Spain's participation in European integration has strengthened its policymaking credibility and created an enviroment conducive to sustainable economic growth. Over the last decade, Spain has seen improvements in inflation, output, employment, and its balance of payments, and it has...

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 300 forecasters over 15 years, shows remarkable time...