samchain/econo-pairs-v1 huggingface dataset:
It will be consisted of Governor, Vice Governors, one member to be elected from among the Board members and one member to be designated by Council of Ministers upon the proposal of the Governor. This Committee will play an important role in setting the targets and regulations, upon which the Central Bank will act jointly with the Government. However, the Central Bank will support the governments’ policies on economic growth and employment, on condition that they do not conflict with the aim of achieving price stability. The Draft-Law is removing a number of constraints of the present Law on the monetary policy actions and is bringing new facilities. The concepts of Transparency and Accountability are underlined in the Draft-Law. For example, the Governor of the Central Bank will report to the Council of Ministers and will brief the Planning and Budget Commission in Parliament twice a year on the Bank’s activities. Moreover, the Bank will disclose its monetary policy implementation to the public by means of reports and announcements. In addition to this, if by any chance inflation targets are missed or should there be a probability of failing to hit the targets, then the Bank will explain the reasons thereof to the Government and to the public. The balance sheet, profit and loss account of the Bank will be audited by independent agencies, which is another element increasing the Bank’s transparency.

Although the targets for Net Domestic Assets and Net International Reserves had been met until midNovember 2000, the Central Bank had to inject substantial liquidity to the markets due to the shortage arising from the turmoil in the banking system in November 2000. The liquidity, which was injected by means of open market operations, amounted to TL. 3.9 Quadrillion between 22 and 30 November 2000. The target for Net Domestic Assets was overshot due to excess liquidity. In addition, the Central Bank sold US dollar 6 billion to the banking sector in view of the rising demand for foreign exchange. These developments prompted us to revise the targets for Net Domestic Assets and Net international Reserves. In December, the Supplemental Reserve Facility extended by IMF and the additional measures taken by the Government provided a partial relief to the financial markets. The revised postcrisis targets were met as end of the year. It has become clear that, the crisis in November 2000 should not be simply regarded as a liquidity crisis. Rather, it started as a banking crisis, which later transformed itself into a liquidity crisis. As stated in the economic literature, banking crises, which cause huge liquidity demand, may begin either by a run on banks or by the inability of some banks to meet their economic or legal liabilities. And then comes “a currency attack”, as we can observe in many emerging markets, where the currency peg system is in practice and foreign exchange liabilities of the banking system reach high levels.
It has a lower level of public debt (86%) and public deficit (-0.5%) [than the US (104% & –5.7%) or Japan (237% & –3.2%) in 2018]. This suggests fiscal policy should be fully engaged to respond to any further slowdown. Countries with fiscal space should use it quickly, even more so when they suffer an asymmetric shock like Germany; those with high public debt should make their public finances more growth friendly – this qualitative component is overlooked – and let the automatic stabilizers work freely. And Europe shouldn’t be shy to possibly use its borrowing capacity at EU level itself. Furthermore, the euro area has a 1/3  BIS central bankers' speeches  savings surplus over investment of more than 300 billion euros. A top priority on the European growth agenda should be a Union for Savings and Sustainable Investment by adding a stronger Banking Union and a Capital Markets Union. In November, the ECB opened a new chapter of its history when Christine Lagarde became its 4th President. This is a good opportunity to initiate, as she announced, a strategic review. I would like to focus on three issues linked to our objectives. First, about the definition of our primary objective of price stability, we have to clarify in particular our various time horizons as well as our commitment to symmetry. Above all, we should better communicate with economic agents – businesses and households. This is crucial to allow them to better adjust their inflation expectations.

Strong support and inputs from the banking institutions to systematically analyse skills requirements and training needs of their talents on an on-going basis is much needed and should serve as important feedback mechanism for ABS so that academic curriculum is tuned to the changing needs of the industry. In closing, I would like to congratulate ABS for its launch today which opens an exciting new chapter as it seeks to contribute to the new era of growth for the banking sector. Whilst its raison d’être is to serve the Malaysian banking sector, I have every confidence that Asian Banking School as the name suggests, will in no time start to expand its reach and relevance beyond national boundaries to evolve its role in meeting learning and development needs of the banking workforce in the region. Last but not least, let me also thank everyone involved in the process that has brought us to this momentous occasion today. Without their vision and commitment, today’s occasion would not be possible. Thank you. BIS central bankers’ speeches  3
To begin with this was perceived as just a temporary dip - a blip in the stocks cycle, a minor adjustment in the IT sector or something else. But stock markets seemed to be clearly over-valued and it would have been odd, particularly after such a long upward phase, if this had not led to a certain amount of overinvestment. There were also clear signs of insufficient saving, particularly in the United States. Consequently there were grounds for believing that once a slowdown had started, it could prove to be both relatively deep and long. Against this background, in the March Inflation Report we talked not so much about a V-shaped path as a U-shaped one or a “banana”. Since then the outlook has become darker but more of that later. For monetary policy, turns in the business cycle are not inherently a major problem, apart from the difficulty of foreseeing them. Falling resource utilisation, for example, should normally led to lower inflation in the future. That in turn can pave the way for interest rate cuts. In the past year, however, things have not been quite as simple as that. Two partly interrelated factors have contributed to this. One is inflation, which has been higher than expected and also above our target. The other is the exchange rate, which has been weaker than anticipated and also weaker than the real economy warrants. During a period in the late spring, moreover, the krona fell rather uncontrollably in the absence of similar movements in other currencies.

