samchain/econo-pairs-v1 huggingface dataset:
But unfortunately people offer these things, and it’s really quite tragic, because the people who fall for these things often are people that are not so sophisticated, of not so large means, and they can’t afford to be sending money to fraudsters hoping that there might be a big prize from the Federal Reserve Bank in New York or somewhere else down the road, which of course there’s not. Dr. Olajide Oladipo: Thank you. I think we have – I just have time to take only one more question. Audience Member: Actually, the question I wanted to ask is for the students. Why do you refuse to ask questions? Dr. Olajide Oladipo: Somebody wants to ask now. Thank you. Audience Member: How are you, sir? My question for you today is what are, or were, your daily habits or rituals that helped you get to the level of success that you have today? President Dudley: Oooh, I can’t think of any rituals. Habits. I guess what I would say is I’ve always just tried to learn more. So basically, it’s always about trying to find opportunity to, what I call, grow my human capital. So, I think – my view of the way to success is find a job that’s interesting to you, because you need that passion about what you do. If you don’t have passion about what you do, it’s not going to feel like a lot of fun and you’re not going to do it with a great enthusiasm.

In fact, what did I do last weekend? Well, I was in Basel, Switzerland, at the BIS. This is where central bankers get together from across the world, exchange information with one another. So, the first thing is to explain ourselves to people in the community. Because the Federal Reserve is pretty mysterious in terms of – when I went to grad school even, I wasn’t really sure again what the Federal Reserve was. Had to be explained to me. The second thing we do in the community, and this is the more important piece, is to really learn what’s going on, on the ground, in the community. What’s happening in terms of businesses – are they successful? If they’re having trouble, what are the reasons for the trouble? Do they have access to the credit? Can they find people with the job skills they need to support their businesses? What are the challenges in the community, in terms of education, in terms of transportation? Queens, one of the issues is that if you’re not located near a subway line, it’s pretty hard to get around in Queens, and that has pretty significant implications for people’s ability to get to and from work, which is important in terms of economic development. Another issue is the affordability of housing. Queens is actually doing quite well. If you look at the employment growth in Queens over the last few years, it’s been very strong. Just like New York City as a whole.
Administering a systemically important benchmark is a new departure for the Bank – but it is a role we accept given our statutory ability to collect the underlying data. We will administer SONIA as a utility, for the benefit of the market, on a cost-recovery basis. I know François will say more about how the Sterling Working Group made its decision. For my part, I would like to take this opportunity to thank François, members of the Working Group, and their institutions, for their commitment and hard work in getting to this point. However the task is not yet finished. Attention now turns to the adoption of SONIA as an alternative to sterling Libor. The Working Group has an important ongoing coordination role to play. The main focus so far has been on the derivatives markets. Indeed we invited dealers to form the Working Group in the first place because our experience of derivatives reform suggests they can be most influential in catalysing a transition. But it is stating the obvious to say that demand for derivatives stems partly from the desire to hedge underlying cash market instruments. That reinforces the need, ultimately, for a broadly-based transition. 5  All speeches are available online at www.bankofengland.co.uk/speeches  5  That can be to the benefit of any user of Libor who bears exposure to bank credit risk not through preference but through lack of established alternatives. I personally suspect that many users would be in this category.

Concluding remarks During the autumn, the Riksbank has taken measures, together with governments and other central banks, to counteract the confidence crisis that arose in the financial markets in connection with Lehman Brothers filing for bankruptcy. The measures have been taken different forms. The Riksbank has taken part in these measures through both general liquidity support to the Swedish banking sector and special support to Carnegie and Kaupthing Bank, but also through cooperation with other central banks. The Riksbank will continue to contribute liquidity as long as is necessary. BIS Review 149/2008  7  Although the most acute problems in the global financial markets have been counteracted, I consider it slightly surprising that the markets have not normalised to a greater extent than they have. Although the interbank rates have fallen, they are still at a high level in historical terms. The measures implemented by central banks and governments have nevertheless been both extensive and forceful. An important part of the counter-measures implemented by governments and central banks around the world during the autumn has been to ensure that no systemically-important bank is allowed to fail. The financial crisis has meant that the focus has been moved from monetary policy to the efforts made to safeguard financial stability. This is entirely natural. Monetary policy is not an effective tool in preventing financial crisis or in resolving a crisis that has broken out. It has had some impact on financial stability in that the Riksbank's repo rate cuts have helped to push down market rates.
We also need, as a second step, a collective economic strategy in the euro area, which could be backed up with a euro area “Finance Minister”: growth and employment will be stronger in Europe if we combine more structural reforms where they are needed – such as in France and Italy – and more fiscal and/or wage support in those countries with room for manoeuvre – such as Germany. On that note, I wish you very fruitful discussions throughout this conference and I shall now leave the floor to the first session on measurement issues. Thank you for your attention. 3/3  BIS central bankers' speeches

