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Oleg Itskhoki

Slusky Family Professor of Economics · Harvard University

Slusky Family Professor of Economics at Harvard University, working on macroeconomics and international economics, including exchange rates, globalization and labor markets. He received the 2022 John Bates Clark Medal.

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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 ↗