Only recently, since the contribution of Walsh (2003), has the scientific study of the conditions under which monetary policy works focused on uncertainty.
Until not long ago, the consensus in the literature on monetary policy implicitly assumed that central banks knew the true economic model, that we were able to correctly observe all relevant variables, and that they accurately knew the various random forces affecting the economic system. Under this perspective, the only remaining “uncertainty” was actually the effective value of these stochastic disturbances.