The vast bulk of the Fed’s portfolio is highly liquid – currently we hold $ billion of Treasury securities, $ billion of agency mortgage-backed securities, and $ billion of agency debt against about $ billion of excess reserves. All the excess reserves could be mopped up by asset sales alone if that proved necessary. The Federal Reserve has been very aggressive in responding to the financial crisis. We have rolled out numerous new liquidity facilities and have engaged in lending activity under Section 13(3) of the Federal Reserve Act for the first time since the Great Depression. These actions have been successful in mitigating the risks of financial collapse and a more severe  4  BIS Review 122/2009  contraction in economic activity. The financial system is now healthier and the economy is recovering. But despite these successes, we need to be clear that what has happened to our financial system and the economy is wholly unsatisfactory, and that a broad range of regulatory policies and practices need to be recalibrated to address the shortcomings of our financial system. With inflation low and long-run inflation expectations stable, and our ability to remove monetary accommodation in a timely manner intact, our near-term focus should be to keep significant monetary accommodation in place for an extended period in order to achieve our dual objectives of maximum employment and stable prices. Thank you for your kind attention. I would be very happy to take a few questions. BIS Review 122/2009  5
The Singapore Diversity Action Committee found that the SGX-listed companies saw 10.2% of board seats held by women in 2015, a notable increase from 7.6% in the previous year; with large companies leading the growth. However, if we compare to other centres like the UK and Hong Kong, the women’s representation on boards is 26.1% and a slightly higher 11.5% respectively. 5. The FWA Gender Survey, results for which will be discussed in depth later, corroborates these findings. While we are heartened that the women participation numbers are healthy at the lower levels, we need to remain focused on encouraging the contribution of women at all levels, and especially at the more senior positions. 6. Singapore’s greatest asset is its people, and developing talent must be a top priority. In MAS, we place great emphasis on talent development, progression and retention in the industry. You may know that we have recently formed the Financial Sector Tripartite Committee (FSTC), which I co-chair with Mr Patrick Tay, Assistant Secretary-General, National Trades Union Congress (NTUC). FSTC brings together the industry associations, government and labour movement, to foster a financial sector workforce that is versatile and well-equipped to seize the opportunities and adapt to the changing needs of the financial services industry. Our overall objective is to build a financial sector that not only reinforces Singapore’s position as a major international financial centre, but most importantly, one that provides good jobs for Singaporeans. 7. Allow me to elaborate on our approach. 8.

My views are also shaped by personal experiences building my career in MAS, the challenges and trade-offs that I have had to strike in balancing family and career, reflecting on what would have been helpful for me then, and considering what can make a meaningful difference for the professionals in our sector today. 15. Firstly, in encouraging a broadening of horizons via overseas postings. Over the years, business leaders have consistently given feedback that our promising finance sector professionals lack regional and international experience and that Singaporeans, in particular, display greater resistance in taking on such assignments. In an international financial centre like Singapore, the exposure gleaned in this part of the learning journey is extremely useful and important for progression to the higher rungs of the corporate ladder. This is because overseas exposure provides the breadth of perspectives expected of global and regional management roles. This dilemma unfortunately affects women to a greater extent, as many have chosen to or may have felt the need to turn down these opportunities due to family commitments, spouses’ careers, or children’s education needs. How can we encourage more to embrace these opportunities, and better balance competing priorities? 16. It is never an easy decision – and that is where a support network such as FWA is valued. I do not know the percentages, but I would hazard a guess that many of you have had overseas stints, be in in the region or beyond.
Moreover, the low inflationary pressures we were dealing with and the risk of inflation staying below the target range beyond the policy horizon made us adopt complementary measures, making monetary policy even more stimulative. Thus, apart from stating in all our communications that the MPR would be held at its lowest for a prolonged period, we created a long term liquidity facility (the FLAP), whose main purpose was to enhance the signal that the MPR would be kept low. This facility affected the structure of money market interest rates significantly. It reduced the expected MPR by nearly 100 basis points in the relevant policy horizon and led the market to adjust expectations about how long the MPR would be held at its lowest level. It had important quantitative effects, which is proof of its success in incrementing the monetary stimulus. In November, to reduce uncertainty about how this facility would operate, we announced how and when we would withdraw it, but keeping a significant monetary impulse to help the closing of output gap and thus pushing inflation closer to the target. Now that the worst of the financial crisis has been behind us for one year, the international economy has stabilized, uncertainty has declined, and the world is resuming moderate growth. In Chile, we have seen household and corporate confidence pick up, within a context of highly expansionary macroeconomic conditions. Economic activity began to rise in the third quarter; the labor market stopped deteriorating, and financial conditions have become less stringent.

