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A policymaker confronts uncertainty

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Author Info
William Poole

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Abstract

This article is a reprint of a speech given by William Poole, president of the Federal Reserve Bank of St. Louis, to the St. Louis Gateway Chapter of the National Association for Business Economics. In today's environment economic uncertainties abound both abroad and at home. In this article the author discusses the five categories of uncertainty facing today's policymakers: 1) the data; 2) future events, shocks and disturbances; 3) how the economy works; 4) market reactions to Fed policy; and 5) market anticipations of Fed policy. Poole also discusses the Federal Reserve's role in dealing with each of these uncertainties and today's policy environment.

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File URL: http://research.stlouisfed.org/publications/review/98/09/9809wp.pdf
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Publisher Info
Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (1998)
Issue (Month): Sep ()
Pages: 3-8
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Handle: RePEc:fip:fedlrv:y:1998:i:sep:p:3-8:n:5

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Keywords: Monetary policy - United States;

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Cited by:
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  1. Söderström, Ulf, 1999. "Monetary policy with uncertain parameters," Working Paper Series 83, Sveriges Riksbank (Central Bank of Sweden). [Downloadable!]
    Other versions:
  2. James Yetman, 2005. "Discretionary Policy, Potential Output Uncertainty, and Optimal Learning," Reserve Bank of New Zealand Discussion Paper Series DP2005/07, Reserve Bank of New Zealand. [Downloadable!]
  3. Alexei Onatski & James H. Stock, 2000. "Robust Monetary Policy Under Model Uncertainty in a Small Model of the U.S. Economy," NBER Working Papers 7490, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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