samchain/econo-pairs-v1 huggingface dataset:
(Under today’s perception of the law, public access to voting records is a matter of course, and it must be recognised that the Supreme Court’s opposition was misguided. )” See Peter Lødrup (1998): “Høyesterett 1814-1996, noen historiske glimt (Norway’s Supreme Court 1814-1996 – some historical glimpses)”, in Norges Høyesterett (Norway’s Supreme Court), Stephan Tschudi-Madsen (ed. ), Aschehoug, pp. 29-31. 40  We find similar arguments in the debate between Deputy Governor at the Bank of England, Sir Ernest Harvey, and T. E. Gregory and J. M. Keynes, members of the so-called Macmillan-committee. The following excerpts from the committee’s report in 1931 is reported in Otmar Issing (2005): “Communication, Transparency, Accountability: Monetary Policy in the Twenty-First Century”, in Federal Reserve Bank of St. Louis Review, 87, no. 2, p. 73: “Committee member Gregory: ‘I should like to ask you, Sir Ernest, whether you have ever considered the possibility of the Bank issuing an Annual Report on the lines of the Annual Report of the Federal Reserve Board, for instance?’ Deputy Governor Harvey: ‘I confess I am sometimes nervous at the thought of publication unless it is historical.

On the need for clarity in monetary policy-making”, European Central Bank Working Paper No. 26. 47  As cited in Petra M. Geraats (2007): “The Mystique of Central Bank Speak”, in International Journal of Central Banking, March 2007, p. 37. 48  Effective communication to market participants is particularly important. As economists with a university background, we often feel the need to build up a series of arguments and weigh various considerations before arriving at a conclusion. But this can sometimes render communication less effective. Financial market participants prefer to be presented with the conclusion first so that they can respond to it quickly. 10  BIS Review 140/2009  The third criterion for good communication is that it must be honest. I referred earlier to the principle that the external communication should reflect the internal deliberations. It is an honest matter to communicate that decisions are difficult and often made on an uncertain basis. But it is just as important – and more challenging – to explain why it is difficult and which factors have been considered and given weight. Before the rebuilding of Bislett Stadium in 2004, the organisation Bislett Alliansen was to decide where the Bislett Games should be moved. The choice stood between Drammen and Bergen. They chose Bergen. The head of the organisation said to the Norwegian news agency NTB: “I have participated for almost 20 years, and this was the most difficult decision I have been involved in.
As we know, demand and growth have been high there for many years without inflation accelerating. Demand has been stimulated by high share prices and the private sector’s financial balance has decreased markedly. The strong credit expansion that preceded the bank crises in Sweden at the beginning of the 1990s took place at the same time as a strong increase in private consumption and investments, which led to an increasing deficit in the balance of trade, considerable overheating and high inflation in the Swedish economy. It is reasonable to assume that a large expansion in credit would create inflationary pressure now as well that would motivate restrictions in monetary policy. In this way, the credit expansion should be dampened and the risk for problems in the bank system reduced. On the other hand, it cannot be excluded that situations will arise with strong credit expansion, for instance based on increasing asset prices without an increase in inflation being anticipated. Strong international competition combined with low, stable inflation expectations could possibly mean that inflation would not accelerate despite increased use of resources. It is also possible to conceive of situations with a credit expansion driven by high turnover on the asset markets. It is thus far from self-evident that a monetary policy based on stable prices would automatically be a guarantee against financial crises. These are questions to which there are no certain answers although they are discussed and investigated internationally as well as in Sweden.

