samchain/econo-pairs-v1 huggingface dataset:
In particular, as of September 22, the maximum bid limit per counterparty was raised from $ billion to $ billion, an overall size limit of $ billion per operation was imposed, and an auction process was introduced to determine the interest  13  Indeed, even prior to 2008, the range of fed funds trading on a given day could be quite wide, and the effective rate deviated significantly at times from the target rate for a day or two. This did not have any apparent effect on financial conditions or the economy. 6  BIS central bankers’ speeches  rate on the operation and allocate take-up when the sum of bids exceeds the new $ billion limit. 14 The $ billion individual bid limit was informed by evidence on the desired investments of counterparties that had bid at the previous maximum of $ billion, and it took into account the size of assets under management of our counterparties. For almost all counterparties, the $ billion limit is unlikely to be binding in any circumstances. The $ billion overall limit was above total demand observed over the first year of testing, with the exception of the operation conducted at the end of the second quarter of this year. So what are the benefits of moving from a structure with individual caps alone to one with an aggregate cap as well?

The results of the testing over the first year suggest that the operations have been successful working with IOER to establish a floor for the level of money market rates. Our analysis has found that, offered at a spread of 20 basis points to the IOER rate, ON RRPs have kept overnight repo rates above where they would otherwise have been, in part by influencing the bargaining power of our counterparties. All of the Desk’s eligible RRP counterparty types participate in the operations, with money funds accounting for the largest share of take-up. Take-up generally increases when the spread between market rates and the ON RRP offered rate narrows. Take-up also rises substantially around quarter- and year-end financial reporting dates, when some money market participants’ access to other overnight investments is more limited. To further examine how ON RRPs might best be structured to supplement IOER in controlling the fed funds rate while limiting the potential for unintended effects in financial markets, the FOMC recently directed the Desk to make several changes to the design of its ON RRP operations.
At that time the Riksbank was legally responsible for the choice of exchange rate regime and ERM participation was considered simply as a way of preventing the flexible exchange rate regime from becoming a formal obstacle to Sweden's possible full participation in the monetary union. When the Government then judged that there was insufficient public support for Sweden's adoption of the euro, the question of altering the exchange rate regime ceased to be relevant. When the independence of the Riksbank was formalised in 1999, the legislation on exchange rate policy was amended. Today the exchange rate regime is chosen by the Government, while the Riksbank decides on issues of its implementation. So it is the Government that decides if and when the krona is to join ERM2, whereupon the Finance Ministry and the Riksbank discuss the SEK/EUR exchange rate that is compatible with a stable economic development. I want to make it clear that, contrary to the impression one is liable to get from reports in the media, this process is not to be seen as a struggle between the Riksbank and the Finance Ministry. There are extremely good reasons for these two institutions to agree on a joint line of action. Otherwise it is likely to be difficult to argue Sweden's case effectively in the subsequent discussions with our European partners.

6  BIS Review 65/2002  If Sweden joins ERM2, the responsibility for maintaining economic balance rests essentially with the Government and the Riksdag. In the event of a referendum next autumn resulting in a majority for Swedish entry into the EMU, followed by entry to ERM2, the fiscal policy that is already being established this autumn will be highly important. However this may, the Riksbank should do what it can to contribute to price stability being maintained also in ERM2. Under these circumstances there are grounds for continuing to make forecasts, publish Inflation Reports and set the repo rate in much the same way as at present. Neither do I see any reasons for altering the inflation target. But the room for manoeuvre in monetary policy would rapidly narrow as entry to full monetary union approaches. At the same time, exchange rate stability in ERM2 is important but the potential risks of conflicts between price and exchange-rate stability during this short period should not be exaggerated. It is natural that the central rate in ERM2 will be the conversion rate in the changeover to the monetary union and this reduces the scope for speculation. The objective of monetary policy in Sweden as well as the euro area is price stability. Moreover, the process for EMU entry by other countries was calm even though the circumstances in a number of cases were more difficult than they look like being in Sweden's case. BIS Review 65/2002  7
The illustration is from our third Monetary Policy Report in 2012. If monetary policy at that time had given weight only to the low level of inflation, the key policy rate should have been lowered sharply and kept close to zero for some time, as indicated by the red dotted line in the upper left panel. Inflation would then have been predicted to pick up relatively fast, partly owing to a weaker exchange rate. Taking into account our second criterion for an appropriate interest rate path, the key policy rate would have been somewhat higher in the short term, as indicated by the blue dotted line. Inflation would have been predicted to take somewhat longer to rise towards the target, but developments in output and employment would have been more stable. Finally, taking into account considerations of robustness (criterion 3), we reached the interest rate forecast indicated by the black dotted line. [Chart: Decomposition of change in the interest rate path] Our communication of interest rate decisions is aided by a decomposition of changes in the interest rate path. This is a model-based illustration of how the change in the interest rate forecast from one report to the next can be decomposed into contributions from exogenous disturbances. The intention is to communicate the driving forces behind any changes in the interest rate path. The chart illustrates the different forces behind the change in the interest rate path from the last report in 2012 to the last report in 2013.

