production (IP) in Germany. We obtain three sets of results. First, we show that the sentiment-based ifo index performs best in … predicting the general changes in IP (−0.596, range −1.0 to 1.0, −1.0 being best). The ZEW index is very close (−0.583). In third … place comes, somewhat unexpectedly, the behavioral-based unemployment index (−0.564), and last comes order flow, OF (−0 …

and input prices. A cost Malmquist index can be applied to determine the efficient cost change (ECC). However, regulators …