samchain/econo-pairs-v2 huggingface dataset:
economist at the oecd, the asian crisis of 1997 - 98 unfolded, spreading to russia, brazil, argentina and other countries. the great moderation of the 1990s and early 2000s provided some respite. but italy's performance was poor, hampered by low productivity. ignazio was aware of the scale of the problem, and he initiated and led a major collective effort to identify the reasons for italy's malaise. the results of this research are well documented and widely accepted today. ignazio joined the governing board of banca d'italia in 2007, on the eve of the global financial crisis. and he became governor in 2011, during the eurozone sovereign debt crisis. 1 / 3 bis - central bankers'speeches ignazio and i worked together closely during this period. the crisis forced us to talk more about spreads, deficits, and non - performing loans than about productivity. and events moved so quickly that we did not have time to delve into these issues as much as we would have liked. in essence, it was time to act, not speculate. in spite of the pressure, or perhaps because of it, our interactions were always calm, stimulating and productive. of course i am not in a position to give an impartial view of what we have done together, but i do believe that the work carried out by banca d'italia has been extremely valuable in many areas, both domestically and at european level. at the end of 2014, the risk of deflation appeared on the horizon. a broad, persistent price decline put the ecb in a situation it had never faced in its short existence. nevertheless, the response was swift, creative and effective. i do not want to praise the central bankers in this room too much, but i believe that, on balance,'unconventional monetary policies'have been a success. as famously stated by ben bernanke, these measures do not work in theory, but do work in practice. i am sure that this is a lesson that will remain useful in the future. in 2018, with the risk of deflation and italy's banking problems largely under control, ignazio dared to publish'difficult years': a retrospective book wrapped in a thin veil of optimism. some of his readers were quick to point out that the following years could be even worse. well, they were not wrong. the last part of ignazio's mandate saw a truly exotic mix of shocks

prepare concrete criteria and options for shareholding realignment to be submitted for governors ’ future consideration, with a view to reaching a broad consensus on realignment by the 2010 spring meetings.
kingdom. even so, in my humble opinion, the uk joining the euro area would be mutually beneficial. you would be most welcome.

aspect of the policy framework is transparency and communication. here, it is impossible not to agree with paul volcker, who said ; “ i have one lesson indelible in my brain : don ’ t let inflation get ingrained. once that happens, there ’ s too much agony in stopping the momentum. ” referring to the turkish case, i can say that the thirty - year experience of high and chronic inflation has made us face the challenge of convincing both the public and the financial markets that we are committed to bringing inflation down and maintaining price stability. in every platform we participated and in every announcement we made, we emphasized our policy objective, which is to achieve and maintain price stability, the reasons underlying our policy implementations and the importance of having a medium - term vision in terms of lagged effect of policy decisions. to this end, we try to use communication policy effectively as an important part of the inflationtargeting regime. we base our communication policy on the grounds of trust, transparency, consistency and decisiveness. i believe this is not peculiar to the turkish case. many central bankers in emerging market countries have to deal with the drawbacks of a past of high and chronic inflation and thus incredible policies. and it is by all means clear that designing a communication strategy is not easy under these circumstances. as you may all agree, the concept of communication itself is a dynamic issue. therefore, given the importance of effective communication, it is important to note that we at the central bank of turkey have been working continuously on improving our communication policy. woodford, m. ( 2003 ). interest and prices. princeton univesity press. bis. ( 1998 ). “ the transmission of monetary policy in emerging market economies ”. bis policy papers no. 3. orphanides, a. ( 2006 ). “ the road to price stability ”. dear guests, there is no doubt that central banking can be considered as a combination of positive sciences and human psychology, or as you could say, the union of science and art. i can safely say that for a central banker of an emerging market country, managing monetary policy has more qualifications as an art, rather than a science. as mervin king, the governor of the bank of england, once said, “ i have raised more questions than i have answered, perhaps that is what happens when you become a central banker ”. i hope that you will find some of the answers in the panel. thank you. king, m. ( 2004
decide on the distribution of funds and that any helicopter money drop should be executed by the government with mere central bank backing. but in fact, any change in the interest rate, just like any other change in the monetary policy stance, inevitably redistributes funds, and indeed does so in a much less transparent way. a helicopter money drop is probably possible even without a digital currency – for example, using central registries of personal bank accounts, often operated by central banks on behalf of the government. but the benefit of using a digital currency is that the central bank would not theoretically need to work with the government, so its independence would not be put in danger. moreover, the digital currency could be designed specifically to smooth the transmission of helicopter money to consumption. again, i stress that i only consider this a realistic scenario in a deep recession. the central bank could also limit the possibility of transferring these funds to bank accounts ( and vice versa, in order to eliminate any risk of digital bank runs ). if the central bank allowed transfers from bank accounts to the digital currency, it would have to cap the amount a single individual could hold in the digital currency, perhaps at the level of the median monthly salary. in the absolute extreme, the central bank could also determine what goods the helicopter money could be spent on. for example, real estate might be excluded in order to prevent a buildup of bubbles in the housing market. in a nutshell, any digital currency used by central banks for monetary policy purposes would have to be heavily customized and tailor - made. it would hardly resemble any of the cryptocurrencies, from bitcoin to bilur, as we know them. thank you for your attention. 3 / 3 bis central bankers'speeches

