Obstfeld and Rogoff (2001) "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?"
(1) Why do people seem to have such a strong preference for consumption of their home goods (the home-bias-in-trade puzzle)?
(2) Why do observed OECD current-account imbalances tend to be so small relative to saving and investment when measured over any sustained period (the Feldstein-Horioka puzzle)?
(3) Why do home investors overwhelmingly prefer to hold home equity assets (the home-bias portfolio puzzle)?
(4) Why isn't consumption more highly correlated across OECD countries (the consumption correlations puzzle)?
(5) How is it possible that the half-life of real exchange-rate innovations can be three to four years (the purchasing-power-parity puzzle)?
(6) Why are exchange rates so volatile and so apparently disconnected from fundamentals [the exchange-rate disconnect puzzle, of which the Meese- Rogoff (1983) forecasting puzzle and the Baxter-Stockman (1989) neutrality- of-exchange-rate-regime puzzle are manifestations]?
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