MacDonald, Ronald; Menkhoff, Lukas; Rebitzky, Rafael R. - CESifo - 2009
. They seem to possess knowledge on the role of fundamentals in explaining exchange rate behavior, as indicated by better …This paper sheds new light on a long-standing puzzle in the international finance literature, namely, that exchange … rate expectations appear inaccurate and even irrational. We find for a comprehensive dataset that individual forecasters …