samchain/econo-pairs-v2 huggingface dataset:
bankers ’ speeches

are worth repeating. there are above all two aspects that i think make it important to maintain confidence in the inflation target of 2 per cent and which indicate that the target should not be lower. one is that, when average inflation is too low, it becomes more difficult for wage formation to distribute the resources in the economy efficiently. the reason is that it has proved difficult in practice to lower nominal wages. if inflation is low and nominal wages cannot be lowered, then it becomes difficult to adjust real wages between different professions, companies and sectors. this can ultimately lead to both higher unemployment and poorer productivity growth in the economy. a moderate level of inflation mitigates these problems. it functions as grease in the wheels of the economic machinery. another advantage with an inflation target of 2 per cent, which has come to the fore in recent years, is that it creates at least some scope for lowering the policy rate before it reaches its lower bound. if the inflation target, and hence average 4 inflation, were to be lower, then the nominal rate would also on average be lower. this would be particularly problematic in a world where real interest rates are very low, as is currently the case. the scope for lowering the rate before it reaches its lower bound would then be more limited than it is today, which would make it more difficult to counteract future recessions. therefore, if one does not like negative interest rates, one should not advocate a lower inflation target, as that would imply that the policy rate would have to be negative for longer periods. in the international debate, moreover, there are several economists who think that not even an inflation target of 2 per cent provides sufficient scope to conduct as expansive a monetary policy as is sometimes necessary. so there are sound economic arguments for an inflation target that is not lower than 2 per cent. to sum up, it is these considerations i have in my mind when i talk about the importance of keeping our eye on the ball. basically, it is a question of constantly being very clear about the guiding role of the inflation target in the design of monetary policy. the lower bound of the repo rate is less than zero regarding negative interest rates, i presented my own view on the matter in a speech around this time last year. 6 i think that the difficulties with negative rates are not so much a question of purely economic aspects, but rather of what is feasible according to social conventions and possible to create understanding for. for example, the biggest problem is probably not the one
: la industria bancaria chilena, ” economia chilena, vol. 6, n°1, april. central bank of chile ( 2009 ), monetary policy report, january. matus, j., d. oda, and n. silva ( 2009 ), “ caracterizacion de las colocaciones bancarias en chile. ” studies in economic statistics n°73, central bank of chile, march. figure 1 monetary policy interest rate, deposit rate, and forward curve ( percent ) jan. 08 may. 08 180 - day prime deposit rate sep. 08 mpr jan. 09 6 month forward rate source : central bank of chile figure 2 lending rate spread over mpr and other financial indicators ( index, average jan. 2002 - jul. 2007 = 1 ) 4. 0 3. 5 3. 0 2. 5 2. 0 1. 5 1. 0 0. 5 0. 0 lending spread over mpr vix libor - ois ( 1 ) the vix index measures implied volatility in the u. s. stock market ( 2 ) libor - ois spread measures the difference between dollar financing cost for banks around the world and a measure of the expectation of the monetary policy rate in the u. s. sources : central bank of chile ; bloomberg. figure 3 lending interest rates without reduction in the mpr ( percent ) consumer loan rates at 3 years or more commercial loan rates at 30 - 89 days mortgage interest rates 5. 5 5. 5 5. 0 5. 0 4. 5 4. 5 4. 0 4. 0 3. 5 3. 5 3. 0 jan. 08 jan. 08 may 08 oct. 08 effective feb. 09 jan. 08 may 08 estimated sep. 08 jan. 09 may 08 sep. 08 jan. 09 3. 0 simulated without mpr reduction source : central bank of chile. figure 4 lending interest rates without increase in risks after september ( percent ) consumer loan rates at 3 years or more commercial loan rates at 30 - 89 days mortgage interest rates 5. 5 5. 5 5. 0 5. 0 4. 5 4. 5 4. 0 4. 0 3. 5 3. 5 3. 0 jan. 08 may 08 sep. 08 jan. 09 effective jan. 08 may 08 estimated sep. 08 jan. 09 jan. 08 may 08 sep. 08 jan. 09 simulated rate without increase in risk after september source :

