Efrem Castelnuovo and Luca Fanelli, "Monetary Policy Indeterminacy and
Identification Failures in the U.S.: Results from a Robust Test",
Journal of Applied Econometrics, Vol. 30, No. 6, 2015, pp. 924-947.

All data are in the text file ftp-data.txt, which is an ASCII file in
DOS format. It is zipped in the file ftp-data.zip. Unix/Linux users
should use "unzip -a".

There are 3 quarterly variables, and the sample is 1954q3-2008q3 (217
observations). 

The output gap is computed as percent log-deviation of the real GDP
with respect to the potential output estimated by the Congressional
Budget Office. The inflation rate is the quarterly growth rate of the
GDP deflator. The short-term nominal interest rate is the effective
Federal funds rate expressed in quarterly terms (averages of monthly
values). The source of the data is the Federal Reserve Bank of St.
Louis' web site.

The variables are demeaned, are organized by columns, and are in the
following order:

1. output gap,
2. inflation rate,
3. federal funds rate.