See Charles A. Fleischman and John M. Roberts (2011), “From Many Series, One Cycle: Improved Estimates of the Business Cycle from a Multivariate Unobserved Components Model,” Finance and Economics Discussion Series 2011-46 (Washington: Board of Governors of the Federal Reserve System, October), https://www.federalreserve.gov/pubs/feds/2011/201146/201146pap.pdf. 20 See John B. Taylor (1993), “Discretion versus Policy Rules in Practice,” Carnegie-Rochester Conference Series on Public Policy, vol.
6  Company size and type of governance are inter-related and here we can see another characteristic of our firms from an international point of view: they are family firms not only as regards ownership and top management but also as regards the second and third lines of command. 4 Recent analyses show that between 2008 and 2015 this tendency increased.