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A policymaker confronts uncertainty

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  • William Poole

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.

Suggested Citation

  • William Poole, 1998. "A policymaker confronts uncertainty," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 3-8.
  • Handle: RePEc:fip:fedlrv:y:1998:i:sep:p:3-8:n:5
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    File URL: https://files.stlouisfed.org/files/htdocs/publications/review/98/09/9809wp.pdf
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    Cited by:

    1. Soderstrom, Ulf, 2002. " Monetary Policy with Uncertain Parameters," Scandinavian Journal of Economics, Wiley Blackwell, vol. 104(1), pages 125-145.
    2. Onatski, Alexei & Stock, James H., 2002. "Robust Monetary Policy Under Model Uncertainty In A Small Model Of The U.S. Economy," Macroeconomic Dynamics, Cambridge University Press, vol. 6(01), pages 85-110, February.
    3. 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.
    4. Mariusz Gorajski, 2016. "Robust monetary policy in a linear model of the polish economy: is the uncertainty in the model responsible for the interest rate smoothing effect?," Lodz Economics Working Papers 1/2016, University of Lodz, Faculty of Economics and Sociology.

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    Keywords

    Monetary policy - United States;

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