uncertainty of interest rates and inflation, primarily by reducing uncertainty that is common to agents rather than disagreement … between agents. This suggests that studies that focus on disagreement as a proxy for uncertainty understate the benefits of … monetary policy transparency. The adoption of inflation targets and forward guidance are both associated with lower uncertainty …

Reserve has begun to contemplate an increase in the federal funds rate. There is however substantial uncertainty around these … projections. How should this uncertainty affect monetary policy? In many standard models uncertainty has no effect. In this paper … policy when there is uncertainty. In the current context this result implies that a delayed liftoff is optimal. We …

discuss the various sources of uncertainty that play an essential role in the formulation and conduct of monetary policy and … evaluate the degree of uncertainty faced by monetary policy makers. We also analyze the conditions that influence uncertainty … particular. Finally we assess the empirical impact of monetary policy transparency on the uncertainty about future monetary …