139–211; and Walsh C. (2010), “Using Monetary Policy to Stabilize Economic Activity,” in Financial Stability and Macroeconomic Policy, 2009 Jackson Hole Symposium, Federal Reserve Bank of Kansas City, pp. 245–296. 4  See Orphanides A. and S. van Norden (2002), “The Unreliability of Output-Gap Estimates in Real Time,” Review of Economics and Statistics 84, pp.
569–583; and Orphanides A. and S. van Norden (2005), “The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time,” Journal of Money, Credit, and Banking, 37, pp. 583–601. 5  See Bini Smaghi L. (2010), “Could monetary policy have helped prevent the financial crisis?,” Bank of Canada, Toronto 9 April 2010.