Doing so would require agreement on a particular model in order to produce the resulting rule-based behavior. For the Fed, the economic model developed by the Board’s staff seems like a reasonable place to start.
Such an exercise could also be enhanced, I believe, by using some of the dynamic stochastic general equilibrium, or DSGE, models that have been developed within the Federal Reserve System. As a start, the results of this type of exercise could be published in the FOMC’s current biannual monetary policy report to Congress.