A number of economists have studied the forecasting value of various sorts of subjective variables: anticipations, plans, or expectations. For several years the Office of Business Economics - Securities and Exchange Commission carried out surveys on expected expenditures on new plant and equipment. In recent years this survey has been carried out by the Bureau of Economic Analysis. Several people have analyzed the usefulness of these intentions data for forecasting, among them Okun [16,17], and Jorgenson, Hunter, and Nadiri [9],