The Issue of Uncertainty in Economics
Chapter 12 in Foundations for New Economic Thinking, 2012, pp 197-209 from Palgrave Macmillan
Abstract Policymakers are required to act, even if the action is a continuation of the status quo. The institutional structure within which monetary policy is made requires that a decision be taken at regular intervals as to the repo rate to be set by the central bank. This decision has to be taken on some grounds, and the focus here is on the grounds which economics provides.
Keywords: Monetary Policy; Central Bank; Policy Action; Epistemic Uncertainty; Economic Thinking (search for similar items in EconPapers)
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