About: Backus–Smith puzzle

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In economics, the Backus–Smith puzzle or consumption – real-exchange-rate anomaly is the observation that the correlations between consumption and real exchange rates are zero or negative. This is contrary to economic theory which predicts that with full risk sharing, relative consumption should be perfectly correlated with the real exchange rate. Countries with relative low prices should receive a transfer to take advantage of cheap consumption. This anomaly was first documented by Backus and Smith (1993).

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  • In economics, the Backus–Smith puzzle or consumption – real-exchange-rate anomaly is the observation that the correlations between consumption and real exchange rates are zero or negative. This is contrary to economic theory which predicts that with full risk sharing, relative consumption should be perfectly correlated with the real exchange rate. Countries with relative low prices should receive a transfer to take advantage of cheap consumption. This anomaly was first documented by Backus and Smith (1993). (en)
  • バッカス＝スミスの逆説（ばっかす＝すみすのぎゃくせつ、英: The Backus–Smith puzzle）とは、国の時系列データにおいて、消費水準と「現地通貨/ドル」の実質為替レートの間の相関がゼロ、または負であるという実証的事実のこと。との1993年の論文で提示された。 (ja)
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  • In economics, the Backus–Smith puzzle or consumption – real-exchange-rate anomaly is the observation that the correlations between consumption and real exchange rates are zero or negative. This is contrary to economic theory which predicts that with full risk sharing, relative consumption should be perfectly correlated with the real exchange rate. Countries with relative low prices should receive a transfer to take advantage of cheap consumption. This anomaly was first documented by Backus and Smith (1993). (en)
  • バッカス＝スミスの逆説（ばっかす＝すみすのぎゃくせつ、英: The Backus–Smith puzzle）とは、国の時系列データにおいて、消費水準と「現地通貨/ドル」の実質為替レートの間の相関がゼロ、または負であるという実証的事実のこと。との1993年の論文で提示された。 (ja)
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  • Backus–Smith puzzle (en)
  • バッカス＝スミスの逆説 (ja)
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