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Cross-border corporate control: openness and tax havens
Cross-border corporate control is a major facet of globalisation. In roughly one out of four listed controlled companies in 2012, control was exercised by a foreign entity or family/individual. Controlling—and passive—ownership stakes are often hidden in complex structures, involving pyramids and ...
Trend, seasonal, and sectorial inflation in the Euro Area
A central focus of monetary policy is the underlying rate of inflation
that might be expected to prevail over a horizon of one or two years.
Because inflation is estimated from noisy data, the estimation of
this underlying rate of inflation, which we refer to as trend inflation,
requires statistical ...
Trade exposure and the evolution of inflation dynamics
The Phillips curve—the relationship between price inflation
and fluctuations in economic activity— is a central building block
of economic models that allow for nominal rigidities and are relied
upon by central banks around the world to gauge cyclical inflationary
pressures and forecast inflation. ...
The three E’s of central-bank communication with the public
Central banks used to ask, “Shall we communicate this?” Now, as a rule, they ask, “Why wouldn’t we communicate this?” This
first wave of the revolution in central-bank communication is giving rise to a second wave. The question increasingly is, “How should we communicate this in a way that engages a ...