Fratzscher, Marcel; Sarno, Lucio; Zinna, Gabriele - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2013
fundamentals to rationalize the pricing of currencies, which are partly driven by unobservable shocks. Using novel survey data … which directly measure foreign exchange scapegoats for 12 currencies and proprietary data on order flow, we find empirical …