The Federal Open Market Committee (FOMC) has increased the degree of transparency surrounding monetary policy in a number of ways since the 1990s. For example, the FOMC now releases a statement shortly after each meeting and releases the minutes of the meeting three weeks later. In addition, Fed Chairman Ben Bernanke now conducts four press briefings a year. A further step toward more transparency would be a quarterly monetary policy report for the U.S., as I have called for in the past. Many other central banks around the world, including the Bank of England, the European Central Bank, the Reserve Bank of New Zealand and the Riksbank, already publish such a report on a regular basis.