A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions … sharing: episodes of high relative regional consumption growth are associated with regional real exchange rate depreciation …. Across countries however, the association is reversed: relative consumption and real exchange rates are negatively correlated …

A basic prediction of effcient risk-sharing is that relative consumption growth rates across countries or regions … sharing: episodes of high relative regional consumption growth are associated with regional real exchange rate depreciation …. Across countries however, the association is reversed: relative consumption and real exchange rates are negatively correlated …

relative consumption growth and real exchange-rate depreciations across countries. The striking lack of evidence for this link … — the consumption/real exchange-rate anomaly or Backus-Smith puzzle — has prompted research on risk-sharing indicators with …. Independent evidence on the weak link between forecasts for consumption and real interest rates suggests that the presence of …

relative consumption growth and real exchange-rate depreciation across countries. The striking lack of evidence for this link … the consumption/real-exchange-rate anomaly or Backus-Smith puzzle - has prompted research on risk-sharing indicators with …. Independent evidence on the weak link between forecasts for consumption and real interest rates suggests that the presence of …

relative consumption growth and real exchange-rate depreciations across countries. The striking lack of evidence for this link … - the consumption/real-exchange-rate anomaly or Backus-Smith puzzle - has prompted research on risk-sharing indicators with …. Independent evidence on the weak link between forecasts for consumption and real interest rates suggests that the presence of …