samchain/econo-pairs-v2 huggingface dataset:
sense, it is a day that i expect we all are looking forward to. thank you. i would be pleased to take your questions. bis central bankers ’ speeches

janet l yellen : economic outlook testimony by ms janet l yellen, chair of the board of governors of the federal reserve system, before the joint economic committee, us congress, washington dc, 3 december 2015. * * * chairman coats, ranking member maloney, and members of the committee, i appreciate the opportunity to testify before you today. in my remarks i will discuss the current economic outlook before turning to monetary policy. the economic outlook the u. s. economy has recovered substantially since the great recession. the unemployment rate, which peaked at 10 percent in october 2009, declined to 5 percent in october of this year. at that level, the unemployment rate is near the median of federal open market committee ( fomc ) participants ’ most recent estimates of its longer - run normal level. the economy has created about 13 million jobs since the low point for employment in early 2010, and total nonfarm payrolls are now almost 4 - 1 / 2 million higher than just prior to the recession. most recently, after a couple of months of relatively modest payroll growth, employers added an estimated 271, 000 jobs in october. this increase brought the average monthly gain since june to about 195, 000 – close to the monthly pace of around 210, 000 in the first half of the year and still sufficient to be consistent with continued improvement in the labor market. at the same time that the labor market has improved, u. s. economic output – as measured by inflation - adjusted gross domestic product ( gdp ), or real gdp – has increased at a moderate pace, on balance, during the expansion. over the first three quarters of this year, real gdp is currently estimated to have advanced at an annual rate of 2 - 1 / 4 percent, close to its average pace over the previous five years. many economic forecasters expect growth roughly along those same lines in the fourth quarter. growth this year has been held down by weak net exports, which have subtracted more than 1 / 2 percentage point, on average, from the annual rate of real gdp growth over the past three quarters. foreign economic growth has slowed, damping increases in u. s. exports, and the u. s. dollar has appreciated substantially since the middle of last year, making our exports more expensive and imported goods cheaper. by contrast, total real private domestic final purchases ( pdfp ) – which includes household spending, business fixed investment, and residential investment, and currently represents about 85 percent of aggregate spending – has
”, temi di discussione, 700, banca d ’ italia, january. reinhart, c., m. k. rogoff and m. s. savastano ( 2003 ), “ debt intolerance ”, brookings papers on economic activity, 1. savona, p. ( 2010 ), “ un parcheggio per i debiti pubblici del mondo ”, il messaggero, 18 febbraio. visco, v. ( 2010 ), “ come salvarsi dalla deflazione ”, il corriere della sera, 13 luglio. wyplosz, c. ( 2010 ), “ eurozone reform : not yet fiscal discipline but a good start ”, vox, 4 october.

education and a vehicle of ethical principles in society and for the formation of the younger generations. it was precisely this will and this conviction that gave birth to the orchestra verdi in 1993 and the orchestra mozart in 2004. both testify to the richness of cultural life in today ’ s italy and to the presence in our country of a host of ambitious and successful initiatives for cultural development. my sincere thanks naturally go to the one of the great protagonists of this initiative – the public of frankfurt. as in past editions, an extremely discerning public has given the cultural days the warmest welcome and responded enthusiastically to the events on the programme. it is a great pleasure to have this further confirmation of the interest that the germanspeaking world has traditionally taken in italy. from goethe ’ s time, from frankfurt indeed right down to the present, in fact, the italienreise has remained a significant part of the formation of artists and thinkers north of the alps. aside from our reciprocal stereotypes, about which so much has been written in both a serious and a humorous vein, the german people – intellectuals, professionals, simple tourists – have always had a love for italy. a special cultural bond between the two countries has been formed. [ a journalist from turin who lived for many years in hamburg, referring to germans ’ appreciation of the italian bis central bankers ’ speeches lifestyle, gave his book on the relationship between the two cultures an efficaciously ironic title : “ la deutsche vita ”. ] banca d ’ italia has always appreciated the role played by art and culture in nurturing the mind and creating a common national and european identity, so for our institution it has been a pleasure to take part in organizing the cultural days this year. among other benefits, i believe that these events shorten the distance between citizens and central banks, enabling the public at large to become familiar with our institutions and showing our generally “ austere ” class of central bankers in a different light. this was one more reason why banca d ’ italia was glad to embark on this “ adventure ”. my thanks to the staff of the european central bank and of the banca d ’ italia for their dedication and hard work, and for the excellent results attained. the ecb ’ s cultural days undoubtedly help to reinforce “ unity in diversity ” as mario draghi just recalled. this motto of ours, coined by jean - claude trichet, fully reflects the creative potential inherent in our heterogeneous europe. in
policies in financial stability must be kept within realistic boundaries. while it is true that these instruments may have many possible advantages, we should not lose sight of the limitations that we still face. with more experience, additional empirical evidence and a better analytical foundation, we will be in a better position to evaluate their real potential. bis central bankers ’ speeches

