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Chairman Ben S. Bernanke
At the 32nd Annual Economic Policy Conference, Federal Reserve Bank of St. Louis(via videoconference)
October 19, 2007

Monetary Policy under Uncertainty

Bill Poole's career in the Federal Reserve System spans two decades separated by a quarter of a century. From 1964 to 1974 Bill was an economist on the staff of the Board's Division of Research and Statistics. He then left to join the economics faculty at Brown University, where he stayed for nearly twenty-five years. Bill rejoined the Fed in 1998 as president of the Federal Reserve Bank of St. Louis, so he is now approaching the completion of his second decade in the System.

As it happens, each of Bill's two decades in the System was a time of considerable research and analysis on the issue of how economic uncertainty affects the making of monetary policy, a topic on which Bill has written and spoken many times. I would like to compare the state of knowledge on this topic during Bill's first decade in the System with what we have learned during his most recent decade of service. The exercise is interesting in its own right and has the added benefit of giving me the opportunity to highlight Bill's seminal contributions in this line of research.

Developments during the First Period: 1964-74
In 1964, when Bill began his first stint in the Federal Reserve System, policymakers and researchers were becoming increasingly confident in the ability of monetary and fiscal policy to smooth the business cycle. From the traditional Keynesian perspective, which was the dominant viewpoint of the time, monetary policy faced a long-term tradeoff between inflation and unemployment that it could exploit to keep unemployment low over an indefinitely long period at an acceptable cost in terms of inflation. Moreover, improvements in econometric modeling and the importation of optimal-control methods from engineering were seen as having the potential to tame the business cycle.

Of course, the prevailing optimism had its dissenters, notably Milton Friedman. Friedman believed that the inherent complexity of the economy, the long and variable lags with which monetary policy operates, and the political and bureaucratic influences on central bank decisionmaking precluded policy from fine tuning the level of economic activity. Friedman advocated the use of simple prescriptions for monetary policy--such as the k percent money growth rule--which he felt would work reasonably well on average while avoiding the pitfalls of attempting to fine-tune the economy in the face of pervasive uncertainty (Friedman, 1968).

Other economists were more optimistic than Friedman about the potential benefits of activist policies. Nevertheless, they recognized that the fundamental economic uncertainties faced by policymakers are a first-order problem and that improving the conduct of policy would require facing that problem head on. During this decade, those researchers as well as sympathetic policymakers focused especially on three areas of economic uncertainty: the current state of the economy, the structure of the economy (including the transmission mechanism of monetary policy), and the way in which private agents form expectations about future economic developments and policy actions.

Uncertainty about the current state of the economy is a chronic problem for policymakers. At best, official data represent incomplete snapshots of various aspects of the economy, and even then they may be released with a substantial lag and be revised later. Apart from issues of measurement, policymakers face enormous challenges in determining the sources of variation in the data. For example, a given change in output could be the result of a change in aggregate demand, in aggregate supply, or in some combination of the two.

As most of my listeners know, Bill Poole tackled these issues in a landmark 1970 paper, which examined how uncertainty about the state of the economy affects the choice of the operating instrument for monetary policy (Poole, 1970). In the simplest version of his model, Bill assumed that the central bank could choose to specify its monetary policy actions in terms of a particular level of a monetary aggregate or a particular value of a short-term nominal interest rate. If the central bank has only partial information about disturbances to money demand and to aggregate demand, Bill showed that the optimal choice of policy instrument depends on the relative variances of the two types of shocks. In particular, using the interest rate as the policy instrument is the better choice when aggregate demand is relatively stable but money demand is unstable, with money growth being the preferable policy instrument in the opposite case.

