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Dmitry Mukhin

Associate Professor of Economics · London School of Economics

Associate Professor of Economics at the London School of Economics, working on exchange rates, the international monetary system and optimal policy in open economies. Co-author with Oleg Itskhoki on the Mussa puzzle.

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Published Econometrica Online 1 Jan 2025

Mussa Puzzle Redux

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 …

Monetary Policy Transmission Free Read ↗

Published Review of Economic Studies Online 27 Sep 2025 Published Jul 2026

Sanctions and the Exchange Rate

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 …

Exchange Rates International Finance Fiscal Policy Free Read ↗