Most fundamentally, our discussions of the pervasive uncertainty that we face as policymakers is a powerful reminder of the need for humility about our ability to forecast and manage the future course of the economy. References Bernanke, Ben S. (2004). "Fedspeak", speech delivered at the Meetings of the American Economic Association, San Diego, January 3, www.federalreserve.gov/boarddocs/speeches/2004/200401032/default.htm.
I do not say that such a system cannot function, but I do say that in my three decades in and out of government, I have never seen it function well. The undeniable, though regrettable, fact is that the most effective policymaking is done outside the immediate glare of the press.