Table 2 Parities with respect to the U.S. dollar (1) (index 2005=100) Currency Australian dollar Brazilian real Canadian dollar Chilean peso Colombian peso Czeck koruna Euro Hungarian forint Indonesian rupiah Israeli shekel Japanese yen Korean won Mexican peso New Zealand dollar Norwegian krone Peruvian peso Polish zloty Russian ruble  15-Sep-08 Maximum 96.5 67.8 88.7 94.7 88.5 74.7 94.5 93.3 101.9 81.5 101.8 107.3 95.7 108.2 94.4 90.6 77.9 91.9  129.4 93.9 107.8 121.4 111.5 103.9 108.1 138.5 136.2 97.5 104.5 151.3 138.6 144.9 118.0 99.2 128.7 131.0  Depreciation Minimum (2) percentage 34.1 38.4 21.5 28.2 26.0 39.1 14.4 48.4 33.7 19.6 2.7 41.0 44.9 33.8 25.1 9.6 65.1 42.6  Appreciation (3) percentage  83.0 63.5 84.8 87.6 78.0 75.2 89.0 96.6 100.6 84.5 84.1 111.1 112.5 93.9 90.4 86.9 89.5 103.3  -35.8 -32.4 -21.3 -27.8 -30.1 -27.6 -17.7 -30.2 -26.2 -13.3 -19.6 -26.6 -18.8 -35.2 -23.4 -12.4 -30.4 -21.1  (1) From 15 September 2008 to the statistical closing of the Monetary Policy Report. (2) Difference between the currency's highest exchange rate over US dollars and the rate at 15 September 2008. (3) Difference between the currency's highest and minimum exchange rate in US dollars. Source: Bloomberg.
The question is whether, when it is merely historical it is of any particular value, or whether from the fact that it is issued from the central bank undue importance may be attributed to certain things that are stated, more importance than perhaps they merit...’ Committee member Keynes: ‘Arising from Professor Gregory’s questions, is it a practice of the Bank of England never to explain what its policy is?’ Harvey: ‘Well, I think it has been our practice to leave our actions to explain our policy.’ Keynes: ‘Or the reasons for its policy?’ Harvey: ‘It is a dangerous thing to start to give reasons.’ Keynes: ‘Or to defend itself against criticism?’ Harvey: ‘As regards criticism, I am afraid, though the Committee may not all agree, we do not admit there is need for defence; to defend ourselves is somewhat akin to a lady starting to defend her virtue’.”  41  For a discussion of central bank transparency and financial stability, see for example Jakob De Haan and Sander Oosterloo (2006): “Transparency and accountability of central banks in their role of financial stability supervisor in OECD countries”, in European Journal of Law and Economics, 22, no. 3, pp. 255-271. BIS Review 140/2009  9  central bank to engage in what is referred to in diplomatic parlance as “constructive , ambiguity”. 42 43 Striking a balance between transparency and financial stability can be difficult, as former prime minister Abraham Berge discovered.

