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One of the most difficult challenges facing central banks is how to conduct monetary policy in an uncertain economic environment. This challenge is magnified when ongoing changes in the structure of the economy make economic models and forecasts less reliable. How should policymakers act in an environment of increased uncertainty? Should they be more cautious and wait for additional information about the economy that might reduce uncertainty? Or, should they react more aggressively in an attempt to keep the economy on ...

Monetary Policy and Uncertainty: Adapting to a Changing Economy 2004, University Press of the Pacific

ISBN-13: 9781410214973

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