Journal of Political Economy reveals winners of Robert E. Lucas Jr. prize

The Journal of Political Economy has selected two winners of its Robert E. Lucas Jr. prize for 2023.

Oleg Itskhoki and Dmitry Mukhin have won the award for their paper ‘Exchange Rate Disconnect in General Equilibrium’.

This is the fourth time the biannual prize has been awarded. It is given for the most interesting paper published in the Journal of Political Economy in the preceding two years.

The author’s paper outlines a theory in which exogenous shocks originate in financial markets. The economists posit an imperfect financial market with noise traders in which international transactions are mediated through risk-averse arbitrageurs.

The peer-reviewed Journal of Political Economy covers both theoretical and empirical economics, and was established in 1892 by James Laurence Laughlin. It is published by the University of Chicago Press.