Chicago Fed's Evans and monetary policy risk management

Often information on central bank behavior is right in front of you if you look. Reading a piece developed in March for the Brooking Papers on Economic Activity by Chicago Fed president Evans and his staff gives a clear indication about how caution plays out with monetary policy. The paper is called "Risk management for monetary policy near the zero lower bound." It has a nice simple model and some good analytics, but my focus is to get at their thinking. 

The Evans argument is that when forecast uncertainty is high, the downside of raising rates in a weak economy is much higher than the risk of higher inflation. The forecast uncertainty will increase when the output gap is larger, so if you have a large output gap, good monetary policy risk management should call for a delayed lift-off of rates. 

Evans uses the periods of '97-'98 and '00-'01 as examples of this prudent central bank risk management. He argues that there is a history for this risk management that dates back to Greenspan. There is nothing is new with this policy approach and there is precedent for delayed action. 

I believe that this argument has carried weight with others at the Fed and is the current driver for slow behavior. When in doubt with output gaps, the right strategy is delay. I will not argue on the correctness of this strategy. It is current Fed thinking.