Korea's Lee on uncertainty

Seongtae Lee, the governor of the Bank of Korea, highlighted the vast contrast in views on how best to handle uncertainty.

Speaking at the central bank's International Conference, Lee said: "The conventional wisdom is that policy should be more cautious in the presence of uncertainty as suggested by William Brainard in 1967. Other studies, however, argue that uncertainty may lead to more aggressive policy rules."

However, in spite of these divergences of opinion, Lee said that "finding ways to

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