In this paper the author discuss how the unconventional monetary policy measures implemented over the past several years - quantitative and credit easing, and forward guidance - can be analyzed in the context of conventional models of asset prices, with particular reference to exchange rates. The author then discuss alternative approaches to interpreting the effects of such policies, and review the empirical evidence. Finally, he examines the ramifications for thinking about the impact on exchange rates and asset prices of emerging market economies. The author conclude that although the implementation of unconventional monetary policy measures may introduce more volatility into global markets, in general it will support global rebalancing by encouraging the revaluation of emerging market currencies.