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  • 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.

    "Monetary Policy under Uncertainty". Alan Greenspan's Remarks At a symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, www.federalreserve.gov. August 29, 2003.
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