Epstein Secrets

bstantially in some countries. The United States Figure 2 Effective corporate tax rates in selected OECD countries, United States Japan France Belgium 2000-201 3 -0.2 -3.8 r. -3.3 mi 39.1 36.9 -6.2 34A 33.9 Portugal -3.7 315 Germany -21.8 30.1 Spain -50 30.0 Mexico -5.0 30.0

80s, the thinking on taxation underwent an important shift in the context of market-oriented policy reforms enshrined in the so-called Washing- ton Consensus. The prescription was that a broad- based low tax rate model — Development Tax Model 2.0 — was the most appropriate for developing and developed co

ook 2016: Managing with less liquidity Key Economic Forecasts Advanced economies US Japan Euro area Germany France Italy Spain Netherlands Belgium Austria Finland Greece Portugal Ireland United Kingdom Denmark Norway Sweden Switzerland Canada Australia New Zealand EEMEA Czech Repu

l GDP Growth (IMF data and forecasts) -1 0 1 2 EFTA01476160 3 4 5 6 7 % yoy 2011 forecast 2012 forecast 2013 forecast 2014 forecast Consensus 2015 forecast % yoy 2015 -1 0 1 2 3 4 5 6 7 Source: IMF, Deutsche Bank Research Page 67 1976 1979 1982 1985 1988 1991 1994 1997

country. In fact, the country clustering is even more concentrated than it looks if we allow for the fact that the bigger of the two upside outliers, Belgium (1.8% inflation), has experienced a presumably unrepeatable increase in the tax rate on electricity from 6% to 21%, as well as other excise duty incr

recommend outright long duration positions in US rates at present given that the sharp election-induced selloff could extend over the coming weeks. Consensus expects rising inflation Instead, we focus on contrarian views regarding the outlook for inflation, which underpinned some of short rates positionin