central bank of chile. figure 5 corporate bond and long - term interest rates ( percent ) jan. 08 may 08 ee. uu. sep. 08 chile jan. 09 chile corporate ( 1 ) nominal 10 - year interest rates in the u. s. ( 2 ) interest rate on central bank's bcu - 5. ( 3 ) interest on domestic 5 - year corporate bond. sources : central bank of chile and lva indices. 3. 0
policy itself can do directly to affect the supply side which is obviously crucial in determining the rate of growth we can sustain. that depends fundamentally on the ability of management and the skills of the workforce, though it can be importantly affected by the whole range of government policies beyond overall fiscal and monetary policy. these policy choices are far more complicated than the more technical choices at the macroeconomic level - and they are way beyond my area of competence. but they are essential to the present debate so let me offer a view, as it were from the sidelines. a key issue in this area concerns the respective roles of government on the one hand and private markets on the other. and there is little doubt that the tide has recently been flowing in favour of private markets - certainly as far as direct government involvement in the processes of production is concerned. the extreme example is of course the collapse of communism but the global spread of privatisation, for example, is part of the same phenomenon. this change may have less to do with a sudden dramatic shift in philosophical conviction than with a broadly - based, pragmatic, recognition that the incentives of private ownership within a market economy make for greater productive efficiency and greater sensitivity to changing consumer demands. in other words, whether we like it or not, the market economy is seen as the most effective mechanism we have for allocating scarce resources to where they can be most productively employed in meeting the needs of consumers as a whole - and in that sense raising the underlying productive potential of the economy. but of course that presumption is not absolute. no one questions the role of government in meeting the collective needs of society as a whole, in relation to defence or law and order, for example, or in providing public heath and education services or social security protection. nor do many people seriously question the need to constrain purely free market behaviour through some degree of regulation of employment practices, health and safety standards, or competition or consumer protection law. the debate is about questions of degree. all forms of government intervention involve costs - direct expenditures have to be paid for through taxation and the costs of complying with regulation are born directly by the private sector, which is why of course we hear so much about “ red tape ”. the net effect of particular forms of intervention may enhance the capacity of the private sector to create wealth and employment - i imagine that most people would generally regard public health and education services, for example, in this way, or forms of regulation that

our consciences and express our concerns. but i hope that my remarks this evening may have persuaded some of you at least that there are rarely - in this field as in many others - obvious and absolute right answers. we are fortunate, i believe, in having a democratic process through which our concerns can be weighed in the balance.
mortgage - backed securities directly because of interest rate and prepayment risks, other forms of collateralized mortgage obligations are available to meet their needs.

very difficult period for young people and their parents, many of whom were forced to choose between continuing to work and caring for their children. it is encouraging to see that many of these challenges have eased, and that we can focus more intently on what young people need most to succeed. one positive development that is supporting the transition of young people into the labor force has been the tight labor market and the reversal of pandemic - period trends for young workers, who typically have limited work experience. in the wake of economic downturns, it is usually those young workers who are most impacted by unemployment and take the longest to regain lost ground. during this period, however, the share of 18 - 1 / 2 bis - central bankers'speeches to - 24 - year - olds who are employed has recovered to around where it was just before the pandemic and has outpaced the employment recovery since the pandemic low for those in their prime working years, between ages 25 and 54. in addition, wages for young workers have grown more quickly over the past several years than wages for prime - age workers. 1 although this is great news for today's youth, young people still face significant longerterm challenges. for example, the share of " disconnected " young adults, who are not participating in the workforce or continuing their education, has been rising over the past 20 years. 2 young adults who disengage from these wealth - and income - building opportunities often face long - term disadvantages, which is concerning both for the individual and for the economy as a whole. educating young people and preparing them with skills required to participate in the future workforce will have long - lasting, positive impacts on economic productivity. rising productivity allows living standards to improve without contributing to inflation. in this way, the successful transition of today's youth into the workforce is directly tied to the fed's mission and to our monetary policy goals of maximum, inclusive employment and price stability. the decisions we face must be, and will continue to be, informed by the perspectives that each of you brings to the table today about how to help young people transition successfully into the workforce. those decisions will be better decisions once we have had the opportunity to learn from today's participants and have gained a better understanding of the challenges and possible solutions. thank you again for the opportunity to participate in today's fed listens event. i look forward to our discussion. 1 see elise gould, katherine decourcy,
i look forward to fruitful engagement in discharging our mandate in this meeting. thank you. bis central bankers ’ speeches

