And that is why I want to raise only one specific question: are all central banks confronted with the same forecasting needs or are there differences – in particular, are there differences rooted in different strategies? I think, we can approach this question from two opposite angles.
The first perspective takes a certain monetary policy concept as given and asks about the consequences on forecasting. The second perspective takes our forecasting abilities as given and asks about the consequences on the choice of a specific monetary policy strategy. Let me start from this second perspective.