Monetary policymakers face considerable uncertainty and have to use judgment. When the monetary policy committee (MPC … which decision procedure gives the better results. If there is only additive uncertainty, the two decision procedures are … equally good. If there is multiplicative (Brainard) uncertainty, we find that a premise-based procedure gives better monetary …

open economy inflation targeters face in practice. For Knight (1921), uncertainty differs from risk because the policymaker … does not know the nature of the uncertainty and is unable to form a probability distribution or risk statement, over …For policymakers, thinking about best practice monetary policy means thinking about uncertainty. Open economy monetary …

the rates and directions of technological change may interact with environmental policies in the presence of uncertainty … ignoring uncertainty could lead to inefficient and biased technology-policy recommendations for the future. …

damages influence the choice of taxes or quotas. Much of the literature concerning uncertainty and learning about damages from … stock externalities such as climate change assumes that the uncertainty will eventually be resolved. These papers focus on … uncertainty, ignoring the possible impact of the regulator's optimal decisions on the learning process. Passive learning is …

optimally estimated. Third, the implications of potential output uncertainty for the optimal delegation to an independent …

market in risk-free bonds. The paper studies how uncertainty in fiscal policy affects welfare, the equity premium, risk …This paper develops and simulates a three-period life-cycle model with aggregate uncertainty. The model incudes a …