samchain/econo-pairs-v1 huggingface dataset:
In order to address these myths and remove investors’ doubts and anxiety, the PBOC, clearly stated in 1996 the monetary relationship between Hong Kong and the Mainland. The relationship can be best summarised as “one country, two currencies, two monetary systems and two mutually independent monetary authorities”. 10. The “mutually independent monetary systems” of Hong Kong and the Mainland reflect the differences in economic and financial developments between the two places. The two systems operate in a mutually independent manner. One does not precede or follow the other. Their relationship is different from the administrative relationship between the Central Government and the local government. In my view, the basic principles and policies governing the monetary relationship between Hong Kong and the Mainland can be summarized in the following ways. (A) Laws, regulations, policies and management rules relating to monetary affairs promulgated on the Mainland are not applicable to Hong Kong. The HKSAR government, on its own, formulates monetary legislation and regulations as well as draws up and implements financial and monetary policies. 11. The fact that mainland monetary laws and regulations are not applicable in Hong Kong mainly reflects the difference in social and economic systems, economic and financial developments and regulatory standards between the two. The Mainland is in transition from a planned economy to a market-oriented economy. The legal framework relating to monetary affairs is still being modified. There are still a lot of restrictions in respect of monetary and financial issues.

With the renewal of RTGS, the wider implementation of ISO 20022 messaging standards for payments and the inclusion of LEIs in credit messages, the Bank is committed to changes which will have a positive impact for users of payment services. But we, together with Pay.UK, and all of you here today need to keep up the momentum and energy to deliver this critical change – a foundational change which will help future proof UK payment systems; deliver the new products and services which your customers are asking for; and support and contribute to the wider economic transformation being brought about by the data revolution. 13  Such as HM Treasury, and GLEIF - the global body charged with supporting the implementation and use of LEIs. 6  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  6
The EU countries have established a joint fund to provide loans for countries with debt problems. The ECB has intervened with support purchases of government bonds. These measures are limited in scope and duration and are intended to be replaced by more permanent resolution mechanisms once they have been implemented. The political authorities may still, in time, find suitable and more permanent solutions, both in Europe and the US. But the road ahead may be both bumpy and long. The Norwegian economy is robust. Government finances are sound, banks are solid, unemployment is low and the economy is growing at a fairly solid pace. At the same time, we must acknowledge that we are influenced by turbulence and weaker prospects internationally. Norway is an open economy. Norwegian firms will be affected if demand slows or funding becomes more difficult. Monetary policy can respond rapidly to changes in the outlook, for example as reflected in Norges Bank’s decision to keep the key policy rate unchanged at the August monetary policy meeting. 14  BIS central bankers’ speeches  Earlier this week, the Swiss National Bank decided to announce a minimum exchange rate for the Swiss franc against the euro owing to the substantial appreciation of the Swiss franc. Interest rates and inflation in Switzerland are close to zero and growth is low. According to the Swiss National Bank, a further appreciation could have resulted in a recession with deflationary developments. Measures were therefore introduced to prevent such developments. The Norwegian krone appreciated sharply after the announcement.

The inflation target is symmetrical – it is just as important to avoid an inflation rate that is too low as an inflation rate that is too high. The inflation target provides economic agents with an anchor for inflation expectations. Decisions concerning saving and investment can be based on the assumption that inflation in Norway will be around 2½ per cent over time. Norges Bank’s instrument to meet the inflation target is the key policy rate, which is the interest rate on banks’ deposits in Norges Bank. This interest rate forms the basis for banks’ lending and deposit rates. 2  BIS central bankers’ speeches  The Bank’ monetary policy assessments and decisions must be based on knowledge it can obtain on interactions within the Norwegian economy and how the interest rate interacts. But we need a methodical apparatus to structure this knowledge. Like other central banks, Norges Bank uses economic models as an aid in monetary policy analysis. Economic models can help us to interpret historical developments, make forecasts for the future and analyse the effect of the interest rate. For an economic model to be relevant, it must be fit for its intended purpose. A model that is to be used as an aid in making interest rate decisions requires different attributes and is based on different principles than models that for example seek to provide optimal near-term inflation and output forecasts. In this chart, the time axis has been divided into three: short term, medium term and long term.
Or whether they mean that credit growth and asset prices should still be considered just indicators, and that they emphasise them merely because credit growth and asset prices may have potential negative effects on inflation and resource utilisation at a longer horizon. In the latter case, leaning against the wind is a way to improve the stability of inflation and resource utilisation in the longer run. Then it is completely consistent with my interpretation of flexible inflation targeting. More precisely, flexible inflation targeting aims at stabilising inflation around the inflation target and resource utilisation around a normal level. Monetary policy then boils down to “forecast targeting”, choosing a policy-rate path such that the corresponding forecasts of inflation and resource utilisation best stabilise inflation around the target and the resource utilisation around a normal level. If the central bank uses all relevant information in constructing these forecasts, including the impact of changes in financial conditions on inflation and resource utilisation at any horizon, monetary policy will automatically respond in the best possible way to changing financial conditions (Woodford 2007, 2010a). Taking financial conditions into account becomes a special case of the general rule of “filtering all information through the forecast”. Only information that affects the forecast should be responded to, whereas information that does not affect the forecast can be disregarded.

