samchain/econo-pairs-v2 huggingface dataset:
congress ’ plan for strengthening financial regulation, the dodd - frank act. i promise to stay focused on moving that process forward as quickly and responsibly as possible and to verify that these reforms are meeting the goal of safeguarding the financial system. i will also continue the work of helping repair the damage done by the financial crisis to the economy. too many americans still can ’ t find a job or are forced to work part - time. the goals set by congress for the federal reserve are clear : maximum employment and stable prices. it is equally clear that the economy continues to operate considerably short of these objectives. i promise to do all that i can, working with my fellow policymakers, to achieve the very important goals congress has assigned to the federal reserve. i take up these challenges aided by the immensely skilled, talented, and dedicated men and women who comprise the federal reserve ’ s staff. our staff constitute one of the fed ’ s greatest strengths and i am proud to serve with individuals who exhibit the highest standards of professionalism and integrity. they work tirelessly, day in and day out, to serve the public interest. their skill, creativity and perseverance enabled the fed to do its part to meet the bis central bankers ’ speeches grave threats our nation faced in the financial crisis and then persevere in a disappointingly slow recovery. and their knowledge, analysis and judgment will be indispensable in fulfilling the mission of the federal reserve in the years ahead. congress has entrusted the federal reserve with great responsibilities. the tools we deploy, to guide the financial system and influence our vast economy, can seem far removed from the lives and concerns of average americans. and yet the decisions we make affect the welfare and shape the future of every american. i promise to never forget the individual lives, experiences and challenges that lie behind the statistics we use to gauge the health of the economy. the unemployment rate represents millions of individuals who are eager to work but struggling to provide for themselves and their families. when we make progress toward our goals, each job that is created lifts this burden for someone who is better equipped to be a good parent, to build a stronger community, and to contribute to a more prosperous nation. let me close by offering my heartfelt thanks for the many messages i have received since my nomination from individuals around the country who have written to wish me well and offer their support. i pledge to do my very best to meet the challenges that lie ahead. thank you all for

coming today. bis central bankers ’ speeches
liquidity. and second, and perhaps more important, it can allow for a better matching of the currency of obligations to the currency of receipts. in addition to contributing to a more stable domestic financial system, the development of domesticcurrency markets is important to promote global financial stability. economies with a sound financial system can help to prevent shocks from spreading around the world. the asian financial crisis of 1997 - 98 really helped to illustrate how a crisis can spread among economies with weak financial systems, including, in some cases, serious mismatches in foreign currency assets and liabilities. this is why policy - makers around the world have been putting a lot of emphasis on improving domestic banking and financial systems. to develop a sound financial system requires several policy steps. the bis committee on the global financial system has outlined five key measures needed to develop deep and liquid bond markets. allow me to list them. first, an economy must have a competitive markets structure ; second, it must have liquid, benchmark bond issues ; third, markets must be efficient, with low transactions costs ; fourth, markets should be safe, sound and robust ; and finally, it's important that there is a wide variety of market participants. i see from your program that these are issues that you will be talking about in more detail later this afternoon. ladies and gentlemen, i have spoken about how local - currency bond and money markets can help an economy, by giving the authorities incentives to follow good macroeconomic policies, and by supporting financial and economic efficiency. and, i've talked about how such markets can help in the development of a sound domestic financial system. this, in turn, can promote financial stability, both within a country and more broadly, in the global financial system. at the start of a conference like this, i thought it important to use my time to remind ourselves of why it is we need strong, local - currency bond and money markets. speaking generally, the steps that canada took in the past to develop its local - currency bond and money markets may be applicable to today's world, and to the various emerging market economies that are now trying to find their own path. but what is certain is that the original principles that guided us in creating those markets – liquidity, transparency, regularity, and integrity – are as valid today as they were 50 years ago.

back to 2 %, so that canadians can once again count on low, stable and predictable inflation and sustainable economic growth. with that overview, the senior deputy governor and i would be pleased to take your questions. 3 / 3 bis - central bankers'speeches
- has always been very fiscally responsible because they know that they can finance a big part of the debt of the government by issuing pesodenominated bonds. indeed, around 80 percent of our debt is domestic debt, and much of that is longer than two years. in summary, what you have is the financial and banking conditions of the philippines that are consistent with long - term growth. no shortcuts. no boom and bust. we try to keep growth as steady as possible and to make sure that the banks are strong so that the economy will be supported by price stability, financial stability, and the payment system that we support. thank you very much. 4 / 4 bis - central bankers'speeches

