question analysed in this paper. In contrast to other studies we use expectations data instead of observable variables …. Therefore we analyse the implicit structural models forecasters have in mind when forming their exchange rate expectations. The … models using the categorical expectations data of the ZEW financial market survey. The expectation variables used to explain …

Separately, news and sunspot shocks have been shown empirically to be determinants of changes in expectations. This … expectations solutions is derived analytically. The analytical characterization allows an explicit comparison of news about future …

This paper argues that expectations are an important element that needs to be included into the analysis of the effects …

This paper argues that expectations are an important element that need to be included into the analysis of the effects …

effect of algorithmic traders we use a design where we manipulate only the expectations of human traders. We find clearly …