Urban Bäckström: Swedish economy in transition  Speech by Mr Urban Bäckström, Governor of the Sveriges Riksbank and Chairman of the Board of Directors and President of the Bank for International Settlements, at the Independent Academy of Building & Construction, on 2 October 2000. *  *  *  Thank you for inviting me to talk with you this evening about the Swedish economy and monetary policy. The issues I have chosen to consider are why the Swedish economy is performing so well and what can be done to ensure that this continues. As you know, output and employment are rising rapidly at present. Annual output growth has averaged 3% over the past six years and the current rate seems to be somewhere between 3 and 4%. Unemployment has come down and is still falling to levels that few had believed possible some years ago, particularly in view of the high European rate. At the same time we have seen that even comparatively low nominal wage increases can result in higher real wages. As a matter of fact, the real wage increases have exceeded most people’s expectations and been higher than for many years. Moreover, inflation has remained low in spite of all this. But monetary policy may still have challenges to face as resource utilisation in the Swedish economy becomes increasingly strained. The current situation also contains a number of risks that have to be assessed.
xiii  Chart 9: Wealth inequality high but broadly flat since mid-1990s … Wealth  Chart 10:… yet it has sharply deteriorated across generations, largely driven by housing wealth  Gini coefficient  Income  Net real financial and housing wealth £ '000)  1  350  1995 2006-08  0.8  300  2012-14 250  0.6  200 150  0.4  100 0.2 50 0  0 1995  2000  2005  25-34  2006 - 2008 - 2010 - 2012 2008 2010 2012 2014  Source: 1995-2005 is from the British Household Panel Survey (BHPS, Institute for Social and Economic Research); thereafter from the Wealth and Asset Survey (WAS, ONS). The BHPS wealth data exclude physical and pension wealth. Income Gini coefficient measures consistent with Chart 7. 35-44  45-54  55-64  65+  Age Source: 1995 is from the British Household Panel Survey (Institute for Social and Economic Research); thereafter the Wealth and Asset Survey (ONS). The BHPS measure is adjusted for the average wedge between the BHPS and WAS surveys to correspond to the WAS using overlapping periods. III. The Way Forward Given these developments, the challenge is how to manage and moderate the forces of innovation and integration which breed aggregate prosperity for the economy as a whole but which also foster isolation and detachment for substantial proportions of the population. In the balance of my remarks, I will focus on three priorities for doing so.

In addition, changes in labor markets made it harder to allocate workers to new jobs  BIS central bankers’ speeches  3  in quick order. As a consequence of these structural shifts in the functioning of the economy, the Fed policymakers failed to realize that output was higher than they thought relative to its potential. As a result, additional monetary stimulus couldn’t bring about stronger growth and lower unemployment, but only exacerbated inflation, higher inflationary expectations and an accelerating wage – price spiral. In fact, inflation rose to double digits, wages chased these prices higher in order to minimize reductions in living standards, and unemployment remained high. The Burns-Miller Fed failed, but where was the failure greatest? With regard to my earlier description of the policymaking process, the Burns-Miller Fed did not properly understand the changing evolution of the U.S. economy in the 1970s, nor how monetary policy interacted with the new structure. To be fair, the Burns-Miller Fed was not alone – other experts at that time made the same mistakes. These common misunderstandings meant that the credibility loss over being slow to understand the changing environment probably was not large. Far more damaging to the Burns-Miller Fed’s credibility was the failure to adjust policy when it later saw rising and high inflation and inflation expectations. Surely, those developments were major evidence of a change in the structure of the economy, and the Burns-Miller Fed’s failure to adjust its thinking and policy in light of them had huge implications for credibility.
Ladies and Gentlemen, the product that is being launched today, demonstrates the way businesses are evolving to bring forth financial solutions that benefit customers. This service provides an important avenue for harnessing resources for financing development in our  BIS central bankers’ speeches  1  communities as Airtel will partner with various stakeholders in different sectors of the economy. This will further enhance the development of the telecoms sector and its contribution to our economy. Therefore, I wish to commend Airtel for introducing this product which is expected to contribute towards bridging the gap in financial service provision by catering for customers in remote areas who have no access to banking services. The product is expected to extend the financial inclusion agenda in that it will be far reaching thereby impacting positively on the Zambian public. I am also informed that the product is expected to reduce the use of cash in the economy. As you may be aware, the Bank of Zambia has been working towards reducing the use of cash in the economy by encouraging the use of alternative electronic means of payment such as the product being launched today. It is initiatives and innovations like Airtel Money that will make it possible for the general public to have alternative methods of transacting other than cash and other transnational payment instruments.

