We employ senior bank loan officers' responses regarding actual and expected loan demand from enterprises linking successive surveys to determine the dominant expectation formation mechanism that best describes European senior bank loan officers' expectations. Our findings suggest that the...

An output gap measure is suggested based on the Beveridge-Nelson decomposition of output using a vector-autoregressive model that includes data on actual output and on expected output obtained from surveys. The paper explains the advantages of using survey data in business cycle analysis and the...

This paper examines the effect of unexpected exchange rate movements on U.S. shareholder wealth. Empirical results based on a sample of 634 U.S. multinational firms (1) confirm previously reported evidence that the disaggregation of the worldwide trade-weighted U.S. dollar exchange rate index...

Survey data frequently requires conversion from qualitative responses to quantitative series. A commonly cited criticism of the use of the survey data is that the conversion procedures incorporate measurement errors which render the series unusable. In this paper, we provide a novel contribution...

An output gap measure is suggested based on a multivariate Beveridge-Nelson decomposition of output using a vector-autoregressive model that includes data on actual output and on expected output obtained from surveys. The gap is estimated using an integrated approach to identifying permanent and...