The paper investigates the emergence of complex market expectations (opinion dynamics) around nominal exchange rate adjustments using a macro-financial model of a small open economy featuring heterogeneous expectation formation (chartists and fundamentalists) and gradual adjustment processes in...

Foreign exchange expectations, overconfidence, central banks' foreign exchange interventions, financial development, risk attitudes. - Wechselkurserwartungen, Selbstüberschätzung, Wechselkursinterventionen von Zentralbanken, Entwicklung von Finanzmärkten, Risikoeinstellung