. in fact, when you look at the rise of our balance sheet, it is largely because we purchased foreign exchange. the only time we purchased philippine government bonds was because of covid. fed actions : always relevant but less of a concern in policy - making of course, we are affected by what happens with the fed [ united states ( us ) federal reserve ]. but, in general, our inflation policy is largely driven by philippine inflation. what was unique about this year is that the us policy rate changes were so large - four 75 basis points ( bps ) [ hikes ] in a row - to the point where the philippine policy rate became too close to the us policy rate. and, as you know, since the dollar is the global currency, people would prefer the dollar to the peso if the policy rates are the same. we are now at that stage where we are watching that [ differential ]. we want to make sure that our policy rate is not lower and should be around 1. 0 to 1. 25 percentage points higher than the fed's. that is what the markets are saying. and, as shown in the next slide, when you have very, very narrow differentials between the fed policy rate and ours, you have a weak peso. as you can see, it [ the peso ] has appreciated lately. taking decisive monetary action and one of the reasons [ behind the appreciation ] is we have acted very aggressively. we increased the policy rate from 200 bps to 425 bps, more than any central bank in asia. the only central bank that comes close is south korea. now, we are probably near the end [ of our tightening cycle ]. we are probably [ considering ] pausing at the next meeting because the [ m - o - m ] inflation prints are very good. if april turns out to be another very low inflation month - so, that is three good points in a row - then we are in a position to pause. 3 / 4 bis - central bankers'speeches how the central bank creates the conditions conducive to growth and supports economic development let me wrap up and say, we [ at the central bank ] use all our powers, and we have enough of them to make sure that we support our three pillars. this has been very good for us but also quite good for the philippine government itself. and we are very, very fortunate that every finance secretary that the philippines has ever had - that i can remember
bankers ’ speeches

a lively debate about the future of innovation and other factors that shape our prospects for growth. my own view is that human ingenuity and innovation will continue to be a source of productivity growth. but that does not mean we should be complacent about our future. productivity is the ultimate means to economic prosperity, and we should undertake policies that promote innovation and technological progress and eliminate practices that discourage such progress. monetary policy has a limited role to play in this endeavor except as it can promote a stable environment to allow these long - run forces to succeed. yet, the appropriate setting of monetary policy can be affected by the longer - term trends. failure to adjust to such trends can lead to deviations from a central bank ’ s inflation target. yet, distinguishing short - run or transitory fluctuations from more permanent or persistent movements in growth and real interest rates is a tricky and difficult task. it is near impossible in real time. these considerations lead me to believe that monetary policymakers should take great care in making significant adjustments in their view of the neutral policy rate. we live in a constantly changing world and one that will hopefully be full of surprising new developments that enhance economic welfare. references brynjolfsson, erik, and andrew mcafee. the second machine age : work, progress, and prosperity in a time of brilliant technologies. new york, ny : w. w. norton & company, 2014. cowen, tyler. the great stagnation : how america ate all the low - hanging fruit of modern history, got sick, and will ( eventually ) feel better. new york, ny : dutton adult, 2011. gordon, robert j. “ is u. s. economic growth over? faltering innovation confronts the six headwinds, ” nber working paper 18315, ( august 2012 ). gordon, robert j. “ the demise of u. s. economic growth : restatement, rebuttal, and reflections, ” nber working paper 19895, ( february 2014 ). mokyr, joel. “ the next age of invention, ” city journal, ( winter 2014 ) ; www. cityjournal. org / 2014 / 24 _ 1 _ invention. html. summers, lawrence h. “ u. s. economic prospects : secular stagnation, hysteresis, and the zero lower bound, ” business economics, vol. 49 : 2 ( april 2014 ), pp. 65 – 73. bis central
at your disposal for questions.

