However, while the literature usually focuses on only one sort of uncertainty at a time, we face all of them simultaneously. I will focus on two of them, one is model uncertainty and the other data uncertainty.
Given the overall topic of this work-shop, I would like to convey the key message of my talk without any further delay: The analysis of monetary aggregates can play and should play an important role to cope with these two challenges. Model uncertainty and money As central bankers we need models to structure our thoughts and to estimate the impact of our decisions.