However, suppose that, for some reason, the appropriate and effective instruments to ensure financial stability are not available, for instance, because of serious problems with the regulatory and supervisory framework that cannot be remedied in the short run. In such a second-best situation, if there is a threat to financial stability, one may argue that, to the extent that policy rates do have an impact on financial stability, that impact should be taken into consideration when choosing the policy-rate path to best stabilise inflation and resource utilisation. Such considerations could result in a lower or higher policy-rate path than otherwise, in order to trade off less effective stabilisation of inflation and resource utilisation for more financial stability 5. However, so far all of the evidence indicates that in normal times  5  Such considerations could include evidence of the “risk-taking channel” as in Borio and Zhu (2008). Adrian and Shin (forthcoming) and Adrian and Shin (2010) argue, in a model with such a risk-taking channel, that short interest-rate movements may have considerable effects on the leverage of securities broker-dealers in the market-based financial sector outside the commercial-banking sector. If we assume that the risk of a financial crisis increases as this leverage increases, and that policy rates affect leverage, then policy rates would affect the risk of a financial crisis (Woodford 2010b). However, new regulation is likely to limit excess leverage and limit the magnitude of these affects.
In fact, in a period when uncertainties surrounding the global economy are at high levels, the Central Bank adopted the strategy to use foreign exchange reserves to primarily support the foreign exchange liquidity of our banking system. Within this framework, the Central Bank resumed its activities as an intermediary in the Foreign Exchange Deposit Market; lending rates of this market was reduced and maturities were extended. Besides, during periods of ailing price movements, foreign exchange liquidity was injected via foreign exchange selling auctions. Moreover, it has been declared to the public that if deemed necessary, additional measures might be taken to ensure that the financial markets function efficiently. All these measures have helped contain the effects of the global financial turmoil on the domestic economy. The Central Bank will continue to take the necessary measures, provided that they do not conflict with the price stability objective. In the last quarter of 2008, global financial conditions have been tighter than required by the stance of monetary policy, owing mainly to the intensification of the global financial crisis. Turkey has also been undergoing a similar process. In this context, the Central Bank recently made a measured cut in short-term interest rates, in order to offset the extra tightening in monetary conditions. In order to be able to comprehend the monetary policy decisions of the Central Bank, the nature of the shocks to the economy should be analyzed properly at the outset.