start of the competition, more than 300 candidates from 31 countries representing four continents submitted their applications. of those, 80 architects - 70 “ established ” architects and 10 “ emerging young ” architects - were selected to participate in the first phase of the competition, although only 71 actually presented outline proposals for the new ecb premises. all proposals had to be submitted anonymously. a notary was involved to make sure the identities of the candidates remained secret throughout the competition. in august 2003, the 12 members of the international jury - which was made up of architects, and representatives of the city of frankfurt, the ecb and national central banks, and that i had the honour to chair - examined the outline proposals. twelve candidates were selected out of the 71 to participate in the second phase and were invited to submit more detailed design concepts. on 12 and 13 february 2004, the jury reconvened and evaluated all 12 design concepts on the basis of the criteria set out in the competition brief : • the overall town - planning, architectural and landscaping concept ; • compliance with the main features of the functional and spatial programme, including modularity, in line with the ecb ’ s needs ; • the energy and environmental concept and compliance with the main features of the ecb ’ s technical requirements ; and • compliance with the relevant building and environmental laws. in its evaluation, the jury placed particular emphasis on whether the design concepts reflected the values of the ecb and conveyed an appropriate image for the ecb ; and to what extent the fundamental appearance of the historic großmarkthalle building was preserved. the jury ’ s choice of winner for the first prize was based on a very large majority within the jury ( 10 in favour out of 12 ). thereafter, jury members expressed their preferences for the two designs to be awarded the second and third prizes, and the votes cast established a clear ranking. given this unambiguous outcome, all members of the jury accepted the final ranking of the three prizewinning designs as the consensual choice. let me now briefly present to you the three winning designs. i am delighted that the prizewinning architects were able to attend today and they will be happy to answer more detailed questions about their designs in a moment. 3. the three prizewinning designs the first prize was awarded to coop himmelb ( l ) au. their design concept was viewed by the jury as a powerful image, reflecting values of the ecb, such as transparency,
conclusion, your excellency, a moment ago you have directed us to start a nation - wide campaign to inform the nation about the new currency. we shall, oblige mr. president. for the next four weeks we shall travel all corners of this beautiful country to tell our people about our new symbols of nationhood, to inform them that through these notes we honour our heroes. with this money we are singing their names in songs of praise and martyrdom. we shall convey the message “ our money, our pride, know your currency ” i thank you for your kind attention. bis central bankers ’ speeches

29th ( ec ) 2 conference on “ big data econometrics with applications ” opening remarks by salvatore rossi senior deputy governor of the bank of italy and president of the institute for the supervision of insurance ( ivass ) rome, 13 december 2018 it is my great pleasure to open this conference and to welcome all the speakers and participants. i thank the organizers for designing such a broad and topical programme. with the increasing digitalization of the economy, data has become central in all the social sciences, and economics is no exception. in fact, some have talked about data being the new oil of today ’ s world. econometrics and statistics are therefore becoming increasingly dependent on the availability of huge and heterogeneous datasets. only few years ago, the econometric profession was rather cautious about big data. classical econometrics is based on theory and so relies on approaches that differ significantly from those of big data analytics. econometricians have been taught for decades to start with a theory and then use data to prove or disprove it. big data and machine learning work in the opposite way : they allow one to look for patterns simply by processing huge amounts of data, regardless of possible underlying models. it ’ s important to note that most econometricians have expressed concern about the reliability and representativeness of such vast datasets. however, it ’ s becoming evident that big data could disrupt traditional econometrics. data collection from social media has produced unprecedentedly large and complex, though unstructured, datasets on economic agents ’ behaviour and interactions, and these are proving to be a goldmine of economic information. we have been working with data analysis for many years, but it is now time to adapt our computational approaches to the new context. the bank of italy, because of its multiple functions, follows the evolution of big data very attentively. we will discuss this topic in a workshop organized with the bank of international settlements next 15 january here in rome. in the last few years we have progressed along our learning curve. we have combined skills in economics, econometrics, statistics and computer science to deal with the increasing volume, variety and velocity of data, which we have then used to estimate unemployment and inflation, to improve our economic forecasts, and to measure consumer and business sentiment. we, like all central banks, must also be ready to cope with the increasing public demand for access to granular data. as a
those are just a few examples. the next few years will bring many more initiatives on this front, also at the g7 and g20 levels. after all, cyber threats don ’ t stop at borders. bitcoin and the like are giving rise to new crypto currencies and new risks. do we need regulation in this area? i prefer to speak of crypto assets rather than currencies – if anything, their volatility clearly disqualifies them as currencies. the priority is to prevent them from being used to launder money and finance terrorism. europe has already made good progress on this with the fifth eu anti - money laundering directive, which obliges providers of cryptocurrencies platforms and wallets to report conspicuous transactions to the authorities. when it comes to the use of new technologies such as blockchain, we need to weigh things up carefully. on the one hand, similar 1 / 3 bis central bankers'speeches activities should be regulated in a similar way, so the requirements for ( say ) blockchain transactions need to be similarly stringent to those for traditional transfers. on the other hand, we should be careful not to stifle new, innovative technologies. some central banks are thinking about developing their own cryptocurrencies. the ecb as well? whether central banks should develop their own digital currencies is a relevant question in countries where people are turning away from cash. there is then a case for offering them a digital alternative safer than commercial money. this is why we are seeing such initiatives in scandinavia, for example. but in the euro area, cash remains a popular means of payment and the question does not arise. to be clear : the ecb is not developing a crypto currency. that said, as all central banks, we are studying in depth the underlying technologies, such as blockchain. cyber security is just one of the risks currently facing the economy. another is the escalating trade dispute. how well prepared is europe on this front? the euro area economy is proving very robust at the moment. there have been five years of uninterrupted growth. and we believe that growth will remain resilient, despite all the uncertainties. but trade disputes and, more generally, declining support for the multilateral order make strengthening europe an urgent task. and strengthening europe includes strengthening the euro area. so do we need a eurozone budget, for example, as mer

