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On Risk, Rationality and Excessive Speculation in the Deutschmark-U.S. Dollar Exchange Market: Some Evidence Using Survey Data.

In this paper, the authors argue that survey data on exchange-rate expectations is especially useful fo r testing whether the forward market for foreign exchange is efficien t, since it obviates the need to impose a joint hypothesis on a stand ard efficiency equation. They utilize such data for this purpose for the deutsche mark-U.S. dollar exchange rate over the period 1985.2 to 1986.4. Copyright 1988 by Blackwell Publishing Ltd
Year of publication:
1988
Authors: MacDonald, Ronald ; Torrance, T S
Published in:
Oxford Bulletin of Economics and Statistics. - Department of Economics, ISSN 0305-9049. - Vol. 50.1988, 2, p. 107-23
Publisher: Department of Economics
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Type of publication: Article
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Persistent link: https://www.econbiz.de/10005276583
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