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addressed the problem of the liquidity trap, a number of industrialised countries, including the United States, implemented from 2008 onwards Quantitative Easing (QE) measures to improve financing conditions in the economy as a whole. Although mainly affecting long-term interest rates and asset prices, quantitative easing policies also have side effects on the exchange rate. In a context of 'currency war', some industrialised countries could then be tempted to use the QE as a protectionist weapon in order to obtain a depreciation of the exchange rate. After identifying the channels for transmitting the QE at the exchange rate, this article proposes an empirical analysis based on stylised facts and econometric tests relating to the United States. ; Facing liquidity trap problems, a number of industrialised countries, including the United States and the United Kingdom, have since 2008 implemented Quantitative Easing (QE) measures in an attempt to improve financing conditions in their overall economy. Although Quantitative Easing policies primarily act upon long-term interest rates and asset prices, they also have secondary effects on exchange rates. In a "currency war" context, some countries might be tempted to use QE as a protectionist weapon in a bid to achieve exchange rate depreciation. After identifying which QE transmission channels affect exchange rates, the paper proposes an empirical analysis of stylized facts and econometric tests on the United States. ; addressed the problem of the liquidity trap, a number of industrialised countries, including the United States, implemented from 2008 onwards Quantitative Easing (QE) measures to improve financing conditions in the economy as a whole. Although mainly affecting long-term interest rates and asset prices, quantitative easing policies also have side effects on the exchange rate. In a context of 'currency war', some industrialised countries could then be tempted to use the QE as a protectionist weapon in order to obtain a depreciation of the exchange rate. ...

Facing liquidity trap problems, a number of industrialised countries, including the United States and the United Kingdom, have since 2008 implemented Quantitative Easing (QE) measures in an attempt to improve financing conditions in their overall economy. Although Quantitative Easing policies primarily act upon long-term interest rates and asset prices, they also have secondary effects on exchange rates. In a "currency war" context, some countries might be tempted to use QE as a protectionist weapon in a bid to achieve exchange rate depreciation. After identifying which QE transmission channels affect exchange rates, the paper proposes an empirical analysis of stylized facts and econometric tests on the United States. ; Confrontés au problème de la trappe à liquidité, plusieurs pays industrialisés, dont les Etats- Unis, ont mis en oeuvre à partir de 2008 des mesures de Quantitative Easing (QE) afin d'améliorer les conditions de financement dans l'ensemble de l'économie. Bien qu'agissant principalement sur les taux d'intérêt à long terme et les prix des actifs, les politiques de détente quantitative ont également des effets secondaires sur le taux de change. Dans un contexte de " guerre des monnaies ", certains pays industrialisés pourraient alors être tentés d'utiliser le QE comme arme protectionniste afin d'obtenir une dépréciation du taux de change. Après avoir identifié les canaux de transmission du QE au taux de change, cet article propose une analyse empirique basée sur des faits stylisés ainsi que des tests économétriques portant sur les Etats-Unis.