as a guide – or as a benchmark – against which current policy may be judged" (p. 152). Uncertainty about the structure of the economy also received attention during that decade.
For example, in his elegant 1967 paper, Bill Brainard showed that uncertainty about the effect of policy on the economy may imply that policy should respond more cautiously to shocks than would be the case if this uncertainty did not exist. Brainard's analysis has often been cited as providing a theoretical basis for the gradual adjustment of policy rates of most central banks.