price stability going forward. this is the most important contribution that the swiss national bank can make to the well - being of switzerland ’ s citizens. 5 / 5 bis central bankers'speeches
make utmost efforts to maintain financial system stability by utilizing the experience and the lessons learned in the past 50 years, and to preserve independence and transparency, two fundamental concepts underpinning the new bank of japan law.

interest rate ” what effects will the negative interest rate policy have? next, i would like to explain the effects the policy will have. the key aim of this policy is to drive down real interest rates, which is the main transmission channel of qqe. the fact that over the past three years japan ’ s economy has significantly improved and we are no longer in deflationary situation is proof that a fall in real interest rates has a positive impact on the economy and inflation. let me explain the transmission mechanisms of qqe in more detail. first, qqe raises inflation expectations through the bank ’ s strong and clear commitment to achieving the price stability target of 2 percent at the earliest possible time and through large - scale monetary easing to underpin the commitment. second, qqe puts strong downward pressure on nominal interest rates across the entire yield curve through massive purchases of japanese government bonds ( jgbs ). these two channels result in a decline in real interest rates. the decline in real interest rates boosts business fixed investment and housing investment through a decline in interest rates on business and housing loans. in financial markets, qqe underpins stock prices and helps to weaken the yen, which in turn pushes up corporate profits, thereby improving employment and wages. the boost in economic activity improves the output gap – that is, the balance of aggregate supply and demand – which together with rising inflation expectations, lifts prices. developments since the introduction of qqe exactly conform to the anticipated transmission mechanisms. “ qqe with a negative interest rate ” represent a framework in which these transmission channels are further enhanced. the negative interest rate lowers short - term interest rates, bis central bankers ’ speeches while the massive purchases of long - term jgbs lower long - term yields. these two elements together exert strong downward pressure on interest rates across the entire yield curve. the important aspect here is that the effect on the yield curve is stronger when the two elements are implemented in tandem than when carried out independently. the introduction of the negative interest rate on current accounts that financial institutions hold at the bank reduces their incentive to sell jgbs in exchange for current accounts at the bank. the reason is that jgbs with a positive interest rate become more valuable for financial institutions that attach great importance to interest income. as a result, purchases of long - term jgbs by the bank will have stronger effects. under normal circumstances, when short - term yields are lowered, long - term interest rates
savings and investments portfolio. any kind of savings or investments outside banks and in the form of cash bears considerable moral, financial and physical risks. my appeal is simple and straightforward : consult your bank for any actions you take. the banking system remains your best consultant. prior to making a financial transaction of any kind, have the opinion of your bank as well – it is your banker. in conclusion, i would like to highlight that the banking system is a national wealth – it belongs to us all. let us develop it further in order to ensure a stable growth and a better future for the generations to follow.