3  3  All speeches are available online at www.bankofengland.co.uk/news/speeches  3  The varied colour of our banknotes also plays an important role in making the nation’s money as inclusive as possible. Features like the differing colour palettes, differing sizes and raised print enable those who are visually impaired to recognise different notes. As with the new polymer £ the new £ will also include a tactile feature – a series of raised dots in the upper left-hand corner – to improve accessibility further. Conclusion Banknotes are meagre pieces of paper – or more accurately polymer – of no intrinsic value that serve vital economic functions. They facilitate trade. They store value. They act as a unit of account. As the man whom Turner will replace on the £ Adam Smith observed, banknotes may be mere barren tokens but they are the “universal instrument of commerce”.5 And money serves as a collective memory for a country and its people; it has cultural value as well as economic. As the new Turner £ testifies, money can be a work of art in everyone’s pocket. Far from being “barren”, 6 our banknotes celebrate UK’s heritage, salute its culture and testify to the great achievements of its most notable citizens.
Employees need dependable transportation to get to training programs-and to their jobs. And broadband is sorely needed in many households. I can't tell you how many people said, "Good luck getting broadband," when I told them I was buying a home in Columbia County. It's a problem that plagues rural communities throughout the Second District.2 Investing in businesses and innovation is also an important piece of our tower. Businesses need resources to innovate so they can grow and prosper-and that, in turn, benefits entire communities. All of you here today-representing employers, schools, nonprofits, funders, and community organizations-are key to our tower's foundation. You are what makes our tower strong. Workforce Development Components How do we reinforce our tower? There have been a number of initiatives-and quite a bit of research-regarding workforce development throughout the Federal Reserve System. This includes a three-volume book called Investing in America's Workforce,3 which highlights the ways investments can overcome systemic barriers to employment. While there is no one-size-fits-all approach, there are many promising efforts to learn from. The role of community colleges cannot be overstated.

The country also boasts of a suitable climate, peace and a multi-party competitive democratic political system. The country thus possesses all the necessary attributes for sustainable economic growth and development. However, most economic resources remain untapped due to low investments. The low investment levels in the country could partly be attributed to the lack of knowledge of the local situation by the potential investors. In order to complement, Government’s efforts in marketing the country’s investment potential, we all need to use our contacts and friends to disseminate information on the vast economic potential that exists in the country. With the current economic challenges emanating global financial meltdown, the need for increased investment levels in the country can not be over emphasised. Therefore, I challenge all of us gathered here today, to take advantage of the Alumniportal and market not only our Curriculum Vitaes or businesses but also our country. Such initiatives will no doubt increase awareness among businessmen outside the country and lead to increased investment that would result in job creation that our citizens so much need. We are therefore in a better position to contribute a little to the economic growth of our country through this Alumniportal. Distinguished Ladies and Gentlemen, personally, since my graduation from Konstanz University in 1985, I have managed to keep my contacts close to my heart. I have continued to benefit immensely from the interactions and friendship with most alumni from my days in Germany. I can even boast that in the process my contacts have expanded ten fold.
External price impulses via consumer goods are then expected to increase in pace with unit labour costs among our trading partners. With a path for the interest rate and the krone exchange rate in line with the baseline scenario in Inflation Report 1/05, inflation may increase gradually from less than 1 per cent today to close to 2 per cent in mid-2006. Under these assumptions, inflation may stabilise at around 2½ per cent at the threeyear horizon. Developments in line with these projections imply that the output gap will increase to about 1¼ per cent in 2006. As the interest rate is gradually increased to a more normal level, growth in private demand will probably ease, and capacity utilisation may be brought down and stabilise. Developments since the March Inflation Report was presented do not provide grounds for changing this perception of the state of the real economy. The results of the wage settlement so far suggest that wage growth this year will be somewhat lower than projected by Norges Bank. Inflation, on the other hand, has been broadly in line with expectations, and there has been virtually no change in the krone exchange rate. The inflation outlook has not changed substantially since the March Inflation Report was published. At its meeting on 20 April, the Executive Board stated the following: “The Norwegian economy is growing at a solid pace, and capacity utilisation is rising.