In 2022, Norges Bank decided to raise the countercyclical capital buffer rate for banks to 2.5 percent, effective from March 2023, which brings the rate back to its pre-pandemic level. Norges Bank continuously and closely monitors financial market developments and has a contingency framework for taking measures required to safeguard financial stability if needed. Let me conclude. The current high rate of inflation follows a long period of low and stable inflation in our part of the world. Some of the driving forces that kept inflation low in the decades before the pandemic may be going into reverse. Globalisation has been met with gradually growing opposition. Demographic trends are changing. Combined, this could make the job of keeping inflation low more demanding. 4/5  BIS - Central bankers' speeches  The global economy will increasingly be impacted by climate change and the need to reduce emissions. Understanding the economic effects of climate change and the energy transition is essential for making forecasts and the right trade-offs in the conduct of monetary policy. This is therefore defined as a focus area in Norges Bank's Strategy 2025. The main contribution monetary policy can make to the transition is to ensure low and stable inflation. A flexible and forward-looking inflation targeting regime, where we look through short-term inflation fluctuations, is a good basis for addressing the structural changes we are facing. A small open economy like Norway will be exposed to shocks, as we have acutely experienced in recent years.
Modern language around monetary policy objectives was added in 1977, when the Board of Governors of the Federal Reserve System and the Federal Open Market Committee were charged by Congress with maintaining “long run growth of the monetary and credit aggregates…so as to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.” The goals of maximum employment and price stability have come to be known as the Fed’s “dual mandate.” Formulating policy in pursuit of that dual mandate is the province of two separate-but-related policymaking entities within the Federal Reserve System (the System) – the Board of Governors of the Federal Reserve System (the Board of Governors) and the FOMC (which I also refer to as “the Committee”) – each of which has responsibility for certain policy tools. The FOMC is the principal body for monetary policymaking and consists of the seven members of the Board of Governors plus the presidents of the twelve Federal Reserve Banks (only five of whom are voting members in any given year). The FOMC is responsible for the use of open market operations (OMOs), which are purchases and sales of securities in the open market for the System Open Market Account (SOMA), the Fed’s securities  BIS central bankers’ speeches  1  portfolio. OMOs are traditionally the primary tool through which monetary policy is implemented. The Board of Governors is responsible for several complementary policy tools.

Both the second-quarter Spanish Labour Force Survey figures and the Quarterly National Accounts estimates released at the end of August reflect high employment growth rates in the first half of the year (3% yearon-year; around half a million new jobs). The most recent data on Social Security registrations,  2  BIS central bankers’ speeches  i.e. those for July and August, show a certain moderation in the rate of job creation in this period, albeit still in a positive vein. Labour costs continued to moderate in the first half of the year, reflecting the greater flexibility with which firms can adjust their labour conditions to the macroeconomic environment. If the trend prevailing in the past year and a half continues, the rise in employment may put the unemployment rate at around 20% in 2016 Q4. In the realm of inflation, the recent energy price falls have interrupted the course of recovery of the CPI. After posting positive year-on-year rates in June and July, for the first time in nearly a year, the overall price index slipped back (by –0.4%) in August. It is important, however, to emphasise the temporary nature of this new bout of disinflation, linked to the recent oil price fall in the international markets. In fact, the rate of change of the CPI excluding energy increased by 0.9% in August, growing slightly faster than in July, while the indicator which excludes unprocessed food as well, so-called “core inflation”, grew by 0.7%.
And you and I are sure of this. Therefore, of course, maintaining financial sector stability as a whole is a priority of our policy. Now about the longer term. Every year, the topic of financial technologies and digitalisation in general plays an increasing role in the conversation about the future of banking business. This was also mentioned by Mr Aksakov in his report. Yet, this year has clearly demonstrated to us in a very obvious way that digitalisation is not just a guarantee of resilience in the future, but it is already a key factor in business development right now. Russian banks are among the most advanced in the world in terms of financial technologies, we have implemented some of the most advanced digital technologies, and the quality of online services is also on the rise. It was thanks to this that our citizens and our companies were able to use all the usual services during the lockdown period, and were not cut off from these services. Also, the banks themselves were able to transfer their employees to remote working mode very rapidly and significantly reduce the amount of physical interaction with customers. And over the course of these few months, of course, people did not just get used to do without 4/7  BIS central bankers' speeches  visits to their bank branches, although these visits did also take place, they also had the chance to enjoy the advantages of remote services and non-cash settlements.

