European Central Bank

Game of Votes: Loyalty Shares and the New Battleground for Corporate Control

Abstract This paper explores the adoption and impact of loyalty shares ‒ also known as tenure voting or time-phased voting shares ‒ as a mechanism to counteract short-termism in European corporate governance, with a particular focus on the Italian market. By diverging from the tr...

Food insecurity and inflation: An empirical descriptive framework

This paper examines the statistical association between food inflation and food insecurity using official Eurostat data. The results indicate that food insecurity is more strongly associated with HICP for food and nonalcoholic beverages than with all items HICP, while no meaningf...

Striking a Bargain: Narrative Identification of Wage Bargaining Shocks

ABSTRACT Wage markup shocks, an important driver of business cycles, are hard to pin down. We quantify the importance of exogenous variation in wage bargaining power, one source of those shocks, from German minimum wage introduction episodes and strikes. This disciplines the impu...