The immediate origin of this book was a conference held at the State University of New York at Albany in May 1987 at which a number of well-known exponents of leading indicators research were invited to offer their views on this subject. During the conference the need was felt for a volume that would systematically explain and evaluate the old and the new emerging techniques dealing with leading economic indicators. Thus, the volume is not the proceedings of the conference, but rather a collection of mostly previously unpublished articles broadly representing current research in this field. A number of authors were commissioned to write chapters on specific topics, and the two editors undertook to provide an appropriate framework. Many of the economists whose work has been central to the development of leading indicators report new research, review progress in specific areas, and discuss directions for further work. We hope that the book will prove useful to university economists and students interested in business cycles and forecasting, as well as to those in business firms, government agencies, and international organizations who wish to keep abreast of new developments in this field and adapt them for practical use.

The editors are grateful to the authors for their contributions, their involvement in revising their own chapters, and their patience during the course of the production of the book.