This conference provides a timely opportunity to assess what we have learned and how it might be applied to monetary policy today, as well as to point to areas that may deserve further exploration. References Brainard, W: “Uncertainty and the Effectiveness of Policy”, American Economic Review, vol. 57 (1967), pp. 411-25.
Estrella, A, and F Mishkin: “Rethinking the Role of NAIRU in Monetary Policy: Implications of Model Formulation and Uncertainty”, in J B Taylor, ed., Monetary Policy Rules. Chicago: NBER and University of Chicago Press, 1999. Orphanides, A: Monetary Policy Evaluation with Noisy Information, Finance and Economics Discussion Series No. 1998:50. Washington, D.C.: Board of Governors of the Federal Reserve System, November 1998.