Jongen, Ron; Verschoor, Willem F.C.; Wolff, Christian C.P. - In: Journal of Economic Dynamics and Control 36 (2012) 5, pp. 719-735
This paper combines survey forecasts with a heterogeneous agent model to examine the dispersion of expectations of participants in the foreign exchange market. We find distinct variations in the level of dispersion and document that dispersion arises because of the combined effect of market...