Uncertainty and monetary policy decision making Well, before I become too much involved in health care, let me get back to those uncertainties with which we are confronted as central bankers. Here, the package insert or the instructions at our disposal is the stock of economic research. All the different types of uncertainty have been picked up by academic literature.
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.