Germans have learnt that, if central banks flood the markets with money, this always leads to inflation. Draghi: We have to take these fears very seriously. But the correlation is not so simple. In some cases, such as in the Weimar Republic, printing money caused inflation. But in other cases, proactive central bank action did not.
Of course, complete predictability of policy cannot be achieved because the FOMC must react to incoming information in order to achieve its macroeconomic objectives.