stronger, more equitable foundation for our economy ’ s future. this makes conversations like the ones we are having today so important for us to listen to and learn from. our shared commitment to an equitable recovery is needed now more than ever. 1 coronavirus in african americans and other people of color, johns hopkins medicine, april 20, 2020. 2 claire kramer mills and jessica battisto, double jeopardy : covid - 19 ’ s concentrated health and wealth effects in black communities, federal reserve bank of new york, august 2020. 3 economic inequality & equitable growth, federal reserve bank of new york. 4 heterogeneity : a multi - part research series on liberty street economics, federal reserve bank of new york, accessed august 8, 2020. 5 about the new york fed : announcements, federal reserve bank of new york, june 12, 2020. 2 / 2 bis central bankers'speeches
for our high - level officials, in 2014. since then, the ethics committee has turned into a truly independent advisory body. while in its first years it was comprised exclusively of former members of the governing council, today the committee only has one former governing council member. the two other members have no previous roles at all at the ecb or in the eurosystem. this outside perspective lends additional credibility to the committee's work and bolsters trust in the committee as an independent body. 1 / 3 bis - central bankers'speeches pretty much in the same vein, the ecb has a solid rules framework for its high - level officials. this rules framework – the single code of conduct – not only establishes state - of - the - art conduct and integrity rules, but also comprises demanding governance standards and related transparency requirements, which ultimately ensure proper accountability. and developments are still ongoing. for example at eu level where an eu ethics body is currently being set up, with the primary mandate to further refine the ethics standards for high - level eu officials. the ecb's ethics framework served as an example for the new body. so we have come a long way on building ethical organisations. as ethics and compliance officers, you perform an indispensable role in safeguarding an ethical culture. but of course, you cannot do it all by yourself. maintaining an ethical culture is not only the job of the compliance officers, it is a task for the whole organisation. it is a task for the whole organisation because ethics and compliance is more than setting up a rule book and monitoring whether everybody is following the rules. because the rules cannot cover every single situation. first of all, the world in which we operate is constantly changing. our organisations are constantly changing. which means that our perceptions of what is ok and what is not ok are also changing. take for example activist behaviour and posts on social media. everyone has the right to voice their political opinion. thank goodness we live in a democracy. but do we want our colleagues, identifying themselves as central bank employees, voicing controversial opinions online that are far removed from our mandates and official standpoints? clearly, this could harm our reputation. similarly, demonstrating against government policies is a democratic right. but we had colleagues who were involved in extinction rebellion activities and who were actively encouraging breaking the law. how should you deal with that? where do you draw the line? although this a very delicate matter, we decided to draw up guidelines,

not been immune. at the start of 2020, less than half of canadians said they trusted government institutions, according to the edelman trust barometer. 2 see www. youtube. com / watch? v = ybv _ hvvn - 6q 3 o. coibion, y. gorodnichenko and m. weber, “ monetary policy communications and their effects on household inflation expectations, ” national bureau of economic research working paper no. 25482 ( september 2019 ). 3 / 3 bis central bankers'speeches
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0 10. 0 5. 0 5. 0 large enterprises medium - sized enterprises small enterprises 0. 0 fy 07 0. 0 fy 07 notes : 1. based on the financial statements statistics of corporations by industry, annually. excluding the finance and insurance industries. 2. personnel expenses = directors'remuneration + bonus for directors + salaries and wages + bonus for employees + welfare expenses 3. in the right panel, large enterprises are those with capital of 1 billion yen or more, medium - sized enterprises are those with capital of 100 million yen or more but less than 1 billion yen, and small enterprises are those with capital of less than 100 million yen. source : ministry of finance. chart 9 break - even ratio % fy 07 notes : 1. based on the financial statements statistics of corporations by industry, annually. excluding the finance and insurance industries. enterprises of all sizes. 2. break - even ratio = break - even sales / sales. break - even sales = fixed costs / marginal profit ratio. fixed costs = personnel expenses + interest expenses, etc. + depreciation expenses + rent on movable property and real estate. personnel expenses = directors'remuneration + bonus for directors + salaries and wages + bonus for employees + welfare expenses. marginal profit ratio = ( sales – variable costs ) / sales. variable costs = sales – fixed costs – current profits. source : ministry of finance. chart 10 decisions at the july 2024 mpm ( 1 ) : change in the guideline for money market operations japan's economic activity and prices have been developing generally in line with the bank's outlook. moves to raise wages have been spreading. the year - on - year rate of change in import prices has turned positive again, and upside risks to prices require attention. risk balance assessments on prices medians of the policy board members'forecasts ( y / y % chg. ) fiscal 2024 fiscal 2025 fiscal 2026 real gdp 0. 6 ( - 0. 2 ) 1. 0 ( ― ) 1. 0 ( ― ) cpi ( all items less fresh food ) 2. 5 ( - 0. 3 ) 2. 1 ( + 0. 2 ) 1. 9 ( ― ) cpi ( all items less fresh food and energy ) 1. 9 ( ― ) 1. 9 ( ― ) 2. 1 ( ― ) fiscal fiscal fiscal upside upside balanced note : figures in parentheses indicate changes from the april outlook report. adjusting the degree of
gain confidence in the strength of the recovery, the pace of net purchases of government of canada bonds will be adjusted as required. i hope this gives you a sense of our decision - making process. in closing, let me stress that the bank of canada will remain committed to providing the appropriate degree of monetary policy stimulus to support the recovery and achieve our inflation objective. we will do our part to help canadians get beyond covid - 19. and i can ’ t wait for the day when i join my family and friends at a restaurant, raise a glass and toast the end of the pandemic. that day is coming, hopefully soon.

