Journal Article
When can we forecast inflation?
Fisher, Jonas D. M.; Liu, Chin Te; Zhou, Ruilin (2002-01)
This article reassesses recent work that has challenged the usefulness of inflation forecasts. The authors find that inflation forecasts were informative in 1977-84 and 1993-2000, but less informative in 1985-92. They also find that standard forecasting models, while generally poor at forecasting the magnitude of inflation, are good at forecasting the direction of change of inflation.
Economic Perspectives , Volume 26 , Issue Q I , Pages 32-44

Journal Article
The 2001 recession and the Chicago Fed National Index: identifying business cycle turning points
Pham-Kanter, Genevieve; Liu, Chin Te; Evans, Charles L. (2002-07)
The initial release of the Chicago Fed National Activity Index (CFNAI) in early 2001 pointed to the very real possibility that the U.S. economy was teetering on the brink of recession. This article quantifies the statistical ability of the CFNAI to act as an early warning indicator of economic recessions. In simulation experiments, the CFNAI performed virtually as well as the statistical model's ideal measure of the business cycle.
Economic Perspectives , Volume 26 , Issue Q III , Pages 26-43