“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.”
Quote by Alan Greenspan
Author
Alan Greenspan
Alan Greenspan, born on March 6, 1926, is an accomplished economist from the United States. He has made significant contributions to the field of economics and has had a profound impact on the global financial system as the Chairman of the Federal Reserve System. more
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