Monetary policy committees may produce better results by voting on each of the elements that impact their interest rate decisions, as opposed to the interest rate itself, according to a working paper published by the Norges Bank today.

The authors, Carl Andreas Claussen and Øistein Røisland, note that in the name of transparency, many central banks now communicate not only the decisions they make but the "story" of how they are reached.

However, the paper says, there can be discrepancies between