摘要：We examine the effects of unconventional monetary policy
surprises on the value of the dollar using high-frequency
intraday data and contrast them with the effects of conventional
policy tools. Identifying monetary policy surprises from
changes in interest rate future prices in narrow windows around
policy announcements, we find that monetary policy surprises
since the Federal Reserve lowered its policy rate to the effective
lower bound have had larger effects on the value of the dollar.
In particular, we document that the impact on the dollar has
been roughly three to four times that following conventional
policy changes prior to the 2007–08 financial crisis.
