On Risk, Rationality and Excessive Speculation in the Deutschmark-U.S. Dollar Exchange Market: Some Evidence Using Survey Data

Ronald MacDonald and T S Torrance

Oxford Bulletin of Economics and Statistics, 1988, vol. 50, issue 2, 107-23

Abstract: In this paper, the authors argue that survey data on exchange-rate expectations is especially useful fo r testing whether the forward market for foreign exchange is efficien t, since it obviates the need to impose a joint hypothesis on a stand ard efficiency equation. They utilize such data for this purpose for the deutsche mark-U.S. dollar exchange rate over the period 1985.2 to 1986.4. Copyright 1988 by Blackwell Publishing Ltd

Date: 1988
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