01857cas a2200277 a 4500 AALejournalIMF017514 230101c9999 xx r poo 0 0eng d 5.00 USD 9781475586237 1018-5941 BD-DhAAL BD-DhAAL Gagnon, Joseph. Direct and Spillover Effects of Unconventional Monetary and Exchange Rate Policies / Joseph Gagnon, Tamim Bayoumi, Juan Londono, Christian Saborowski. Washington, D.C. : International Monetary Fund, 2017. 1 online resource (52 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students 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. Mode of access: Internet Bayoumi, Tamim. Londono, Juan. Saborowski, Christian. IMF Working Papers; Working Paper ; No. 2017/056 Full text available on IMF http://elibrary.imf.org/view/journals/001/2017/056/001.2017.issue-056-en.xml IMF e-Library