We show that Howrey’s method for producing economic forecasts when data are subject to revision is easily generalized to handle the case where data are produced by a sophisticated statistical agency. The proposed approach assumes that government estimates are efficient with a finite lag. It...

We examine three alternative methods by which electric utilities might take advantage of distributed thermal energy storage to smooth out their load profiles. These three methods are: (1) time-specific rates, (2) time-invariant rates with subsidized storage, and (3) direct load controls with no...

The classic Taylor rule for adjusting the stance of monetary policy is formally a special case of nominal- gross-domestic-product (GDP) targeting. Suitably implemented, moreover, nominal-GDP targeting satisfies the definition of a "flexible inflation targeting" policy rule. However, nominal-GDP...