cent target by the end of 2012. despite improvements in the outlook for the global and canadian economies, the risks to inflation remain elevated. there are two main upside risks, relating to higher commodity prices and the possibility of greater - than - projected momentum in the canadian household sector. bis central bankers ’ speeches the two main downside risks relate to canadian competitiveness and the possibility of weaker - than - projected household expenditures in canada. in addition, challenges in europe continue to be a significant source of uncertainty for the global outlook. a comprehensive solution to the sovereign debt and financial stability issues in a number of countries will be required. reflecting all of these factors, the bank yesterday maintained its target for the overnight rate at 1 per cent. this leaves considerable monetary stimulus in place, consistent with achieving the 2 per cent inflation target in an environment of significant excess supply in canada. any further reduction in monetary policy stimulus would need to be carefully considered. with that, tiff and i would be pleased to take your questions. bis central bankers ’ speeches
we must ensure that the well - functioning monetary union is complemented by an equally well - functioning economic union. all of this should be done to achieve the common goal : a union of individual freedom and collective respect ; a union of responsibility and cooperation ; and a union of stability and prosperity. thank you for your attention. bis central bankers ’ speeches

monetary policy. yet, for monetary policy to be transmitted smoothly, it is important that non - banks can provide a stable source of finance across the financial cycle. 2 more broadly, in line with the conclusions of our recent strategy review, financial stability is a precondition for price stability and vice versa. 3 to that end, effective macroprudential policies are needed to keep financial stability risks at bay and thereby complement monetary policy in the pursuit of its price stability objective. vulnerabilities in non - bank finance and possible externalities during the market turmoil in march 2020, it became clear that parts of the non - bank financial sector were not sufficiently resilient to absorb the shocks facing them. these shocks then spilled over to other sectors of the financial system. 4 money market funds and the less liquid corporate bond funds came under stress, as they faced large redemptions at the same time as a decline in underlying market liquidity. as investors shed some of their assets and corporates scrambled for cash, there was a risk that mounting liquidity pressures would amplify market stress and lead to a wider loss of confidence. timely interventions by central banks helped to contain the stress and calm financial markets. nevertheless, there were vulnerabilities in non - bank finance that created negative externalities 1 / 3 bis central bankers'speeches during the market turmoil at the onset of the pandemic in march 2020. let me give you some examples. first, while corporate bond funds were generally able to meet increased redemptions, their response to outflows added to selling pressures and the broader demand for cash, thereby amplifying liquidity stress in financial markets. existing crisis management tools were not effective in slowing down the outflows or mitigating the impact of asset sales on underlying markets. although the shock triggered by the covid - 19 pandemic was unprecedented, concerns about liquidity mismatch in some open - ended funds had been raised long before the pandemic, including by the ecb and the esrb. 5 second, while money market funds ( mmfs ) have been an important source of liquidity in unsecured short - term markets, such funding proved unstable during the march 2020 market turmoil. 6 mmfs significantly reduced their holdings of short - term bank debt in response to outflows. this undermined the pricing and liquidity in the primary market of bank commercial paper, contributing to the rise in the euro interbank offered rate ( euribor
indeed, stable money, low and predictable inflation, and fiscal responsibility are probably the most essential public goods governments and central banks can provide over a short term to support innovation. it is equally well known that market - based access to finance enables to quickly mobilise necessary funds for innovation. single financial market supported by common infrastructure plays an essential role in increasing the competitiveness of the european union. ladies and gentlemen, let me once more welcome you to tallinn. i wish you a successful and thought provoking conference.

