Dmitry Mukhin

Oleg Itskhoki · Dmitry Mukhin

The Mussa (1986) puzzle is the empirical observation of a sharp, simultaneous increase in the volatility of both nominal and real exchange rates following the end of the Bretton Woods fixed exchange …

Oleg Itskhoki · Dmitry Mukhin

Itskhoki and Mukhin develop a tractable open-economy model with financial market segmentation — in which only the government sector (including state banks and exporting firms) can intermediate …