was changed, by mutual agreement, to 0 to 3 per cent in december 1996, and in the year to march 1999 cpi inflation excluding interest rates was slightly below the middle of our target ( at 1. 0 per cent ). so for more than eight years consumer price inflation has been within a range of 0 to 3 per cent, and for most of that time it has in fact been below 2 per cent. i believe that the framework established by the 1989 act has also played a useful role in reducing inflationary expectations in new zealand. again, it is difficult to prove this point because nobody knows how inflationary expectations would have evolved in the absence of the act. but i believe it helped increase the credibility of the bank ’ s commitment to low inflation that it was widely understood that i ran a serious risk of losing my job if inflation fell outside the agreed and publiclyrecognised inflation target. on each of the occasions in 1995 and 1996 when inflation slightly exceeded the 0 to 2 per cent target ( and at its highest the excess was only 0. 4 per cent ), the minister of finance formally wrote to the non - executive directors of the bank asking them whether they felt my performance under the terms of the policy targets agreement had been adequate. both the letters from the minister and the replies from the directors of the bank were made public, and everybody understood what was at stake. in late 1990, not many months after the 1989 act became law, the head of the new zealand council of trade unions wrote an article which appeared in one of the major newspapers2. the article argued the dominion, 31 october 1990. that the reserve bank was focused on an undesirably narrow inflation objective, but that, as long as that was the case, unions would need to moderate wage demands to avoid increases in unemployment. in the weeks which followed, he actively, and with very considerable courage, campaigned for moderate wage settlements as a way of reducing unemployment. i myself have little doubt that the reserve bank act played a part in encouraging employers and unions to adjust their wage settlements to levels which were quite quickly consistent with the inflation target. the same sort of effect on inflationary expectations was visible in financial markets. as figure 2 shows, in early 1986 the yield on new zealand government new zealand dollar 10 year bonds was roughly 1000 basis points above the yield on us treasuries. by early 1990, that margin had contracted to about 400 basis points. by early 1994, the yield on the new
the riksbank figure 10. interest rate expectations 19 and 20 june per cent 5, 0 5, 0 4, 5 4, 5 4, 0 4, 0 3, 5 3, 5 3, 0 3, 0 2, 5 2, 5 repo rate based on bank securities / fra 20 june 2007 based on bank securities / fra 19 june 2007 m pr 2007 : 2 2, 0 1, 5 2, 0 1, 5 source : the riksbank

