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This paper demonstrates that the ability of the yield spread to predict output fluctuations is contingent on the monetary authority’s reaction function. In particular, expectations of monetary policy actions are crucial for the spread to predict output conditional on the short-rate. Furthermore, numerical experiments suggest that the post-1979 decrease in(More)
This paper presents the development of an electrically powered unmanned aerial vehicle (UAV) with wingspan of 2.5 m. A flight control system is constructed using small and light-weight components. The logical interconnection and schematic layout of the AFC (Automatic Flight Control) are presented. The UAV prototype has been successfully tested carrying a(More)
This is a discussion of the paper “Housing, Monetary Policy, and the Recovery,” by Michael Feroli, Ethan Harris, Amir Sufi, and Kenneth West. The paper is part of the 2012 U.S. Monetary Policy Forum. * This version: 23 February 2012. I appreciate helpful comments from the St. Louis Fed research staff, especially Bill Emmons, Carlos Garriga, and Rajdeep(More)
We thank James Coonan, Neil Dutta, Kurt Lunsford and Yi Zhang for research assistance. We also thank Jim Bullard, Menzie Chinn, Morris Davis, Charles Engel, Tim Fuerst, Anil Kashyap, Atif Mian, Rick Mishkin, Karen Pence, Hui Shan, Hyun Shin, John Williams and conference participants for helpful comments and discussions. We would like to extend a very(More)
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