4  BIS central bankers’ speeches  our inflation targeting regime should be flexible. Hence, the interest rate path should provide a reasonable balance between the path for inflation and the path for overall capacity utilisation in the economy. We have learned that stabilising inflation involves important trade-offs in a small open economy. Let me elaborate a bit on this point: Shortly after we adopted inflation targeting in 2002–2003, efforts to dampen inflationary pressures resulted in a strong krone appreciation, with strong impacts on the economy. Later, in the mid-2000s, when inflation was low while at the same time growth was strong, low interest rates at home and abroad contributed to amplifying the cyclical upturn in Norway. In the light of our experience, it is fair to say that our inflation targeting regime has become more flexible over time. The third criterion is that the interest rate path should reflect a robust monetary policy. By this we mean that the interest rate should be set so that monetary policy mitigates the risk of a build-up of financial imbalances. Moreover, acceptable developments in inflation and output should be likely under alternative assumptions about the functioning of the economy. Implementing these concerns analytically is not straightforward, however. We are working intensively to refine our approach to these concerns in our analytical framework. [Chart: Criteria for an appropriate interest rate path] This chart illustrates how the forecasts for the key policy rate, output and inflation evolve when the various criteria are taken into account.
Lucy Kellaway, writing in the FT, described the toxic male environment she experienced on an FX trading floor early in her career. 4 Though many men were (and are) equally  1  https://www.globalfxc.org/membership.htm https://www.globalfxc.org/global_index.htm https://www.ft.com/content/62001b10-90de-11e8-9609-3d3b945e78cf 4 https://www.ft.com/content/511ad09e-6be2-11e4-b939-00144feabdc0 2 3  2  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  2  disgusted by such behaviour, it is unlikely to have been helped by the gender balance in the market. The 2016 Gadhia review5 showed that, whilst women actually outnumbered men 60/40 in financial services as a whole, they were much less likely to be the managers or leaders who shaped the culture (Figure 1). And even when they were leaders, they were three times more likely to be running HR, communications or other support functions than serving in C-suite positions (Figure 2). Figure 1: Average representation of women in Financial Services in 20 global markets  Figure 2: Proportion of Executive Committee functions held by women  5  https://uk.virginmoney.com/virgin/assets/pdf/Virgin-Money-Empowering-Productivity-Report.pdf 3  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  3  Diversity is good for the bottom line  Disparities of this kind are unfair. They also make terrible business sense. Diversity improves financial performance: across the economy as a whole, firms with top-quartile executive-level diversity are 20-30% more likely to outperform their peers (Figure 3). And diversity reduces risk.

