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We examine the impact of U.S. monetary policy shocks on exchange rates using the monetary policy indicator proposed by Bernanke and Mihov (1998). We find evidence for instantaneous, rather than delayed, U.S. dollar overshooting after a monetary shock when relative output and relative prices are included in the VAR specification. The forward premium puzzle persists due to the interest rate differential response.

New Evidence on the Effects of U.S. Monetary Policy on Exchange Rates