This, in turn, provides scope for the economy to operate at a higher level than would otherwise be the case. 1  A. Greenspan. "Monetary Policy under Uncertainty." Remarks made at a symposium sponsored by the Federal Reserve Bank of Kansas City in Jackson Hole, Wyoming, August 2003. Available at: http://www.federalreserve.gov/boarddocs/Speeches/2003/20030829/default.htm.
BIS Review 36/2007  1  A second complication is the time lag between a policy action and its effects.