The puzzles of international finance are the exchange rate determination puzzle, the purchasing power parity (PPP) puzzle, the exchange rate volatility puzzle, the Meese-Rogoff puzzle and the forward bias puzzle. While the determination puzzle, excess volatility puzzle and PPP puzzle are about the explanatory power of exchange rate determination models, the Meese-Rogoff puzzle is about the predictive power of these models. The forward bias puzzle pertains to the relation between the spot and forward exchange rates. None of these puzzles is a puzzle in the sense that they cannot be explained. In fact, simple and plausible explanations are available for each and every one of them; the problem is that economists do not like simple explanations.
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