We analyze the properties of multiperiod forecasts which are formulated by a number of companies for a fixed horizon ahead which moves each month one period closer and are collected and diffused each month by some polling agency. Some descriptive evidence and a formal model suggest that knowing...

The fluctuation of a bilateral exchange rate in a target zone is often chosen as part of official agreements between two or more countries (such as in the European Monetary System - EMS) or of informal unilateral monetary policy packages a country adopts for itself. The defendability of such a...