国际经济学六大难题：是否有共同的原因？The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?MauriceObstfeld，Kenneth S Rogoff，发表于NBER Working Papers 7777，Jul 2000。

Abstract

The centralclaim in this paper is that by explicitly introducing costs ofinternational trade (narrowly, transport costs but more broadly,tariffs, nontariff barriers and other trade costs), one can go fartoward explaining a great number of the main empirical puzzles thatinternational macroeconomists have struggled with over twenty-fiveyears. Our approach elucidates J. McCallum's home bias in trade puzzle,the Feldstein-Horioka saving-investment puzzle, the French-Poterbaequity home bias puzzle, and the Backus-Kehoe- Kydland consumptioncorrelations puzzle. That one simple alteration to an otherwisecanonical international macroeconomic model can help substantially toexplain such a broad arrange of empirical puzzles, including some thatpreviously seemed intractable, suggests a rich area for futureresearch. We also address a variety of international pricing puzzles,including the purchasing power parity puzzle emphasized by Rogoff, andwhat we term the exchange-rate disconnect puzzle.' The latter categoryof riddles includes both the Meese-Rogoff exchange rate forecastingpuzzle and the Baxter-Stockman neutrality of exchange rate regimepuzzle. Here although many elements need to be added to our extremelysimple model, we can still show that trade costs play an essential role.