Bill was also a pioneer in formulating simple feedback rules that established a middle ground between the mechanical approach advocated by Friedman and the highly complex prescriptions of optimal-control methods. For example, Bill wrote a Federal Reserve staff paper titled "Rules-of-Thumb for Guiding Monetary Policy" (Poole, 1971). Because his econometric analysis of the available data indicated that money demand was more stable than aggregate demand, Bill formulated a simple rule that adjusted the money growth rate in response to the observed unemployment rate. Bill was also practical in noting the pitfalls of mechanical adherence to any particular policy rule; in this study, for example, he emphasized that the proposed rule was not intended "to be followed to the last decimal place or as one that is good for all time [but] . . . 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. Alan Blinder has written that the Brainard result was "never far from my mind when I occupied the Vice Chairman's office at the Federal Reserve. In my view, . . . a little stodginess at the central bank is entirely appropriate" (Blinder, 1998, p. 12).

A key source of uncertainty became evident in the late 1960s and 1970s as a result of highly contentious debates about the formation of expectations by households and firms. Friedman (1968) and Ned Phelps (1969) were the first to highlight the central importance of expectations formation, arguing that the private sector's expectations adjust in response to monetary policy and therefore preclude any long-run tradeoff between unemployment and inflation. However, Friedman and Phelps retained the view that monetary policy could exert substantial effects on the real economy over the short to medium run. In contrast, Robert Lucas and others reached more dramatic conclusions, arguing that only unpredictable movements in monetary policy can affect the real economy and concluding that policy has no capacity to smooth the business cycle (Lucas, 1972; Sargent and Wallace, 1975). Although these studies highlighted the centrality of inflation expectations for the analysis of monetary policy, the profession did not succeed in reaching any consensus about how those expectations evolve, especially in an environment of ongoing structural change.

Developments during the Second Period: 1998-2007
Research during the past ten years has been very fruitful in expanding the profession's understanding of the implications of uncertainty for the design and conduct of monetary policy.

On the issue of uncertainty about the state of the economy, Bill's work continues to provide fundamental insights regarding the choice of policy instrument. Money demand relationships were relatively stable through the 1950s and 1960s, but, in the wake of dramatic innovations in banking and financial markets, short-term money-demand relationships became less predictable, at least in the United States. As a result, consistent with the policy implication of Bill's 1970 model, the Federal Reserve (like most other central banks) today uses the overnight interbank rate as the principal operating target of monetary policy. Bill's research also raised the possibility of specifying the operating target in other ways, for example, as an index of monetary or financial conditions; and it provided a framework for evaluating the usefulness of intermediate targets--such as core inflation or the growth of broad money--that are only indirectly controlled by policy.

More generally, the task of assessing the current state of the economy remains a formidable challenge. Indeed, our appreciation of that challenge has been enhanced by recent research using real time data sets.1 For example, Athanasios Orphanides has shown that making such real-time assessments of the sustainable levels of economic activity and employment is considerably more difficult than estimating those levels retrospectively. His 2002 study of U.S. monetary policy in the 1970s shows how mismeasurement of the sustainable level of economic activity can lead to serious policy mistakes.

On a more positive note, economists have made substantial progress over the past decade in developing new econometric methods for summarizing the information about the current state of the economy contained in a wide array of economic and financial market indicators (Svensson and Woodford, 2003). Dynamic-factor models, for example, provide a systematic approach to extracting information from real-time data at very high frequencies. These approaches have the potential to usefully supplement more informal observation and human judgment (Stock and Watson, 2002; Bernanke and Boivin, 2003; and Giannone, Reichlin, and Small, 2005).

The past decade has also witnessed significant progress in analyzing the policy implications of uncertainty regarding the structure of the economy. New work addresses not only uncertainty about the values of specific parameters in a given model of the economy but also uncertainty about which of several competing models provides the best description of reality. Some research has attacked those problems using Bayesian optimal-control methods (Brock, Durlauf, and West, 2003). The approach requires the specification of an explicit objective function as well as of the investigator's prior probabilities over the set of plausible models and parameter values. The Bayesian approach provides a useful benchmark for policy in an environment of well-defined sources of uncertainty about the structure of the economy, and the resulting policy prescriptions give relatively greater weight to outcomes that have a higher probability of being realized. In contrast, other researchers, such as Lars Hansen and Thomas Sargent, have developed robust-control methods--adapted from the engineering literature--that are aimed at minimizing the consequences of worst-case scenarios, including those with only a low probability of being realized (Hansen and Sargent, 2007).

