess the relationship between monetary policy, foreign exchange risk premia, and
term premia including the period at the zero lower bound (ZLB). We estimate a structural …