Policy Robustness.

The article focuses on the use of uncertainty measures in constructing policy forecasts of money market activity in the United States. The authors explain that policy forecast suggests efforts not only to condition forecasts on assumptions concerning short-run operating procedures but also for data-based portrayals of the degree and type of uncertainty facing the policy authority. The article goes over changes of the to the staff monthly model to gather structural characterizations of the transmission channels of reserves-orientated policies. Several tables and equations are provided to help illustrate the study.