Thus, publishing a monetary policy report with an assessment of the likely near-term path of policy rates, in conjunction with its economic forecast, would be a useful exercise and  3  See Charles I Plosser, “Systematic Monetary Policy and Communication,” remarks to the Economic Club of New York, New York, NY, June 24, 2014; and Charles I Plosser, “Monetary Rules: Theory and Practice,” remarks to the Hoover Institution, Stanford, CA, May 30, 2014.
4  See http://www.philadelphiafed.org/research-and-data/publications/special-reports/2014/1231-using-rules-forbenchmarking.pdf. 4  BIS central bankers’ speeches  enhance communications. It would also provide added discipline for policymakers to stick to a systematic, rule-like approach. And it would force policymakers to think more deeply and systematically about policy and the justification for significant deviations from the guideposts.