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Monetary Policy and Uncertainty - Adapting to a Changing Economy (Paperback)
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Monetary Policy and Uncertainty - Adapting to a Changing Economy (Paperback)
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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
course? In designing monetary policy in an uncertain world, how
much should policymakers depend on formal rules, and how much
should they rely on judgment? To address these questions, the
Federal Reserve Bank of Kansas City sponsored a symposium, titled,
"Monetary Policy and Uncertainty: Adapting to a Changing Economy,"
at Jackson Hole, Wyoming, on August 28-30, 2003. The symposium
brought together a distinguished group of central bank officials,
academic economists, and business economists to discuss and debate
these issues. Over the years, the Jackson Hole symposium has
provided a forum for the exchange of ideas on important public
policy issues of interest to central banks around the world. Its
continuing success is due to the contributions of all those who
participate, including authors, discussants, panelists, and
audience members. Special thanks also go to Craig Hakkio, Gordon
Sellon, and other members of the Bank's Research Division who
developed this year's program. Thomas M. Hoenig President and Chief
Executive Officer Federal Reserve Bank of Kansas City
General
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