'In this impressive work, Norman Miller tackles a central--perhaps the central--puzzle in international finance: why it is that changes in exchange rates do not equalize returns across borders. In this comprehensive treatment, Miller surveys and synthesizes the recent empirical literature to...

Explanations of why changes in the relative quantities of safe debt seem to affect asset prices often appeal informally to a "portfolio balance" mechanism. I show how this type of effect can be incorporated in a general class of structural, arbitrage-free asset-pricing models using a numerical...

The Uncovered Interest Parity (UIP) puzzle has remained a moot point since it first circulated economic discourse in 1984 and, despite a number of attempts at a solution, the UIP puzzle and other anomalies in Exchange Rate Economics continue to perplex economic thought in international finanace....