An important practical implication of all this recent literature is that Brainard's attenuation principle may not always hold. For example, when the degree of structural inertia in the inflation process is uncertain, the optimal Bayesian policy tends to involve a more pronounced response to shocks than would be the case in the absence of uncertainty (Söderstrom, 2002). The concern about worst-case scenarios emphasized by the robust-control approach may likewise lead to amplification rather than attenuation in the response of the optimal policy to shocks (Giannoni, 2002; Onatski and Stock, 2002; and Tetlow and von zur Muehlen, 2002). Indeed, intuition suggests that stronger action by the central bank may be warranted to prevent particularly costly outcomes.

Although Bayesian and robust-control methods provide insights into the nature of optimal policy, the corresponding policy recommendations can be complex and sensitive to the set of economic models being considered. A promising alternative approach--reminiscent of the work that Bill Poole did in the 1960s--focuses on simple policy rules, such as the one proposed by John Taylor, and compares the performance of alternative rules across a range of possible models and sets of parameter values (Levin, Wieland, and Williams, 1999 and 2003). That approach is motivated by the notion that the perfect should not be the enemy of the good; rather than trying to find policies that are optimal in the context of specific models, the central bank may be better served by adopting simple and predictable policies that produce reasonably good results in a variety of circumstances.

Given the centrality of inflation expectations for the design of monetary policy, a key development over the past decade has been the burgeoning literature on the formation of these expectations in the absence of full knowledge of the underlying structure of the economy.2 For example, considerations of how the public learns about the economy and the objectives of the central bank can affect the form of the optimal monetary policy (Gaspar, Smets, and Vestin, 2006; Orphanides and Williams, 2007). Furthermore, when the public is unsure about the central bank's objectives, even greater benefits may accompany achieving a stable inflation rate, as doing so may help anchor the public's inflation expectations. These studies also show why central bank communications is a key component of monetary policy; in a world of uncertainty, informing the public about the central bank's objectives, plans, and outlook can affect behavior and macroeconomic outcomes (Bernanke, 2004; and Orphanides and Williams, 2005).

Conclusion
Uncertainty--about the state of the economy, the economy's structure, and the inferences that the public will draw from policy actions or economic developments--is a pervasive feature of monetary policy making. The contributions of Bill Poole have helped refine our understanding of how to conduct policy in an uncertain environment. Notably, we now appreciate that policy decisions under uncertainty must take into account a range of possible scenarios about the state or structure of the economy, and those policy decisions may look quite different from those that would be optimal under certainty. For example, policy actions may be attenuated or augmented relative to the "no-uncertainty benchmark," depending on one's judgments about the possible outcomes and the costs associated with those outcomes. The fact that the public is uncertain about and must learn about the economy and policy provides a reason for the central bank to strive for predictability and transparency, avoid overreacting to current economic information, and recognize the challenges of making real-time assessments of the sustainable level of real economic activity and employment. 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.

_________ (2007). "Inflation Expectations and Inflation Forecasting," speech delivered at the Monetary Economics Workshop of the National Bureau of Economic Research Summer Institute, Cambridge, Mass., July 10, www.federalreserve.gov/newsevents/speech/bernanke20070710a.htm.

Bernanke, Ben S., and Jean Boivin (2003). "Monetary Policy in a Data-Rich Environment," Leaving the Board Journal of Monetary Economics, vol. 50 (April), pp. 525-46.

Blinder, Alan S. (1998). Central Banking in Theory and Practice. Cambridge, Mass.: MIT Press.

