Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/307253 
Erscheinungsjahr: 
2024
Schriftenreihe/Nr.: 
DIW Discussion Papers No. 2100
Verlag: 
Deutsches Institut für Wirtschaftsforschung (DIW), Berlin
Zusammenfassung: 
Using a data-driven approach to identify structural vector autoregressive models, we examine key factors influencing the US dollar exchange rate across eight advanced economies from 1980 to 2022. We find that shocks to inflation expectations, which are closely tied to unfunded government transfer payments, have a pronounced effect on the US dollar's value. This underscores the fiscal dimension of exchange rates. External shocks, related to the convenience yield investors forgo to hold US dollar assets, have emerged over time as the most powerful driver of US dollar exchange rate fluctuations. These findings provide new insights into the complex interplay of monetary policy, fiscal dynamics, and global market forces in shaping US dollar exchange rates.
Schlagwörter: 
exchange rates
convenience yield
inflation expectations
monetary policy
fiscal policy
unfunded government transfer payment
monetary-fiscal policy mix
JEL: 
E52
C32
E43
F31
G15
F41
Dokumentart: 
Working Paper

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