消费与实际汇率之间没有表现出理论上应有的正向关系，而是不相关或者是负向的联系。国外现在有从异质性、预期、冲击等各方面的解释。

There are many research papers discussed Backus-Smith Puzzle. If interested, you can read them online.


http://mpra.ub.uni-muenchen.de/696/1/MPRA_paper_696.pdf

http://economics.soc.uoc.gr/macro/docs/Year/2008/paper_1_13.pdf

http://igitur-archive.library.uu ... 26-201313/07-32.pdf

http://www.wiwi.uni-frankfurt.de ... ome_files/Beta8.pdf

thank you so much

the negative correlation of the real exchange rate with the ratio of domestic over foreign consumption