Sosvilla Rivero, Simón JavierFernández Fernández, Natalia2023-06-182023-06-1820161466-4291https://hdl.handle.net/20.500.14352/23613This article examines the impact on the US dollar–euro (USD–EUR) exchange rate of the unconventional monetary policy conducted by the US Federal Reserve (Fed) and the European Central Bank (ECB). To that end, we make use of time-series analysis to obtain a reasonable long-run and short run representation of the data generation process and use dummy variables to study how announcements about monetary policy changes can affect the USD–EUR exchange rate. Our results indicate that the announcement and subsequent implementation of such measures by the ECB would have caused an appreciation of the dollar, while those by the Fed would have caused a depreciation of the dollar.engjournal articlehttp://dx.doi.org/10.1080/13504851.2015.1102841open accessC32E52E58F31G15Quantitative easingUnconventional monetary policyAnnouncementsFederal Reserve BankEuropean Central BankExchange rates.DineroEconometría (Economía)MacroeconomíaMercados bursátiles y financieros5304.06 Dinero y Operaciones Bancarias5302 Econometría5307.14 Teoría Macroeconómica