david dodge : brief overview of the canadian economy opening statement by mr david dodge, governor of the bank of canada, to the standing senate committee on banking, trade and commerce, ottawa, 2 may 2007. * * * good afternoon, mr. chairman and committee members. we appreciate the opportunity to meet with your committee, which we usually do twice a year, following the release of our monetary policy report. we believe that these meetings help us to keep members of the senate and, through you, all canadians, informed of the bank's views on the economy and about the objective of monetary policy and the actions we take to achieve it. when paul and i appeared before your committee last october, we noted then that the outlook for growth in the canadian economy had been revised down slightly from earlier expectations. in our latest monetary policy report, which we released last thursday, we noted that canada's economic growth did indeed slow, but recently, inflation has been higher than expected. after considering the full range of indicators, the bank now judges that the canadian economy was operating just above its production capacity in the first quarter of this year. we expect that, over the projection horizon, domestic demand will continue to be the main driver of growth in canada. with the u. s. slowdown now expected to be somewhat more prolonged than previously projected, net exports should exert a slightly greater drag on canada's growth in 2007. the canadian economy is now projected to grow by 2. 2 per cent in 2007 and 2. 7 per cent in both 2008 and 2009. this would return the economy to its production capacity in the second half of 2007 and keep it there through 2008 and 2009. core inflation should remain slightly above 2 per cent over the coming months, given pressures on capacity and the impact of higher core food prices. but with the economy projected to return to its production capacity in the second half of this year and with further easing of pressures from housing prices, upward pressure on core inflation is expected to moderate, bringing the core inflation rate back to 2 per cent by the end of 2007. total cpi inflation is projected to rise above the 2 per cent inflation target in the second half of this year, peaking below 3 per cent near the end of 2007 before returning to the target by mid - 2008. we at the bank continue to judge that the risks to our inflation projection are roughly balanced, although there is now a slight tilt to the upside. last tuesday, the bank left its key policy rate unchanged
mestrovic ’ s art. quality design is never diminished by the passing of the years. this is the first time that the central bank has produced a joint coin issue, and i am particularly delighted that the croatian national bank has been our partner in this project. ireland and croatia have a good deal in common, we share excellent relations in business, financial and political circles and ireland firmly supports croatia ’ s objective to become a member of the eu. may i welcome the delegation from the croatian national bank and the croatian monetary institute and thank them for their cooperation and support throughout this very worthwhile joint project. it was a pleasure for us to work together in such a positive atmosphere. your excellency it gives me great pleasure to present you with our irish €15 coin and your croatian 150 kuna coin together in this presentation box.

the prolonging of this program or the one that says that the government ’ s responsibilities should increase, by the imf leaving now? presently there are no camps ; actually there has not been any camp ever. personally i believe that the imf is the best certifier of our national balances and statistics and the guarantor of our macroeconomic policies ; unquestionably, the best guarantor to associate albania towards european membership.