contributed. a more efficient economy one interesting condition is that total factor productivity really took off in 1993 and that it thereafter developed more strongly than it had during the previous decades. total factor productivity concerns the quality of available resources and how efficiently we utilise them, and in this respect developments show a marked improvement. from the mid - 1980s up to 1993, there was in general terms no increase at all in factor productivity, which means that the limited increase in productivity that arose was due to investment, i. e. to an increase in capital intensity. from 1993 onwards, the relationship has been reversed. we have had an impressive annual increase in factor productivity of per cent, while capital intensity has increased by a modest 0. 1 %. the fact that this change began in the same year that the economics commission presented its proposals is probably mainly coincidence, but the fact that a macroeconomic stabilisation has a rapid and enduring effect on the development of productivity has been proved by the economist easterly, amongst others. that is to say, the combination of price and budget stability is an important explanation of developments in total factor productivity. it is probably due to stable prices providing a better information value in relative prices, which improves the allocation of resources. the combination of price stability and budget stability also increases willingness in the household sector and corporate sector to make long - term decisions. if we consider other factors that stimulate the rise in total factor productivity, there are a number of changes that play a central role. in general, one tends to seek explanations for increasing factor productivity among factors such as technological developments, education, competence and incentives among the labour force, allocation of resources in society, as well as between and within branches and companies. there is therefore a large group of possible factors, but many of these are connected to general incentives behind the transformation and to the capacity to utilise technological progress in the world around us. the allocation of resources in society includes an area where important changes were implemented mainly before the days of the lindbeck commission. i am referring to the deregulation of the financial markets and the development of these in recent years. a number of international studies indicate that a deregulated and well - functioning financial market clearly stimulates the development of factor productivity. with regard to a more efficient use of the labour force, several changes have been implemented that have probably stimulated development. these include reforms in the pension system, the tax system and the social insurance system. the burden of taxation has been
benjamin e diokno : strengthening the bsp ’ s collaboration with the academic community opening remarks by mr benjamin e diokno, governor of bangko sentral ng pilipinas ( bsp, the central bank of the philippines ), at the signing of memorandum of understanding between the bangko sentral ng pilipinas and carnegie mellon university - australia, manila, 2 september 2019. * * * prof. ramayya krishnan, dean, heinz college of the carnegie mellon university ; prof. emil bolongaita, head of the carnegie mellon university – australia ; my bsp colleagues … good morning. the bangko sentral ng pilipinas has been known as one that continuously ensures the continued learning and capacity building of its people. the need to pursue this has become more relevant given the ever changing landscape of central banking and the growing complexity and increasing demands of the banking and financial industries as it embraces digital transformation. currently, the bangko sentral ng pilipinas is pursuing the strategy for technology adoption in regulatory supervision ( stars ) program, which covers real - time market surveillance, digital supervision and examination, data analytics, data collection, and distribution. we are also pursuing the national retail payment system ( nrps ) modernization initiatives, financial technology ( fintech ) innovations to promote financial inclusion, cashless purchase card initiatives, among others. the card production for the philippine identification system ( philsys ) and use of government ereceipts are bsp ’ s contribution to the e - government master plan of the national government. internally, the bsp is strengthening and updating its systems and processes through the integrated hr information system and strengthening its information security, including data privacy and cybersecurity. these initiatives — to be successful — would require the up - skilling or re - tooling of bsp staff and the re - engineering of the systems and processes of the bsp. however, we cannot do this alone, and this brings me to our activity, and why we are all here, today. the digital transformation initiatives of the bangko sentral ng pilipinas requires collaborations with leading practitioners and experts and globally recognized centers of excellence like the carnegie mellon university ( cmu ) – australia, to ensure its success. the campuses of the cmu have all been acclaimed to be leaders in their respective fields of specialization. in fact, the times higher education has ranked cmu as 24th among the thousands of universities in the world. cmu has also

part, the bsp is prepared to take preemptive action when there are stronger indications of a possible disanchoring of inflation expectations. in closing, while the philippines is on track in achieving full economic recovery in the near term, we must all collectively continue to work together to overcome current and emerging challenges. now more than ever, we must put a premium on stronger international cooperation to achieve our vision of a green, resilient, and inclusive global economy. thank you for your attention. #
the historic kintai bridge, which harmonizes beautifully with its surrounding natural landscape. efforts are proceeding to draw on these ample resources for tourism, mainly by the prefectural government and cities, and thereby promote the tourism industry. i expect that by coordinating its regional characteristics and strengths, the tourism industry will generate further momentum. bis central bankers ’ speeches

