TY - BOOK ID - 78437628 TI - Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies PY - 2017 SN - 1475587015 9781475587012 147558623X 9781475586237 1475586973 PB - Washington, D.C. International Monetary Fund DB - UniCat KW - Monetary policy. KW - Foreign exchange rates. KW - Exchange rates KW - Fixed exchange rates KW - Flexible exchange rates KW - Floating exchange rates KW - Fluctuating exchange rates KW - Foreign exchange KW - Rates of exchange KW - Monetary management KW - Economic policy KW - Currency boards KW - Money supply KW - Rates KW - Exports and Imports KW - Foreign Exchange KW - Investments: Bonds KW - Money and Monetary Policy KW - Current Account Adjustment KW - Short-term Capital Movements KW - Monetary Policy KW - General Financial Markets: General (includes Measurement and Data) KW - International economics KW - Monetary economics KW - Investment & securities KW - Currency KW - Current account KW - Unconventional monetary policies KW - Bond yields KW - Current account balance KW - Balance of payments KW - Monetary policy KW - Financial institutions KW - Bonds KW - United States UR - https://www.unicat.be/uniCat?func=search&query=sysid:78437628 AB - This paper explores the effects of unconventional monetary and exchange rate policies. We find that official foreign asset purchases have large effects on current accounts that diminish as capital mobility rises and spill over to financially integrated countries. There is an additional effect through the stock of central bank assets. Domestic asset purchases have an effect on current accounts only when capital mobility is low. We also find that rising US bond yields drive foreign yields, stock prices and depreciations, but less so on days of policy announcements. We develop a theoretical model that is broadly consistent with our results. ER -