Monetary Policy In A World of Uncertainty

Otmar Issing

Economie Internationale, 2002, issue 92, 165-179

Abstract: Dealing with uncertainty is the daily bread of central bankers and has been a central theme for the ECB since its inception. Central banks like other economic operators are continuously confronted with conflicting data as well as competing and evolving interpretations of the working of the economy. In an ever-changing economic environment central banks cannot afford to commit to a mechanical "rule for action" but only set out a "framework for analysis" guiding monetary policy in the pursuit of its mandate.

Keywords: Uncertainty; Economic Conditions; Expectations; Monetary Aggregates; Financial markets (search for similar items in EconPapers)
JEL-codes: E31 E32 E51 E52 E58 (search for similar items in EconPapers)
Date: 2002
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Citations: View citations in EconPapers (23)

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