Brainard, William C. (1967). "Uncertainty and the Effectiveness of Policy," American Economic Review, vol. 57 (May, Papers and Proceedings), pp. 411-25.

Brock, William A., Steven N. Durlauf, and Kenneth D. West (2003). "Policy Analysis in Uncertain Economic Environments," Brookings Papers on Economic Activity, vol. 2003 (no. 1), pp. 235-322.

Faust, Jon, and Jonathan H. Wright (2007). "Comparing Greenbook and Reduced Form Forecasts Using a Large Realtime Dataset (259 KB PDF)," paper presented at "Real-Time Data Analysis and Methods in Economics," a conference held at the Federal Reserve Bank of Philadelphia, April 19-20, www.phil.frb.org/econ/conf/rtconference2007/papers/Paper-Wright.pdf.

Friedman, Milton (1968). "The Role of Monetary Policy." American Economic Review, vol. 58 (March), pp. 1-17.

Gaspar, Vitor, Frank Smets, and David Vestin (2006). "Adaptive Learning, Persistence, and Optimal Monetary Policy," Leaving the BoardJ ournal of the European Economic Association, vol. 4 (April-May), pp. 376-85.

Giannone, Domenico, Lucrezia Reichlin, and David Small (2005). "Nowcasting GDP and Inflation: The Real-Time Informational Content of Macroeconomic Data Releases," Finance and Economics Discussion Series 2005-42. Washington: Board of Governors of the Federal Reserve System, October, www.federalreserve.gov/pubs/feds/2005.

Giannoni, Marc P. (2002). "Does Model Uncertainty Justify Caution? Robust Optimal Monetary Policy in a Forward-Looking Model," Leaving the Board Macroeconomic Dynamics, vol. 6 (February), pp. 111-44.

Hansen, Lars Peter, and Thomas J. Sargent (2007). Robustness. Princeton: Princeton University Press.

Levin, Andrew, Volker Wieland, and John Williams (1999). "Robustness of Simple Monetary Policy Rules under Model Uncertainty," in Taylor, John, ed., Monetary Policy Rules. Chicago: University of Chicago Press, pp. 263-99.

_________ (2003). "The Performance of Forecast-Based Monetary Policy Rules under Model Uncertainty," Leaving the Board American Economic Review, vol. 93 (June), pp. 622-45.

Lucas, Robert E., Jr. (1972). "Expectations and the Neutrality of Money," Leaving the Board Journal of Economic Theory, vol. 4 (June), pp.103-24.

Onatski, Alexei, and James H. Stock (2002). "Robust Monetary Policy under Model Uncertainty in a Small Model of the U.S. Economy," Leaving the Board Macroeconomic Dynamics, vol. 6 (March), pp. 85-110.

Orphanides, Athanasios (2002). "Monetary-Policy Rules and the Great Inflation," Leaving the Board American Economic Review, vol. 92 (May, Papers and Proceedings), pp. 115-20.

Orphanides, Athanasios, and John C. Williams (2005). "Inflation Scares and Forecast-based Monetary Policy," Leaving the Board Review of Economic Dynamics, vol. 8 (April), pp. 498-527.

_________ (2007). "Robust Monetary Policy with Imperfect Knowledge," Leaving the Board Journal of Monetary Economics, vol. 54 (July), pp. 1406-35.

Phelps, Edmund S. (1969). "The New Microeconomics in Inflation and Employment Theory," American Economic Review, vol. 59 (May, Papers and Proceedings), pp. 147-60.

Poole, William (1970). "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," Leaving the Board Quarterly Journal of Economics, vol. 84 (May), pp. 197-216.

_________ (1971). "Rules-of-Thumb for Guiding Monetary Policy," in Open Market Policies and Operating Procedures--Staff Studies. Washington: Board of Governors of the Federal Reserve System, pp. 135-89.

Sargent, Thomas J., and Neil Wallace (1975). "'Rational' Expectations, the Optimal Monetary Instrument, and the Optimal Money Supply Rule," Leaving the Board Journal of Political Economy, vol. 83 (April), pp. 241-54.

