FPAS Mark II: Avoiding Dark Corners and Eliminating the Folly in Baselines and Local Approximations

The major challenge facing central banks today is the inability of existing policymaking frameworks to adequately deal with significant and increasing uncertainty. Martin Galstyan (Governor of the Central Bank of Armenia) proposes a new policymaking setup “FPAS Mark II” that combines successful parts of the institutional framework of Mark I systems with an MPRM approach to dealing with uncertainty.

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