This underlines the significance of taking resolute action particularly when more long-term inflation expectations begin to deviate fairly substantially from the target level. There are also good reasons why the target is 2 per cent and not lower. Perhaps the most important is that there should be sufficient scope to cut the policy rate in the future if inflation becomes low or economic activity wanes. A lower inflation target would mean reaching the policy rate's lower bound more often and for longer. This is why there is currently an international discussion on whether the central banks’ inflation targets should be raised. 6 A somewhat paradoxical observation here is that many of those in the Swedish debate who are critical of negative policy rates are also critical of higher inflation targets, and often even advocate lower inflation targets. But with an unchanged or lower inflation target, it becomes even more important that the policy rate can be cut below zero. A further reason that I believe should not be underestimated is that wage formation can deteriorate when average inflation is too low. The reason is that in practice it has proved difficult to lower nominal wages. If inflation is low and nominal wages cannot 6 See, for example, Blanchard et al. (2010), Ball (2014) and Rosengren (2015). 5 [20]  be lowered, it becomes difficult to adjust real wages between individuals at a company and between different sectors. This can ultimately bring about both higher unemployment and poorer productivity growth in the economy.
Sir Andrew Large: Monetary policy - significant issues of today Speech by Sir Andrew Large, Deputy Governor of the Bank of England, to West London Business, London, 1 December 2005. *  *  *  Introduction This is the last official speech I will make while at the Bank and a member of the Monetary Policy Committee (MPC). So perhaps as my term draws to a close you will permit me to make a few personal observations, both on the process of the MPC itself and on a few of the significant issues we face  The process You cannot fail to be impressed by the integrity and substance of the framework. It has a well defined and measurable target. It is independent of Government. Each of the nine members is chosen for their particular area of expertise and to give breadth of experience. They are individually accountable. And a real strength is the transparency of the process. Communication through the publication of the minutes of each meeting, including details of each member’s vote, Treasury Select Committee appearances, the Inflation Report, and speeches such as this today provide the markets and the public with an understanding of decisions and, importantly, how they are reached. Furthermore, it has delivered: however much we are aware of perils that could blow us off course. For me being a member of the MPC has been a steep, but incredibly rewarding, learning curve. The process itself poses some challenges.