Söderstrom, Ulf (2002). "Monetary Policy with Uncertain Parameters," Leaving the Board Scandinavian Journal of Economics, vol. 104 (February), pp. 125-45.

Stock, James, and Mark Watson (2002). "Forecasting Using Principal Components from a Large Number of Predictors," Leaving the Board Journal of the American Statistical Association, vol. 97 (December), pp. 1167-79.

Svensson, Lars E.O., and Michael Woodford (2003). "Indicator Variables for Optimal Policy," Leaving the Board Journal of Monetary Economics, vol. 50 (April), pp. 691-720.

Tetlow, Robert, and Peter von zur Muehlen (2001). "Robust Monetary Policy with Misspecified Models: Does Model Uncertainty Always Call for Attenuated Policy?" Leaving the Board Journal of Economic Dynamics and Control, vol. 25 (June), pp. 911-49.

Footnotes

1. A recent example is Faust and Wright (2007).

2. Bernanke (2007) and the references therein.

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北 김여정 "바이낸스 해킹, 우리 소행 아냐" [서울=뉴스핌] 이영종 통일북한전문기자 = 북한이 세계 최대 암호화폐 거래소 바이낸스(Binance)에서 발생한 8조원대 규모의 암호화폐 탈취 사건과 관련해 미국이 북한을 배후로 지목한 데 대해 "황당무계한 낭설"이라며 강하게 부인했다. 3일 조선중앙통신에 따르면 김여정 노동당 부장은 2일자 담화에서 미국의 주장이 북한의 국제적 이미지를 훼손하려는 정치적 도발이라고 비난하면서, 오히려 미국이 절취된 암호화폐를 국가 자산으로 전환하려 하고 있다는 취지의 황당한 주장을 펼쳤다. 북한 해커 이미지. [사진=뉴스핌 DB] 김여정은 미 연방수사국(FBI)이 바이낸스 해킹 사건에 북한이 관여했다고 발표한 데 대해 "우리를 '사이버범죄국'으로 매도하려고 기도하고 있다"며 이같이 주장했다. 김여정은 미국의 주장이 "황당무계한 낭설이며 새로운 것이 아니다"라며 국제적으로 사이버범죄 사건이 발생할 때마다 무작정 북한과 연관시키고 있다고 반발했다. 이어 미국이 세계 각지에서 발생하는 사이버 사기 행위가 모두 북한의 소행인 것처럼 국제 여론을 오도하는 것은 "우리 공화국에 대한 엄중한 정치적 도발"이라고 주장했다. 그는 이를 북한의 국제적 이미지에 손상을 주고 존엄과 국위를 폄훼하려는 불순한 시도이자 "새로운 영역에로 파생된 또 다른 엄중한 반공화국 주권침해행위"라고 규정했다. 김여정은 특히 미국이 지난해 불법적으로 절취된 암호화폐 자산을 몰수해 국가의 '전략예비비축금'으로 조성하겠다고 발표한 사실을 거론하며 미국의 이중적 태도를 문제 삼았다. 김여정 북한 노동당 총무부장. [뉴스핌 자료] 그는 "이른바 절취당한 거액의 암호화폐 자금이 회수되는 경우 누구에게 고스란히 돌아가겠는지를 따져보면 이번 해킹 사건의 배후에 대한 단서가 주어질 수도 있을 것"이라고 주장했다. 