Frankel, Jeffrey A.; Froot, Kenneth - 2021
Three surveys of exchange rate expectations allow us to measure directly the expected rates of return on yen versus … dollars. Expectations of yen appreciation against the dollar have been (1) consistently large, (2) variable, and (3) greater …-term horizons expectations exhibit bandwagon effects, while at longer-term horizons they show the reverse. A 10 percent yen …