Oil You will not be surprised that the increases in the oil price have featured highly in many recent MPC discussions. We have observed the significant increase in demand for petroleum products, particularly from China and the USA. But did you realise that China’s average annual consumption of oil is currently almost two barrels per capita per year, but Brazil’s is about 4 barrels, and the USA’s just over 25? Depending on the assumptions one makes, it seems to me to be plausible, despite efficiency gains and possible replacement of oil by other sources such as nuclear power, that China with its growth rate of 9% per annum will reach Brazil’s per capita level in just over 15 or so years. And with its population of 1.3 billion that could mean an additional demand of some 3.5-4 billion barrels per annum roughly equivalent to the 2004 production of Saudi Arabia or around 13% of global production. Add India in with a slightly lower growth rate and you easily approach 5-5.5 billion barrels per annum which is not far off the 2004 production of the whole of the North American continent - getting on towards 20% of world production. So on the demand side there is clearly a challenge. There is also great complexity in assessing the evolution of supply. The supply and price of crude is complicated by OPEC politics, and the length of time that it will take to get non-OPEC production such as Canada’s tar sands significantly on stream.
I will return to the monetary policy implications of this growth outlook in a while. The missing instrument problem But before doing so, I want to report on the progress that has been made in strengthening the macroeconomic policy framework in the UK in response to some of the fault lines exposed by the financial crisis. Much analysis and soul searching has been conducted in the aftermath of the crisis, and the lessons and implications for different aspects of economic, financial and other areas of public policy are wide ranging. In terms of the lessons to be learnt for monetary policy, many commentators and policymakers – myself included – told a variant of what could be termed the missing instrument problem. 3 This analysis argues that the case for an inflation targeting framework remains sound: the focus on a clear numerical target for monetary policy has served our  3  4  Dale (2009). BIS Review 161/2010  economy well, and low and stable inflation remains a cornerstone of our long-term prosperity. However, it acknowledges that control of short-term interest rates – the main tool of monetary policy – is a relatively blunt instrument best deployed maintaining a broad balance between nominal demand and supply. In particular, movements in short-term interest rates are not well suited to managing risks from credit cycles and other imbalances within the financial sector.

Navigating the Great Transition: An Emerging Market Perspective Speech by Dr. Veerathai Santiprabhob Governor of the Bank of Thailand School of International and Public Affairs, Columbia University October 5, 2016  Ladies and Gentlemen, It is a pleasure for me to be here in New York and to have a chance to participate in the policy discussion at SIPA. Given the increasingly complex policy challenges facing the global community, the contribution that SIPA makes in educating future leaders to serve the global public interest is critical. I would like to thank Professor Ito for inviting me. He was one of my early mentors at graduate school and I have benefitted from his many insights ever since. This coming weekend I will be attending the Annual Meetings of the IMF and the World Bank. As you know, this is one of the biggest global forums for addressing issues related to the global economy and world financial market. The discussions will be especially pertinent this year given the complex and highly unpredictable state of the world that we face. Former premier Wen Jiabao once described China’s growth performance as “unstable, unbalanced, uncoordinated, and unsustainable”. This seems like an apt description of the global economy at this juncture. Unstable because the proliferation of popular discontent fueled by rising income inequality amidst ongoing international conflicts have greatly elevated geopolitical uncertainty. Unbalanced because with anemic recovery of advanced economies, much of the growth in 1  the global economy continues to be driven by emerging markets.
These jobs account for a good part of the 22,000 net jobs the financial sector has created during 2016–2019. Our FinTech start-up community has grown exponentially – Five years ago, we had about 50 FinTech firms; we now have more than 1,000. Last year, FinTech firms attracted a record $ billion of investment. For the first half of this year, despite COVID-19, the FinTech sector continued to attract equity funding and M&A amounting to $ million. The FinTech sector has been a powerful creator of jobs. We estimate there are nearly 10,000 people employed by FinTech firms, many of which are also classified as part of the financial services sector. We have seen many examples of innovative solutions that use technology to meet the daily needs of consumers of financial services. The Proof of Concept (or POC) Grant, under FSTI, provided funding support for experimentation, development, and dissemination of such solutions. One example of successful commercialisation is SoCash, who partnered with Standard Chartered Bank to pioneer micro cash distribution in Singapore, by turning any retail shop into an ATM alternative and allowing users to withdraw cash at the checkout. SoCash subsequently raised $ in Series B funding to expand its distribution network into overseas markets such as Indonesia, Malaysia and Hong Kong. The financial industry has begun to make progress in frontier technologies like AI. The AI and Data Analytics (or AIDA) Grant, under FSTI, has helped to promote the adoption and integration of AI and data analytics in financial institutions.

We will introduce a new AIDA-Lite track to support financial institutions adopting existing AI solutions in the market. We will require all AIDA applicants to work with the Institute of Banking and Finance (IBF) to actively look out for at-risk workers impacted by AI adoption, and to develop a training plan to keep them employable. To sum up, the enhanced FSTI 2.0 renews and anchors MAS’ resolve to support the financial industry in its journey … a journey of continued innovation and experimentation; deepening our local talent pool in new technologies; and 4/5  BIS central bankers' speeches  better serving our societies – here in Singapore and across the world. 5/5  BIS central bankers' speeches