Austin Mwape: Improving financial transactions in Zambia Speech by Dr Austin Mwape, Deputy Governor-Operations of the Bank of Zambia, at the Official Launch of “Airtel Money”, Lusaka, 14 September 2011. *  *  *  The Managing Director of Airtel – Mr Fayaz King The Former First Lady, Mrs. Maureen Mwanawasa Management and Staff of Airtel Chief Executive Officers and Representatives of various institutions present Distinguished invited guests Members of the press Ladies and Gentlemen Let me begin by thanking the management of Airtel for inviting me to this occasion, which marks the official launch of “Airtel Money” and may I also thank the Managing Director of Airtel, Mr. Fayaz King, for inviting me to speak at this important occasion. As has already been stated, Airtel Money will provide an electronic wallet that will enable customers to make different types of commercial transactions conveniently, quickly and safely. Customers will be able to make person to person payments, make purchases and pay various utility bills using this product. Airtel Money will certainly contribute to improving the way in which we transact and will also provide an efficient tool that will give Airtel customers the ability to carry out financial transactions from the comfort of their own homes. As you may be aware, the Bank of Zambia in consultation with key stakeholders has put in place an enabling environment to promote the development of modern payment systems in Zambia.
Thus, we see that the Libor cannot remain at 0.25% indefinitely. However, as our forecast also shows, it would not be advisable to increase the Libor now since the very weak inflation rates expected in 2010 (0.4%) and 2011 (0.3%) indicate that the deflation risk has not completely disappeared. We continue to use an inflation forecast to guide our decisions. In this way, we will ensure that the unconventional measures currently in force do not compromise medium and longterm price stability.

However, formulating the right policy responses to monetary policy spillovers requires a better understanding of various spillover channels as well as mitigating factors that help reduce the sensitivity of EMEs to global monetary policy shocks. I would therefore like to thank you all for taking the time to join our Workshop today, which brings together seasoned researchers and policymakers dedicated to understanding these vital issues. I look forward to their insights and I hope you enjoy the Workshop. Thank you. Last revision date : 25 August 2022
Even with an interval, monetary policy would more often than not aim to reach the mid-point of the interval. But it could make things easier if it takes quite a long time to achieve the target. And an interval may, as I said before, be a good way of communicating uncertainty about the future and about the effects of monetary policy. Other targets in addition to the inflation target? A question that has emerged now and again in the Swedish debate is whether it should be written into the law that the Riksbank, in addition to the price stability objective, should also have an objective for growth in the real economy. Normally, it is an objective for employment that debaters then have in mind. One usually talks of the central bank having a so-called dual mandate, including both inflation and the real economy. In practice, central banks that conduct flexible inflation targeting act and reason in a very similar way, regardless of whether  25  12  See Memorandum, Basis for Decision. Sveriges Riksbank. http://www.riksbank.se/Upload/Dokument_ riksbank/Kat_publicerat/Pressmeddelanden/2010/nr27_beslutsunderlag.pdf. BIS central bankers’ speeches  they have a statutory dual mandate or not when the real target is not explicitly expressed in numerical terms. 26 There is a risk that many of those who advocate a statutory dual mandate imagining that monetary policy would then be conducted in a completely different way to previously, and that it thereby would be able to contribute in some way or other to a lasting increase in employment.

This is unfortunate as macroprudential policy is an important policy area and it is vital that a longterm, sustainable structure is created for it, so that macroprudential analysis is not given lower priority when other tasks require resources, and experiences from the crisis are forgotten. The Stability Council has so far played an insignificant role in practice. Sweden deviates from international and European standards Sweden thus deviates – in several respects – from European standards as regards how its macroprudential policy framework is designed. We have also organised the responsibility for macroprudential policy differently to most of the other countries in Europe. In 13 EU Member States, the responsibility has been given to the central bank, a similar number have given it to a separate council and two countries (Sweden and Finland) have given it to the supervisory authority. 18 In addition, it is worth mentioning that the European Central Bank, the ECB, has received a mandate that basically means that it shares the macroprudential policy responsibility with the national macroprudential authorities in those countries that  15  See ESRB (2011). 16  See ESRB (2011). 17  See ESRB (2011). 18  See ESRB (2014). 8  BIS central bankers’ speeches  participate in the Single Supervisory Mechanism. The ECB has the responsibility for a socalled “top-up” of some of the macroprudential policy measures decided at national level – i.e. to tighten the measures further if the bank feels it is necessary.
When a central bank changes its policy rate it takes time before, for instance, inflation, production and employment react. Assessing monetary policy in retrospect is, therefore, not as simple as it may seem. It is not enough to merely make a direct comparison of outcome and forecast, or inflation outcome and target. The inflation and production that are observed will have been affected by various events, which in many cases could not be predicted when the forecast was made. It is important, therefore, to consider what information was available at the time the decisions were made when one discusses whether the analysis and interest rate decisions were reasonable. A large forecasting error can imply that the forecast was poor. But, it can also be due to a shock, which could not have been predicted, having a major effect on the economy. What then, are reasonable demands to make of our forecasts? One reasonable demand is that they do not on average have poorer accuracy than forecasts made by other economic analysts. Should our forecasts be ”systematically” inferior, it would evidently have been possible for us to make better assessments on the whole. This could also mean that our monetary policy decisions probably were not as good as they could have been. A long period of examination is necessary to be able to say anything more definite about the accuracy of the forecasts. The economy is constantly exposed to random shocks that lead to forecasts being incorrect.

