central banks. First, we show that the forecasting performance of such models compares well with a-theoretical vector …

central banks. In line with the survey of Alan Blinder among central bankers, we asked participants in Ifo s World Economic … history of honesty and a high level of central bank independence. According to our respondents, the Federal Reserve is the … most credible, transparent and independent central bank out of seven large central banks. The ECB is not perceived as …

The first part of this paper outlines the concept of democratic accountability of central banks, and compares the legal … accountability of the ECB with some other central banks (Bank of Canada, Bank of Japan, Bank of England and the Federal Reserve … System). In the second part, we present a theory of central bank accountability. Two aspects of accountability are considered …