Thank you for the opportunity to speak with you today. I am very much attuned to the important work that you're doing on uncertainty. Indeed, as a monetary policymaker, the subject is rarely far from my mind. It's not a new subject, of course. John Maynard Keynes and Frank Knight provided book-length treatments of the subject a century ago (Keynes, 1921; Knight, 1921). In addition, in 2003, Alan Greenspan observed, "Uncertainty is not just an important feature of the monetary policy landscape; it is the defining characteristic of that landscape" (Greenspan, 2003). Before I begin, let me remind you that the views I ... (full story)