Menkhoff, Lukas; Rebitzky, Rafael R.; Schröder, Michael - In: Journal of Economic Behavior & Organization 70 (2009) 1-2, pp. 241-252
This paper examines heterogeneity in exchange rate expectations. Whereas agents' heterogeneity is key in modern exchange rate models, evidence on determinants of heterogeneity is weak thus far. Our sample, covering expectations from about 300 forecasters over 15 years, shows remarkable time...