andres lipstok : opportunities of the estonian economy in global competition opening address by mr andres lipstok, governor of the bank of estonia ( eesti pank ), at the conference " opportunities of the estonian economy in global competition ", tallinn, 23 may 2007. * * * excellencies, ladies and gentlemen! introduction it is a great honour to welcome you here in tallinn. fifteen years ago estonia regained its currency, the estonian kroon. as we know, money has three key functions – it serves as a unit of account, store of value, and medium of exchange. the rise and fall of an economy depends on how well these three functions are fulfilled. in smaller countries, such as estonia, the meaning of money goes beyond that. stable and credible currency becomes a national symbol of success. that is why the introduction of the estonian kroon is the most important event for our people from the early nineties. the new constitution, the declaration of independence, free elections – all these political events were perhaps more significant. but our own currency was and still is very special for most people. our historical background might partly explain the “ euro ” scepticism of estonians. the unfortunate truth is that joining the euro area is not very popular right now among estonians. people understand the importance of it but hesitations still persist, price rise fears being the most common. uncertainty is part of the cause as well : the exact date of the euro adoption is not known and there is no time to look deeper into the matter against the background of everyday life. nevertheless, estonians are one of the most pro - eu nations in the whole union. more than 70 per cent of us hold positive or very positive views on the eu. however, the origins of euro scepticism and eu optimism are the same. the european union and eu membership represent common european values, economic prosperity and security for our citizens. our own currency stands for the same values : credibility, prosperity and economic security. the estonian kroon represents these values for a very specific reason. namely, our currency has been pegged to the euro for already 15 years. i cannot resist joking that from the monetary policy perspective we are one of the oldest members of the euro area. a whole generation of estonians has grown up without having to ask what the interest rate of eesti pank is. instead, they know that the value of the kroon will not change and interest rate changes come from
##gb yields. it indicates that in recent months downward forces caused by “ other factors ” ( which largely reflects domestic factors ) have been greater than upward pressure caused by “ common factors ” ( which largely reflects global factors ). challenge ( 3 ) : avoiding disinflation or deflation regarding the third challenge, some advanced economies have recently suffered declines in both headline and core inflation. for example, the year - on - year rates of change in the pce deflator in the united states have been at substantially low levels for the past few years, at 0. 9 percent in the case of the headline index and 1. 1 percent in the case of the core index for november 2013 ( the cpi headline index reported at 1. 2 percent and the core index at 1. 7 percent ). in the euro area, a similar trend is observed both in the headline and core hicp. the headline hicp and the core hicp remained low at 0. 9 percent and 1. 1 percent, respectively, in november ( 0. 7 percent and 1. 0 percent, respectively, in october ). this decline in inflation, or the so - called disinflationary trend, reflects a decline in energy and food prices, the negative output gap, and a deceleration in wage growth. the disinflationary trend is somewhat of a concern in the euro area, since the negative output gap had deteriorated until recently and the unemployment rate remains at a high level. on the other hand, the disinflationary concern is rather limited in the united states owing to continued economic recovery in recent quarters. nonetheless, if the actual inflation rate continues to be below 2 percent for a prolonged period, this may cause a downward shift in medium - to long - term inflation expectations in both the euro area and the united states. in addition, as a medium - to long - term issue, we may need to consider whether the decline in prices, particularly in natural gas prices owing to the increased shale gas development in the united states, would bring down the country ’ s trend inflation rate in the long run. among advanced economies, a number have been paying close attention to the deflation experience of japan since the late 1990s, following the bursting of the real estate and stock price bubbles in the early 1990s and the associated banking crisis. so far, central banks in these economies have promptly taken necessary measures and successfully avoided deflation. while there is no apparent sign of deflation at this stage

fund early recovery and reconstruction in affected areas. the members of the task force appeal to all of you to support this program. together, let us get this program going! marami pong salamat sa inyong lahat.
, nber working paper 13329.

d intensive technologies of the 1980s and 1990s. 13 finally, human capital may foster growth due to so - called capital - skill complementarities. [ slide 16 ] while capital complements both skilled and unskilled labour, it tends to be more relevant for tasks and sectors that use skilled labour more intensively. recent work is supportive to this hypothesis. research using very detailed data for the united states show that capital invested in information and communication technologies ( ict ) strongly complements skilled workers in performing complex tasks, while it substitutes low - skilled workers in manual tasks. similarly, studies on the adoption of computers in the us over the past three decades clearly shows that computerisation is associated with reduced labour input of routine manual tasks and increased labour input of non - routine tasks. 14 this also highlights the importance for europe to invest in both human and physical capital, since their positive effects on growth will most likely be mutually reinforcing, and thus greater. iii. education, financial development and economic performance one sector which has undergone a rapid transformation in the past decades, and especially since the 1990s, partly as a result of the large - scale adoption of advanced information and communication see, for example, romer ( 1990 ), grosman and helpmann ( 1991 ), and aghion and howitt ( 1992 ). for a formalisation of this intuition, see acemoglu, aghion, and zilibotti ( 2006 ). see, among others, acemoglu ( 1998, 2002 ) ; caselli and coleman ( 2006 ) ; berman, bound and machin ( 1998 ). the skill context of the recent technological revolution has also been a key force for raising inequality. if this pattern continues then it is of fundamental importance for europe to further invest in human capital. not only this would further sustain growth, but also help reduce social injustices. for the effect of computer adoption on wages and skill upgrading in the us, see also autor, katz and krueger ( 2003 ). technologies, is the financial sector, where the complementarity between human capital and physical capital can be expected to be particularly large. the financial sector has also played a central role in fostering economic growth in both advanced and emerging economies. this role has been supported and facilitated by education in a broad sense – involving both teaching and research in the fields of finance and the new technologies – and by the effective use of the acquired knowledge in practice. for these reasons, i