Orphanides, Athanasios; Williams, John C. - 2007
or the management
of the Federal Reserve Bank of San Francisco.
1 Introduction
To paraphrase Clausewitz, monetary policy …Robust Monetary Policy with Imperfect Knowledge
Athanasios Orphanides
Board of Governors of the Federal Reserve System …
where private agents and the central bank possess imperfect knowledge about the true
structure of the economy. Policymakers …