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On the Biasedness of Forward Foreign Exchange Rates: Irrationality or Risk Premia?

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References

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1977Exchange rates in the short run

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217 cited

1986The covariation of risk premiums and expected future spot exchange rates194 cited

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1998Rethinking Deviations From Uncovered Interest Parity: the Role of Covariance Risk and Noise171 cited
1999Methodical Madness: Technical Analysis and the Irrationality of Exchange‐rate Forecasts158 cited
2000Expectations Formation and Risk in Three Financial Markets: Surveying What the Surveys Say118 cited
1994A Survey of Empirical Research on Nominal Exchange Rates109 cited
2007FOREIGN EXCHANGE RATE EXPECTATIONS: SURVEY AND SYNTHESIS104 cited
2010Differences in beliefs and currency risk premiums☆101 cited
2013Carry trade and foreign exchange rate puzzles74 cited
1994Neglected common factors in exchange rate volatility71 cited
2012Explaining dispersion in foreign exchange expectations: A heterogeneous agent approach69 cited
2003Models of exchange rate expectations: how much heterogeneity?63 cited
2008Overconfidence in Currency Markets46 cited
2010Pattern-Based Expectations: International Experimental Evidence and Applications in Financial Economics42 cited
2013An empirical examination of heterogeneity and switching in foreign exchange markets37 cited
2010Uncovered interest parity and the efficiency of the foreign exchange market: a re-examination of the evidence32 cited
2002Testing for efficiency and rationality in foreign exchange markets—a review of the literature and research on foreign exchange market efficiency and rationality with comments32 cited
2003On the reliability of professional exchange rate forecasts: An empirical analysis for the €/US-$ rate32 cited