@techreport{NBERw9969,
 title = "Monetary Policy in an Uncertain Environment",
 author = "Martin Feldstein",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "9969",
 year = "2003",
 month = "September",
 URL = "http://www.nber.org/papers/w9969",
 abstract = {This paper discusses the nature of the uncertainty faced by central banks and considers three approaches to dealing with uncertainty(1) formal optimization models and robust rules based on such models; (2) informal rules like the Taylor rule and inflation targeting; and (3) a case by case approach based on an informal Bayesian logic. The latter case requires considering the asymmetric nature of the risks that the central bank often faces.},
}