2 BIS Working paper, Borio, C., Gambacorta, L., Hofmann, B., (2015), “The influence of monetary policy on bank  profitability”, October. 3 Brunnermeier, M., Langfield, S., Pagano, M., Reis, R., Van Nieuwerburgh, S. and Vayanos, D., “ESBies: Safety in  Tranches”, ESRB Working Paper Series, No 21, September 2016. 5/5  BIS central bankers' speeches
More, even a well-established projection track record may not be enough to tilt the balance in favour of publishing a path for future policy – mainly for four, largely interrelated, reasons. First, it is often more important how central banks communicate than what they communicate.