In this paper, an attempt is made to establish the direction of causality between a range of psychological factors and aircraft noise annoyance. For this purpose, a panel model was estimated within a structural equation modeling approach. Data were gathered from two surveys conducted in April 2006 and April 2008, respectively, among the same residents living within the 45 Level day-evening-night contour of Amsterdam Airport Schiphol, the largest airport in the Netherlands (n=250). A surprising result is that none of the paths from the psychological factors to aircraft noise annoyance were found to be significant. Yet 2 effects were significant the other way around: (1) from 'aircraft noise annoyance' to 'concern about the negative health effects of noise' and (2) from 'aircraft noise annoyance' to 'belief that noise can be prevented.' Hence aircraft noise annoyance measured at time 1 contained information that can effectively explain changes in these 2 variables at time 2, while controlling for their previous values. Secondary results show that (1) aircraft noise annoyance is very stable through time and (2) that changes in aircraft noise annoyance and the identified psychological factors are correlated.