The Journal of Business Cycle Measurement and Analysis is jointly published by the OECD and the Centre for International Research on Economic Tendency Surveys (CIRET) to promote the exchange of knowledge and information on theoretical and operational aspects of economic cycle research, involving both measurement and analysis (see www. ciret.org/jbcma ). This issue includes articles on Forecast Evaluation of European Commission Survey Indicators; Inflation Targeting and Consumer Inflation Expectations; A Generalised Dynamic Factor Model for the Belgian Economy; Optimism, Pessimism and the Unforseen; and Forecasting Corporate Investment.