The major uncertainty, of course, relates to the situation in the United States - the world's largest economy - which had experienced a period of exceptionally strong economic growth with relatively low inflation until the latter part of last year, which itself played a vital part in buoying up the whole world economy through the Asian financial crisis. Briefly - and no doubt oversimply - this very strong performance was made possible by developments on the supply side of the US economy in the form of exceptional productivity gains, as the application of new information and communications technologies spread through the economy. This development - though extremely difficult to quantify promised a higher sustainable rate of growth in the US economy and higher corporate earnings growth. That expectation in turn contributed to a rapid rise in equity prices, especially in the "high tech" sectors, which helped stimulate both business investment in the US and consumer demand causing the private sector to move into financial deficit. It also attracted massive direct and portfolio investment inflows from abroad which over-financed an increasing current account deficit in the US and caused the dollar to strengthen against other currencies. But by the first half of last year the US economy was expanding at a rate of around 5%, which even on the most optimistic view of underlying productivity growth was clearly unsustainable.
Speeches  Published Date: 04 May 2021  "A Tech-Enabled Financial Sector – Is Our Workforce Ready?" Remarks by Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, at “Growing Timber” MAS-IBF Webinar Series on 4 May 2021 Good morning and thank you for joining us. At the “Growing Timber” webinar six months ago, I spoke about: how jobs are the central economic challenge of our times; where the job opportunities in financial services are; how we can make our tertiary students job-ready for the financial sector; and  how we can help our mid-career workers retain their jobs amid technological changes. Today, I want to focus on two topics: an update on job opportunities in financial services based on MAS’ latest employment outlook survey; and the most challenging part of our jobs and skills agenda – job specialisation, specifically in the area of technology, based on a deep dive study MAS has done. On both topics, I will be sharing for the first time some granular data and information so that we can have a deeper understanding of the challenges and opportunities on the jobs and skills front in the financial sector. Job Opportunities - Employment Outlook for Financial Sector Let me start with job opportunities. The financial sector added 2,200 net jobs in 2020 – a year when the economy as a whole shed 180,000 net jobs. About 2,800 net jobs went to Singaporeans; non-Singaporeans accounted for a net job loss of 600. This 100% Singaporean share of net job growth is unusual.

Welfare schemes had to be cut, schools closed and the pupils had to learn to swim in the cold fjords because the swimming pools were closed. The main argument used in favour of new and complex instruments is that they facilitate risk sharing across economic agents. But risks that are not understood can hardly be shared in any optimal way. It is also important to keep in mind that risk sharing can also be promoted through simpler and more conventional instruments. BIS central bankers’ speeches  3  Our oil fund – managed by Norges Bank and with more than 500 billion dollars under management – set up a special instrument committee after the recent financial crisis. The committee must sanction every financial instrument before it can be used for investments. As a result, the number of instruments available to the Fund’s managers has been significantly reduced, in particular fixed-income and derivatives instruments, since the committee was established. One factor behind the financial crisis was a very important market distortion described by Hyman Minsky: The interaction between asset prices and credit volumes may create a spiral where both asset prices and credit rise to unsustainable levels. The use of financial innovations to create more credit with the result that it fuels such a spiral is clearly not a socially desirable use. Adair Turner of the British FSA1 has pointed out that credit and asset bubbles also represent a massive misallocation of capital in the real economy.
It is rather a time when we should be having some fun, watching both our ladies’ football teams from the Ndola and Lusaka offices battling it out on the battle field. Thereafter, it will be the turn of the gentlemen to break a sweat in friendly combat. We naturally expect that when the opportune moment is presented, commercial banks and other invited entities will also produce teams comprising ladies and gentlemen – after all the Central Bank of the Republic of Zambia will soon be showing you precisely how it is done. It is now my honour and privilege to officially launch the commencement of 50th anniversary celebrations of central banking in Zambia. Please enjoy yourselves. I THANK YOU. 2  BIS central bankers’ speeches

