-based indicators are highly correlated with official inflation data and estimates of the output gap and improve the accuracy of … inflation forecasts. This suggests that these indicators could help central banks foresee inflationary pressures in the economy …

accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve … accountability through transparency leads to a lower expected rate of inflation and less stabilization of supply shocks … vergleicht die gesetzlich festgelegte Rechenschaftspflicht der EZB mit der einiger anderer Zentralbanken (Bank of Canada, Bank of …