Menkhoff, Lukas; Rebitzky, Rafael R.; Schröder, Michael - 2021
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 so far. Our sample, covering expectations from about … with the chartist-fundamentalist approach: misalignments of the exchange rate and exchange rate changes explain …