It is such action, called for at the level of the international community three days ago in Washington by the G7, the IMFC and the G20, that the Europeans considered indispensable, particularly in the euro area last Sunday, with the adoption of a concerted European action plan. This plan has six dimensions: ensuring appropriate liquidity; facilitating the funding of banks through various means (guarantee, insurance or similar arrangements for new medium-term – up to five years – bank senior debt issuance); providing additional capital resources to financial institutions; recapitalisation of distressed banks; ensuring appropriate implementation of accounting rules; and enhancing cooperation among European countries. The very day after the meeting, namely yesterday, a large number of euro area countries displayed their implementation of the Eurogroup commitments at the level of the Heads of State and Government. I will not hide the fact that I am impressed by the degree of responsibility and decisiveness that was demonstrated last Sunday and this week in the euro area. I am impressed by the will of the countries that share the single currency not only to work together, but also very closely with the United Kingdom and all EU Member States. And I see that the new decisions taken in the United States are further reinforcing this very impressive implementation of the plan that has been approved by the international community. This is no time for complacency. Central banks will remain solid anchors of stability and confidence.
8  Malmandier and Nagel (2011): “Depression Babies: do macroeconomic experiences affect risk taking?”, Quarterly Journal of Economics. 9  See Bernanke, B (1983), “Irreversibility, uncertainty and cyclical investment”, Quarterly Journal of Economics, 98(1). 10  Bloom (2009) shows how economic uncertainty reduces the shrinkage of low productivity firms and the expansion of high productivity firms, reducing the reallocation of resources towards more productive units. Leduc and Liu (2012), emphasise the aggregate demand effects empirically for the US. Leduc and Liu (2012), “Uncertainty shocks are aggregate demand shocks”, Federal Reserve Bank of San Francisco Staff Paper 2012–10. 11  Together with the aggregate effects, higher stock market volatility generates greater dispersion in firms’ profit growth and industries’ productivity growth. Bloom, N (2009), “The impact of uncertainty shocks”, Econometrica, 77(3), May. 12  Bloom, N, Bond, S and Van Reenen, J (2007), “Uncertainty and investment dynamics”, Review of Economic Studies, 74.

Since the vast majority of household debt is related to housing, it is not surprising that debtto-income ratios were highest and rose most in places that experienced rapid rises in home prices. So, for example, debt-to-income ratios are among the highest in the nation in those places most associated with the housing bubble, such as California, Florida, Nevada and Arizona. This relationship can also be seen within our region. For example, household debt grew more slowly than nationally and has remained relatively low in upstate New York, which was largely bypassed by the housing boom. The key exception is New York City, where a large share of residents rent their homes. Overall, city residents still have relatively low levels of mortgage debt, even though these debt levels rose during the run-up to the recession. Elsewhere in the region, debt levels tended to rise most in places where housing prices increased the most, such as Long Island and parts of New Jersey. During the crisis, in most parts of our region, households reduced their debts. But, because they had not accumulated as much during the run-up, the decline was well below the national average. In general, households in our region – with some exceptions that I will mention in a moment – have not been under as much pressure to deleverage. It’s particularly notable that in upstate New York, where debt levels are well below the national level, households have actually continued to very slowly add to their debt.
However, it is possible to look at compliance in a very different way, as a two-way street and not a “one-way” street. Let me explain what I mean. A sound and effective compliance program can be used, appropriately in my view, as a tool that would permit on-boarding of what is seen as risky business. To continue with the example of correspondent banking, if a U.S. correspondent had a sound and effective compliance program that was well tailored to identify and control the risks of money laundering, terrorist financing, and sanctions evasion, this correspondent might become sufficiently confident to on-board risk. This means that instead of closing accounts for everyone in a specific geographic area, it would continue with some of these accounts, or even open new accounts. Now, I do not want anyone to think I am saying that all correspondents can reasonably have such confidence now. At this point in our journey, I concede the need to develop greater confidence that the identified risks can be controlled at a reasonable cost. With that said, I believe that we will reach a place where ethics and compliance programs are sufficiently developed so organizations can make considered decisions to on-board risk and keep it within the accepted risk appetite by using effective controls. I look forward to that time as we move to the next level. 3.

We could spend much time discussing how this transformation happened. From my vantage point, it happened because of the combined effects of the Federal sentencing guidelines, the Delaware Chancery Court’s Caremark decision,1 and the post-Enron legislation known as Sarbanes Oxley. Of course, other events also fueled the transformation, and in the financial services industry, the worst financial crisis our country has seen since the Great Depression became a burning platform. While it is always important to look back at the road traveled, I am not going to spend any more time on that particular topic. Instead, today I intend to look forward at where compliance is going, and to forecast for our future some things we should pay attention to now. I will discuss five different items, and I predict that some of the greatest accomplishments for compliance are not in the recent past but in the not-too-distant future. If we plan ahead, and if we can successfully adapt to changing circumstances in our respective industries and in the national and global economies, then 20 years from now you will listen to another keynote speaker remarking on further amazing progress for the compliance profession. In short, we are on our way to another level. Important steps toward the next level Most of my remarks today will be devoted to the things that I believe will get us to the next level. Let me turn to them now. 1.