Recent central bank policy decisions have surprised the markets. Forward guidance has been especially nebulous.

Investors and traders have allocated billions of dollars in anticipation of an expected monetary change only to have to reverse positions when the announcement was actually made. Price volatility and uncertainty increases.

As new economic news becomes available, prices should adjust to incorporate the news. But too many times, markets have reacted instead to anticipation of how the news will change central bank policy. The price discovery process and market efficiency suffer. Clear communication by central banks would reduce the economic costs of uncertainty.

Last September, U.S. markets were expecting the Federal Reserve (Fed) to reverse its policy of near zero interest rates due to several "hints" that were dropped. Traders began selling stocks and the U.S. stock market fell sharply through most of the summer (at least partly due to anticipated moves by the Fed). In the September meeting, the Fed left interest rates unchanged and the stock market rose dramatically. The volatility was unnecessary. Transparency was lacking. The Fed needs to say what it will do and do what it says.

A couple of weeks ago, the European Central Bank (ECB) reduced an important interest rate to -0.3 percent and indicated they would continue their bond buying program. The policy was not as aggressive as forecasted and the Euro increased sharply and bonds fell abruptly. The ECB needs to say what it will do and do what it says.

Our society needs clear, unambiguous, transparent communication that is followed by corresponding action. Politicians are almost expected to behave differently on the campaign trail than in office. We need statesmen. Product guarantees are often in very small print in an attempt to obscure guarantees or lack thereof. We need businesses that produce high quality products, and are more concerned about reputation than immediate sales.

Marriages often begin with the assumption that if it doesn't bring happiness, self-fulfillment, prosperity or personal growth, it can always be dissolved. We need couples who are making and keeping a lifelong covenant before God of fidelity, mutual support, love and service in good and bad times.

In our churches, we need to say what we will do and do what we say. There is no room for hypocrisy. Our churches should be filled with the integrity and love of the Lord. Most churches have a statement of beliefs. Our teaching, sermons and actions need to correspond to our stated beliefs. Our sermons should be demonstrated in our personal lives and the lives of our congregation.

Sunday church lives should mirror those of the workweek. What we say is important must be demonstrated by action if our statements are to be taken seriously.  

As ministers, we should be transparent with our sheep. If the Lord directs us to begin a new program, outreach or emphasis, we need to tell our congregants. Churches have need to be organized to accomplish their mission. But our sheep deserve to have the opportunity to better organize their lives to contribute to the new effort if the Lord so directs.

Special challenges or problems in the church should also be communicated to our congregation. Their prayers and other efforts should be solicited in addressing the issue.

The Lord is our example. Jesus told us what He would do; whether it was going to another village, crucifixion, resurrection, returning to the Father or to the end of the age.

Jesus also did exactly what He said. We should follow our perfect example.

Dr. James R. Russell is professor of economics and chair of the Undergraduate College of Business at Oral Roberts University in Tulsa, Oklahoma.

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