Rochelle Edge, Thomas Laubach, and John C. Williams, "Welfare-Maximizing
Monetary Policy under Parameter Uncertainty", Journal of Applied
Econometrics, Vol. 25, No. 1, 2010, pp. 129-143.

The data are in the file elw_3.dat, which is an ASCII file in DOS format.
It is zipped in the file elw-data.zip. Unix/Linux users should use
"unzip -a".

The data file elw_3.dat consists of eight series of quarterly observations
from 1953:1 to 2006:2. The first column of the file reports the date. In
the order of the columns, the remaining series are:

1. First difference of log output per hour in the U.S. nonfarm business (NFB)
   sector

2. Percent change in the U.S. GDP deflator

3. Log capacity utilization rate (from the Federal Reserve Board's Industrial
   Production release)

4. Log output per hour minus log real compensation per hour in the NFB sector

5. Log hours per person in the NFB sector

6. Log consumption share, defined as the sum of nominal private nondurables
   and services consumption divided by nominal NFB output

7. Log investment share, defined as the sum of nominal private durables
   expenditures, nominal gross private investment and nominal government
   investment divided by nominal NFB output

8. The Federal Reserve Bank of New York's discount rate (until 1964:4)
spliced to the federal funds rate (from 1965:1)