Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank... need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path. They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank... need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path. They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
Given our inevitably incomplete knowledge about key structural aspects of our ever-changing economy and the sometimes asymmetric costs or benefits of particular outcomes, a central bank... need to consider not only the most likely future path for the economy but also the distribution of possible outcomes about that path. They then need to reach a judgment about the probabilities, costs, and benefits of the various possible outcomes under alternative choices for policy.
- Alan Greenspan

Topic(s):
Alternatives
, Aspect
, Benefits
, Central Banks
, Choices
, Cost
, Decision
, Decision Makers
, Distribution
, Economy
, Given
, Incomplete
, Incomplete Knowledge
, Judgment
, Keys
, Makers
, Management
, Needs
, Outcomes
, Particular
, Path
, Policy
, Probability
, Risk
, Risk Management
, Sometimes
, Various
More...
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, Quality
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, Intelligent
, Commitment
, Perfection
, Intention
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, Economics
, Accidents
, Focused
, Excellence
, Improvement
, Alternatives
, Intelligence
, Productive
, Execution
, Productivity
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, Skillful
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