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FinanceandEconomicsDiscussionSeriesFederalReserveBoard,Washington,D.C.ISSN1936-2854(Print)ISSN2767-3898(Online)OptimalMonetaryPolicywithUncertainPrivateSectorForesightChristopherGustandDavidLopez-Salido2024-059Pleasecitethispaperas:Gust,Christopher,andDavidLopez-Salido(2024).“OptimalMonetaryPolicywithUncertainPrivateSectorForesight,”FinanceandEconomicsDiscussionSe-ries2024-059.Washington:BoardofGovernorsoftheFederalReserveSystem,https://doi.org/10.17016/FEDS.2024.059.NOTE:StaffworkingpapersintheFinanceandEconomicsDiscussionSeries(FEDS)arepreliminarymaterialscirculatedtostimulatediscussionandcriticalcomment.TheanalysisandconclusionssetfortharethoseoftheauthorsanddonotindicateconcurrencebyothermembersoftheresearchstaffortheBoardofGovernors.ReferencesinpublicationstotheFinanceandEconomicsDiscussionSeries(otherthanacknowledgement)shouldbeclearedwiththeauthor(s)toprotectthetentativecharacterofthesepapers.OptimalMonetaryPolicywithUncertainPrivateSectorForesightChristopherGustDavidL´opez-Salido∗July2024AbstractCentralbanksoperateinaworldinwhichthereissubstantialuncertaintyregardingthetransmissionofitsactionstotheeconomybecauseofuncertaintyregardingtheformationofprivate-sectorexpectations.Wemodelprivatesectorexpectationsusingafinitehorizonplan-ningframework:Householdsandfirmshavelimitedforesightwhendecidingspendi...