• The scapegoat theory of exchange rates: the first tests 

      Fratzscher, Marcel; Rime, Dagfinn; Sarno, Lucio; Zinna, Gabriele (Journal article; Peer reviewed, 2015)
      The scapegoat theory of exchange rates (Bacchetta and van Wincoop 2004, 2013) suggests that market participants may attach excessive weight to individual economic fundamentals, which are picked as \scapegoats" to rationalize ...