  We study the correlations of two-dimensional dipolar excitons in coupled
quantum wells with a dipole -- dipole repulsive interaction. We show that at
low concentrations, the Bose degeneracy of the excitons is accompanied by
strong multi-particle correlations and the system behaves as a Bose liquid. At
high concentration the particles interaction suppresses quantum coherence and
the system behaves similar to a classical liquid down to a temperature lower
than typical for a Bose gas. We evaluate the interaction energy per particle
and the resulting blue shift of the exciton luminescence that is a direct tool
to measure the correlations. This theory can apply to other systems of bosons
with extended interaction.