Jarle Bergo: The Norwegian economy - possibilities and challenges Address by Mr Jarle Bergo, Deputy Governor of Norges Bank (Central Bank of Norway), at a seminar hosted by Agder Research Foundation, Arendal, 12 May 2005. Please note that the text below may differ slightly from the actual presentation. The address is based on the assessments presented at Norges Bank’s press conference following the Executive Board’s monetary policy meeting on 20 April, Inflation Report 1/05 and on previous speeches. The  Charts in pdf-format can also be found on the website of the Norges Bank. *  *  *  The Norwegian economy is growing at a solid pace and there are prospects that growth will remain high. The recession was mild after the previous expansion culminated in 2002. The period of relatively high cost inflation in Norway came to an end without production being impacted to the same extent as during the recessions in the early 1980s and around 1990. One of the main reasons for this is probably that low inflation in the 1990s and current monetary policy have anchored expectations of low and stable inflation among economic agents. Together with private consumption and fixed investment in the petroleum sector, traditional exports were an important factor underlying growth in the early stages of the recovery that started in the first half of 2003. Prices for many of our main export goods have risen as a result of strong growth in new markets.
Mugur Isărescu: Christine Lagarde’s visit to Romania Opening speech by Mr Mugur Isărescu, Governor of the National Bank of Romania, on the occasion of the IMF Managing Director Christine Lagarde’s visit to Romania, Bucharest, 16 July 2013. *  *  *  Madame Christine Lagarde, Distinguished guests, Ladies and gentlemen, Today I have the pleasure to welcome again here, at the National Bank of Romania Madame Christine Lagarde, Managing Director of the International Monetary Fund. It’s good to mention from the beginning that she is the first woman to ever lead the IMF. Timothy Geithner, the U.S. Treasury Secretary at the time, said upon her appointment, on July 5th, 2011: “Lagarde’s exceptional talent and broad experience will provide invaluable leadership for this institution at a critical time for the global economy.” Allow me to briefly introduce Madame Lagarde to you. She was born in Paris. Her father was an English professor. She spent her childhood in Le Havre and after graduating high school she went on a scholarship to Maryland, USA, attending Holton Arms School in Bethesda. Madame Lagarde got her law degree at University Paris X (dix), and holds a Master’s degree from the Political Science Institute in Aix-en-Provence. Already a member of the Paris Bar Association, Christine Lagarde joined the international law firm of Baker & McKenzie, becoming its Chairman of the Global Executive Committee in 1999. Subsequently, she acted as Chairman of the Global Strategic Committee in 2004.

The format will be the following: after her presentation we will allow three questions from the media and three from our guests. Madame Lagarde, s’il vous plait…the floor is yours. BIS central bankers’ speeches  1
24  It suggests a widening  – or bifurcation - of this distribution, with a small set of frontier firms whose productivity growth continues apace but a long tail of laggard firms whose productivity has effectively stagnated. The UK broadly matches that picture. Chart 17 plots some percentiles from the distribution of productivity (output per worker) at the firm level, based on a sample of 30,000 companies from the ONS Annual Respondent Database (ARDx) since 2002. This database combines data from the ONS Annual Business Survey and employment surveys, which are used to inform the aggregate National Accounts and Labour Market statistics, and allows us to analyse what is going on at the firm level. Several features are striking. First, it is clear that at least three-quarters of all firms in the sample have seen productivity flat-line over the past 15 years. There is a long tail of companies who have, at least in efficiency terms, stood still. 21 22 23 24  See May (2016), Clark (2016) and House of Commons (2016). CBI (2016), HMT (2016). Mayfield (2016). OECD (2015). 14  All speeches are available online at www.bankofengland.co.uk/publications/Pages/speeches/default.aspx  14  Second, it is only firms in the upper echelons of the productivity distribution that have seen any growth and only those in the top 1% or above who have seen rapid growth. And this growth has been rapid, with the productivity of the top 1% of companies increasing by on average around 6% per year since 2002. These are the frontier firms.

Øystein Olsen: A decade of forward guidance in Norway Speech by Mr Øystein Olsen, Governor of the Norges Bank (Central Bank of Norway), at a seminar, held at Columbia University, New York City, 8 April 2014. *  *  *  Accompanying charts can be found at the end of the speech or on the Norges Bank’s website. Please note that the text below may differ from the actual presentation. Thank you for inviting me to Columbia University. Economists in Norges Bank have been greatly inspired by researchers from this institution, and we have had the pleasure of hosting scholars from Columbia at a number of conferences in Norges Bank. Some of our economists have also been here as visiting scholars. It is therefore a particular pleasure for me to be here today. “Forward guidance” as an element of monetary policy has attracted attention in the aftermath of the international financial crisis. With key policy rates in some countries constrained at a lower bound, statements about central banks’ future actions have been used to affect interest rate expectations. Norges Bank has published explicit numerical interest rate forecasts as a regular part of our monetary policy communication for ten years. The interest rate forecast is our preferred way of guiding economic agents’ interest rate expectations. As such, our version of forward guidance has been reasonably successful. The topic of my talk is our framework for forward guidance and the experience gained over a decade of practising our approach.