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But Britain's central bank has been less successful at mapping its future policy path.
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We think forward guidance will be introduced in August.. the MPC under Mark Carney is likely to focus more on communication, restraining the rise in the expected path for future policy rates but with less emphasis on gilt purchases.
"When you have an economy which is making a transition to a market economy, but which is not yet there, there is a feeling that if you are not moving forward with an indicated path of future policy that you are effectively moving backward," he said at a briefing on the survey.
The impacts of these changes are summarized quite well by Gary Rhoades of the Center for the Future of Higher Education when he wrote: "Our current policy path, of continued cuts in state support and continued increases in tuition will only increase the stratification [in higher education] in the future".
Finally, the proposed framework enhances flexibility of decision-makers with regard to future unexpected changes that may occur in the external environment, by preparing their readiness for 're-orienting' the policy path, based on the policy options presented for each future state and the attributes of the environment within which policy decisions have to be made.
Then there are worries about future policy.
India requires an alternative policy path.
Had it pursued a tighter policy path inflation would have moved even farther below trend.
The information provides an important baseline for future policy improvements, and a basis for future research and policy directions.
In order to avoid traps and to find a path towards a desirable future, policy-makers, companies and researchers need to take individuals' conceptions of privacy and its future seriously.
Open image in new window Fig. 14 Potential policy paths for reaching each single future scenario as combination of policies and respective policy measures.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com