High and chronic inflation culminated in the adoption of short-term approaches, by adversely affecting expectations, investment and production decisions and deteriorating resource allocation in the economy, which brought along low and volatile rates of growth and employment and aggravated injustice in income and wealth distribution. We have experienced all the damage of inflation in Turkey, so we expect all sections of the public to support our fight against inflation and defend the achievements we have made so far. It should be borne in mind that striving for price stability means striving for creating an environment where people can make a living, make investments and can look to the future with confidence. With this respect, price stability is a goal that cannot be sacrificed for any other priority or target. Thanks to the policies implemented by our Bank, great progress was made in the disinflation process: inflation, which was 73.2 percent at the beginning of 2002, was recorded as 10.26 percent in August 2006. Within the framework of the fight against inflation, the Central Bank of Turkey adopted the formal inflation-targeting regime as the monetary policy strategy at the beginning of 2006. Now, I would like to mention a few points that I believe are important with respect to the adoption of the inflation targeting regime. Studies on the inflation targeting regime as a monetary policy strategy were initiated at our Bank in 2000.
54 Looking ahead, MAS will focus on two areas to further develop the RMB market. •  First, deepen range of RMB products and services, in particular, in fund management and capital markets. The award of RMB Qualified Foreign Institutional Investor (RQFII) quota to Singapore financial institutions to invest RMB funds in China is a significant step. It will help expand the range of RMB investment products, given growing investor interest in China. We have had seven successful Lion City bond issuances worth RMB10.5 billion to-date, and we will look to promote greater bond issuance activity on a sustained basis. •  Second, enhance market infrastructure to facilitate growth of RMB activities. In response to market demand, MAS has recently introduced RMB Overnight Liquidity  6  BIS central bankers’ speeches  Facility to meet end-of-day RMB liquidity needs in the market. We will work with the industry to develop a RMB Real Time Gross Settlement (RTGS) System to raise the efficiency of RMB payment settlements in Singapore. Investment gains stable but profits higher due to translation effects 55 Finally, I shall touch on MAS’ financial results. 56 MAS recorded overall profit of $ billion for FY2013/14. In FY2012/13, we recorded a loss of $ billion. However, focusing on these numbers misses larger point about how MAS’ investments have performed.

These are in substance collective investments for which rules on public offerings and disclosure should apply. 39 One reason why consumers venture into unconventional and often risky products is that simple, lower cost products not easily available. MAS working to address this. 40 Following FAIR recommendation, MAS will introduce a direct channel through which consumers can purchase insurance products that focus on meeting their protection needs. Such products will be cheaper as consumers do not need to pay for distribution costs. The features of these products will also be largely standardised, making them easier to understand and compare across products. 41 By early next year, consumers who do not require financial advice will be able to purchase term and whole life insurance products, directly from insurers. MAS will be announcing details on this by the end of the month. 42 MAS is also working to facilitate better access to fixed income products. We are seeing growing retail investor interest in fixed income products, e.g. plain vanilla corporate bonds. While the risk-return profiles of such fixed income products are easier to understand they are not readily available to retail investors. 43 MAS reviewing how retail access to fixed income products can be improved. We are looking at how disclosure requirements can be streamlined for issuers satisfying certain criteria such as issuances of a certain size or with a track record. The idea is to make it easier for issuers to offer bonds to retail investors while maintaining sufficient safeguards.