Paul Tucker: Monetary policy and the financial system Remarks by Mr Paul Tucker, Executive Director and Member of the Monetary Policy Committee of the Bank of England, at the Institutional Money Market Funds Association Annual Dinner, London, 2 April 2008. *  *  *  Alongside many others, the money market fund industry has for months now been grappling with turmoil and fragility across financial markets. It continues to pose serious challenges for all of us, and so I shall use this evening to summarise briefly a few of the strands in my own thinking about monetary policy and the financial system. Monetary policy First, monetary policy. The tightening of credit conditions domestically and internationally makes it likely that aggregate demand will slow, with a risk that it will slow considerably. There is, in consequence, a meaningful downwards threat to inflation over the medium term. Usually, the MPC would respond by cutting Bank Rate sufficiently to offset more or less entirely what we judged, over time, to be the impact of the tighter financial conditions on the path of spending, so as to ensure that aggregate demand remained broadly in line with the economy’s productive capacity. But conditions do not favour such a “business as usual” approach to demand management. That is because, alongside those downside risks to inflation, there are also upside risks to inflation over the medium term – and I am stressing “medium term” – stemming from the rise in commodity prices and the decline in sterling’s exchange rate.
1 This means that all participants know the expected value of the dividend stream with certainty. The participants are allowed to buy and sell these assets from one another. In this framework, if all participants were fully rational, then trading should occur only at intrinsic values based on the expected dividend stream. But this is not what happens in practice. In 14 of the 22 experimental runs, prices rose significantly above fundamental valuations and these price bubbles were followed by crashes. When traders in these experimental runs were “experienced,” meaning that they had participated in the experiment before, the probability of a bubble was reduced, but not eliminated. The authors conclude: “What we learn from the particular experiments … is that a common dividend and common knowledge thereof is insufficient to induce initial common expectations. …” The lack of common initial expectations leads to a willingness to trade to try and earn capital gains above fundamental value. 2 Relaxing the conditions in these types of behavioral studies to admit more uncertainty about fundamental asset valuations works to enhance the propensity for bubbles by increasing the degree of divergence in participants’ initial expectations. Lastly, over the past few decades, there simply have been too many episodes in which asset prices have dramatically overshot on the upside and then violently corrected to suggest that the behavioral studies conducted in the laboratory do not also have real world counterparts.

We must also remember that our external environment may not always and necessarily be ideal. But we would do well to remember that ours has been and is a resilient economy. We have shown that we can grow even in the face of highly adverse circumstances and scenarios. In that context, we would be wise, if we do not develop our economic plans on the overriding assumption of a totally terrorism free environment. Of course, if the peace process is successful and a early political solution is found to the on-going conflict, it would be highly desirable. But at the same time, if we consciously develop our plans and frameworks on less than perfect conditions, we could still find ways and means to succeed and deliver the planned results. We owe that to our people, who cannot and should not have to wait until everything falls in to place. Therefore, our future strategies should be aimed at moving ahead even in the face of threats of terrorism and other adversities without setting out as a pre-condition, the achievement of a permanent peace or ideal conditions to embark on our development projects and programmes. We are also working today on the basis that all our strategies would be of no avail, if we are not sufficiently committed to achieving those plans. We know we are serious in our efforts. We also have to show we are serious.
[8] See Monetary Policy Report 3/22 [9] The model is a smaller version of our macroeconomic model NEMO. [10] The increase in the real interest rate follows from the Taylor principle, where the nominal interest rate should rise more over time than the rise in inflation. In most standard monetary policy models, the Taylor principle must be satisfied to keep inflation stable. [11] TANK is an acronym for “Two-Agent New Keynesian”. See, eg, Galí et al (2007). [12] This condition is entered as a residual term in our macroeconomic model NEMO to correct for variables that are not covered in the model. [13] Sims (2003). For an overview of the literature on rational inattention, see Maćkowiak et al (2021), “Rational Inattention: A Review”, ECB Working Paper 2570. [14] The response in the chart is comparable to the response in earlier model exercises even if we here look at a somewhat different, simple model. For example, this is a model for a closed economy, while the mini-NEMO model in the previous exercise is a model for a small open economy. [15] The model solves this by a Markovian switching mechanism where inflation expectations switch between two regimes: one with anchored inflation expectations and the other with backward-looking expectations. The probability of switching between the two is endogenous and depends on the level of inflation.

Russia’s invasion of Ukraine exacerbated the supply-side problems and led to a further surge in prices for a range of commodities. Since summer, reduced gas supply from Russia to Europe, combined with an unusually hot, calm and dry summer, has pushed up gas and electricity prices to very high levels. This has also led to higher energy prices in Norway. Chart: Inflation is broadly based With Norwegian businesses facing higher costs for labour, energy and intermediate goods, many are now raising their selling prices for goods and services. In recent months, consumer price inflation has been rising rapidly. In the year to September 2022, consumer prices measured by the CPI rose by close to 7 percent. Without the electricity cost support package for households, inflation would have been nearly 10 percent. The rise is broadly based across a range of goods and services, both imported and domestically produced. This chart shows the change in prices across 60 CPI sub-indices, with 44 of them having shown a price rise of more than 2 percent over the past 12 months. And for many of them, the rise in prices is now very high. The rise in prices for 16 groups has exceeded 10 percent. Energy and food prices have shown a particularly sharp rise, but we also see a pronounced rise in prices for some services such as air travel and hospitality, and goods such as books and household articles.