“…Important contributions have been recently made by Pesando (1975), Carlson (1977), Mullineaux (1978Mullineaux ( , 1980, Friedman (1980), Noble and Fields (1982), Figlewski and Wachtel (1981), de Leeuw and McKelvey (1981), and Aiginger (1982), among others. This paper differs from previous studies in that the data (collected by the IfoInstitut, Munich) are qualitative monthly survey responses by individual manufacturing firms to questions concerning their own expected and current business conditions.…”