Issing on monetary policy in world of uncertainty

SPEECH - In the speech 'Issing on monetary policy in a world of uncertainty' Otmar Issing of the ECB said that central bankers have to make decisions in a world of uncertainty. But, while the academic profession has made tremendous progress in analysing risk in well-defined stochastic economies, the "Knightian" uncertainty that confronts central bankers and sometimes markets offers an altogether different dimension.

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