private demand. with regard to prices, import prices are rising due to the increase in international commodity prices such as crude oil prices, along with the recent depreciation of the yen. domestic wholesale prices, notwithstanding the fall in prices of electric machinery, are flat mainly due to the rise in prices of petroleum and chemical products reflecting an increase in crude oil prices. meanwhile, consumer prices are somewhat weak due to a decline in prices of imported products reflecting the past this report was written based on data and information available when the bank of japan monetary policy meeting was held on 8 march 2000. the bank ’ s view on recent economic and financial developments, determined by the policy board at the monetary policy meeting held on 8 march as the basis of monetary policy decisions. appreciation of the yen. corporate service prices are still falling slowly. as for the outlook, upward pressure on prices is likely to arise from the gradual improvement in domestic supply - demand balance, as shown in the decline in inventories, and from the rise in crude oil prices. on the other hand, downward pressure is expected from the long - term declining trend of machinery prices due to technological innovations and from the fall in prices of imported products reflecting the past appreciation of the yen. on balance, overall prices are likely to remain unchanged for the time being. however, attention should still be paid to the downward pressure on prices stemming from weak demand, as clear signs of a self - sustained recovery in private demand have not yet been observed and wages continue to fall. in the financial market, the overnight call rate has generally stayed near zero, except for a temporary rise reflecting concerns about the possible computer problems related to the leap year, and financial institutions have been confident about the availability of overnight funds. the amount outstanding of funds in the call money market increased slightly in late february, and decreased thereafter. interest rates on term instruments have generally been stable at an extremely low level. the japan premium remains negligible. yields on long - term government bonds were generally above 1. 8 % in february, but declined somewhat from the beginning of march, and are recently ranging between 1. 7 % and 1. 8 %. the yield spread between private bonds ( bank debentures and corporate bonds ) and government bonds continues narrowing, primarily that between private bonds with relatively low credit ratings and government bonds. stock prices have been firm on the whole, and are currently moving around 20, 000 yen. in the foreign exchange market, the yen weakened against the us dollar for most
veerathai santiprabhob : the bank of thailand ’ s financial and monetary policies – the way forward speech by dr veerathai santiprabhob, governor of the bank of thailand, at the thailand focus 2016 “ a new growth strategy ”, bangkok, 31 august 2016. * * * chairman of the stock exchange of thailand, secretary general of the securities and exchange commission, president of the stock exchange of thailand, chairman of phatra securities, and president of asia pacific bank of america merrill lynch distinguished guests ladies and gentlemen, a very very good morning to you all. it gives me great pleasure to be back at this prestigious forum. let me begin by thanking the stock exchange of thailand, phatra securities, and bank of america merrill lynch for inviting me to be part of the 10th anniversary of thailand focus. i believe many of you, if not all, have learnt about thailand ’ s reform initiatives and kept eyes on the outcomes of these developments. today, this forum will bring you insights from the nation ’ s key policymakers and give you a chance to learn about exciting opportunities which thailand has to offer. as for my part, i would like to share with you my perspectives on ‘ the bank of thailand ’ s financial and monetary policies ’. indeed, as the thai economy is undergoing transformation in order to lift our growth potential, i would like to highlight the roles of monetary and financial policies in facilitating this critical transition. if you may recall, the key takeaway from my talk last year is that the thai economy is like a car which has good suspension, but whose engine is in need of an overhaul in order to move faster. our sound external position and strong financial institutions are analogous to that good suspension, which has so far afforded us a smooth ride on the bumpy road of global financial volatility. it has been almost a year since our last check - up, and as it has indeed been an eventful year, i would like to start my talk today by revisiting how the conditions of our car have developed since then. in the second part of my talk, i will discuss how the bank of thailand will contribute to the engine overhauling process – along with the private sector and the government which have already launched several initiatives. in the span of just 8 months since my last thailand focus address, the global economy has gone through several turbulent periods. if you all may recall, on the first working day of the year, the

in the meantime, the bank of thailand will continue to ensure that our suspension system be well maintained in order to have a smooth ride on the bumpy road toward sustainable economic prosperity. 1 include the central banks of euro area, sweden, switzerland, denmark, japan and hungary. 5 / 5 bis central banker's speeches
the same time, all countries should strive for a more growth - friendly composition of fiscal policies. we are now at your disposal for questions. bis central bankers ’ speeches

08. html 1 / 5 08 / 09 / 2017 interest rate benchmarks | speeches | rba beyond that point, there is no guarantee that libor will continue to exist. the fca will not compel banks to provide submissions and the panel banks may not voluntarily continue to do so. this four year notice period should give market participants enough time to transition away from libor, but the process will not be easy. market participants that use libor, including those in australia, need to work on transitioning their contracts to alternative reference rates. this is a significant issue, since libor is referenced in around us $ 350 trillion worth of contracts globally. while a large share of these contracts have short durations, often three months or less, a very sizeable share of current contracts extend beyond 2021, with some lasting as long as 100 years. this is also an issue in australia, where we estimate that financial institutions have around $ 5 trillion in contracts referencing libor. finding a replacement for libor is not straightforward. regulators around the world have been working closely with the industry to identify alternative risk - free rates that can be used instead of libor, and to strengthen the fall - back provisions that would apply in contracts if libor was to be discontinued. the transition will involve a substantial amount of work for users of libor, both to amend contracts and update systems. ensuring bbsw remains a robust benchmark the equivalent interest rate benchmark for the australian dollar is bbsw, and the council of financial regulators ( cfr ) is working closely with industry to ensure that it remains a robust financial benchmark. bbsw is currently calculated from executable bids and offers for bills issued by the major banks. [ 3 ] a major concern over recent years has been the low trading volumes at the time of day that bbsw is measured ( around 10 am ). there are two key steps that are being taken to support bbsw : first, the bbsw methodology is being strengthened to enable the benchmark to be calculated directly from a wider set of market transactions ; and second, a new regulatory framework for financial benchmarks is being introduced. the work on strengthening the bbsw methodology is progressing well. the asx, the administrator of bbsw, has been working closely with market participants and the regulators on finalising the details of the new methodology. this will involve calculating bbsw as the volume weighted average price ( vwap ) of bank bill transactions. it will cover a wider