북한의 해킹 책임을 부인하는 데 그치지 않고 미국이 암호화폐를 국가 자산으로 확보하려는 정책 자체를 문제 삼으며 역공을 편 것이다. 대북정보 관계자는 "김여정이 마치 미국이 암호화폐를 탈취해 국고로 귀속시키려 하는 것으로 해석될 수 있는 앞뒤가 맞지 않는 주장을 펼치고 있는 점이 드러난다"고 말했다. 담화에서 김여정은 "이번 계기에 우리는 워싱턴의 대조선 적대적 자세를 다시금 확인했다"며 "우리는 미국이 우리 국가에 지속적으로 다양한 도발을 걸어오는 데 대해 예의주시하고 있다"고 밝혔다. 특히 미국의 대북 적대적 태도에 대해 "대단히 불쾌하기 그지없는 미국의 적대적 태도에 대하여 우리는 여러 측면에서 재고해볼 문제들이 있을 것"이라고 강조했다. 이는 이번 담화를 단순한 사이버 해킹 의혹에 대한 반박에 그치지 않고 북미관계 전반에 대한 불만과 대응 가능성을 시사한 것으로 풀이된다. 다만 구체적으로 어떤 조치를 검토하겠다는 것인지는 밝히지 않았다. 이번 담화는 국무위원장 김정은의 여동생인 김여정이 미국의 대북 사이버 범죄 의혹 제기에 직접 나서 강도 높게 반발했다는 점에서도 주목된다. 북한은 사이버 공격 의혹을 부인하면서 미국의 대북 적대정책을 문제 삼고, 이를 주권 침해와 정치적 도발이라는 틀로 연결하는 모습을 보였다. 바이낸스.[사진=로이터 뉴스핌] 2026.10.31 mj72284@newspim.com 앞서 미 FBI는 지난달 31일(현지시간) 사이버 보안 경보를 통해 북한이 세계 최대 암호화폐 거래소 바이낸스에서 60억달러(약 8조원대) 이상의 가상자산을 탈취했다고 발표했다. FBI는 북한이 이번 범행의 책임이 있다고 판단한다며 북한의 해킹 활동과 연관된 가상자산 지갑 주소 목록도 공개했다. yjlee@newspim.com 2026-11-03 07:11
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李대통령 부부 여권정보도 노출됐다고? [서울=뉴스핌] 조준경 기자 = 이재명 대통령 부부를 비롯한 대통령 전용기 탑승자 168명의 개인정보가 온라인에 유출된 사건에 대해 경찰이 내사(입건 전 조사)에 착수했다. 3일 경찰에 따르면 경찰청은 전날 공군 1호기 탑승자 명단과 개인정보가 인터넷에 노출된 사건에 대한 입건 전 조사에 들어갔다. [서울=뉴스핌] 이재명 대통령과 김혜경 여사가 지난 21일 81차 유엔 총회 참석을 위해 서울공항에서 공군 1호기에 탑승하고 있다. [사진=청와대] 2026.09.22 photo@newspim.com 유출된 자료는 지난 6월 한 보안 관련 사이트에 올라온 '탑승객 명단(대한민국-벨기에)' 파일이다. 이 파일에는 이 대통령 부부와 정부 주요 인사, 청와대·외교부 직원, 대통령경호처 경호원, 청와대 출입기자 등 168명의 개인정보가 담긴 것으로 전해졌다. 노출된 정보는 국문·영문 이름과 소속·직책, 생년월일, 여권번호, 여권 발급일·만료일 등이다. 해당 파일은 대통령의 유럽 순방을 앞두고 악성코드 감염 여부를 검사하는 과정에서 보안 관련 유료 사이트에 게시된 것으로 추정된다. 순방 전인 6월 2일부터 약 5개월간 외부에 노출됐으며, 현재는 열람이 차단된 상태로 알려졌다. 한편 청와대는 이날 대통령 등 개인정보 유출 대응을 위해 긴급회의를 개최했다. 임광현 대통령비서실장은 "대통령 순방단의 개인정보 유출은 결코 가볍게 볼 수 없는 중대한 사안"이라며 "유출 경위와 정보 노출의 범위, 실제 피해 여부를 철저히 조사하고 관계기관의 관리 책임을 명확히 규명해야 한다"고 강조했다. calebcao@newspim.com 2026-11-03 10:28
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