Currency Wars? Unconventional Monetary Policy Does Not Stimulate Exports

I investigate whether countries that use unconventional monetary policy (UMP) experience export booms. a popular gravity model of trade which requires neither the exogeneity UMP, nor instrumental variables for UMP. In practice, engage in UMP drop exports vis-à-vis are not engaged such policies, holding other things constant. Quantitative easing is associated with about 10% lower to UMP; this amount significantly different from zero and similar effect negative nominal interest rates. Thus, there no evidence have gained markets through currency wars been launched also lost. comparable imports exchange rates, suggesting when they experiencing adverse macroeconomic shocks concurrent those eviscerate international trade.