is principally a commemoration of the contribution, which staff and board members have made to the bank and to the country, over the last five decades. the history of the bank of uganda is the history of the people who have served in the bank. congratulations to you all ; you have served the bank and our nation well. thank you for listening to me. bis central bankers ’ speeches
monetary policy issues. " however, mervyn king, the former governor of the bank of england, claimed the opposite. he said : " central banks are often accused of being obsessed with inflation. this is untrue. if they are obsessed with anything, it is with fiscal policy. " 2 in fact, discussions about fiscal policy issues are often initiated by central bankers. that should not come as a surprise, since a sound fiscal policy provides a necessary foundation for a successful and independent monetary policy. given your research profile, it is very fitting that you are receiving an award named after the important spanish fiscal policymaker jose echegaray, who, in addition, reformed 2 / 3 bis - central bankers'speeches the banco de espana comprehensively in the nineteenth century. jose echegaray was born in 1832 in madrid. he was appointed as finance minister in 1868 and in 1905. he is also well - known for his literary career. however, it would be very unjust for me to emphasise only your professional skills and achievements, pablo. you are not only an excellent economist and central banker, but also a wonderful and versatile person. in your free time, you have a deep interest in and knowledge of history, particularly the history of the renaissance period in europe. you also have an in - depth knowledge of art and literature. this too makes you a perfect match for the echegaray prize, since jose echegaray was not only a finance minister, but also an outstanding dramatist, awarded the nobel prize in literature. to sum up, i think that everyone working at the banco de espana can be proud to be led by you, pablo. 4 conclusion for my part, i feel very fortunate to be able to work with such an outstanding person on the ecb governing council as well. as central bankers, we are currently going through very challenging times. inflation was believed to be dead by many, and for many years. now it is back. we have to fulfil our mandate of safeguarding price stability in europe. that is what everyone is expecting of us – not only economists, politicians and market participants but ordinary people too. pablo and i both share a lot of views on various economic issues – particularly on our task of bringing inflation back to target. i look forward to continuing this exchange of views – on inflation, monetary policy, fiscal policy or on history and the lessons it holds for today's problems. 1 de cos, p.

h. and jimeno, j. f. and r. ramos ( 2017 ) the spanish public pension system : current situation, challenges and reform alternatives, banco de espana occasional paper no. 1701. 2 king, m. ( 1995 ), commentary : monetary policy implications of greater fiscal discipline, in budget deficits and dept : issues and options ( pp. 171 - 183 ), federal reserve bank of kansas city, jackson hole symposium. 3 / 3 bis - central bankers'speeches
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gfxc global index of public registers, https : / / www. globalfxc. org / global _ index. htm. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx table 2 : statements of commitment to the fx global code by the 30 largest asset managers firm assets under management ( $ billions ) soc on public register, or have otherwise informed the bank of england blackrock 6, 060 vanguard asset management 4, 663 state street global advisors 2, 641 fidelity investments 2, 284 bny mellon investment management 1, 808 capital group 1, 715 j. p. morgan asset management 1, 677 pimco 1, 667 amundi 1, 626 prudential financial 1, 323 legal & general investment management 1, 263 goldman sachs asset management 1, 224 wellington management international 1, 026 natixis investment managers t. rowe price nuveen nothern trust asset management invesco axa investment managers dws ( deutsche asset management ) affiliated managers group ubs asset management insight investment sumitomo mitsui trust bank aberdeen standard investments legg mason franklin templeton investments bnp paribas asset management france mitsubishi ufj trust and banking allianz global investors source : firm aum rankings from ipe ’ s ‘ top 400 asset managers 2018 ’, https : / / www. ipe. com / uploads / k / x / x / top - 400 - ranking. pdf. gfxc signup data from the gfxc global index of public registers, https : / / www. globalfxc. org / global _ index. htm. all speeches are available online at www. bankofengland. co. uk / publications / pages / speeches / default. aspx why not sign up to the global code? four explanations and responses in this section, i want to respond to four stylised explanations sometimes heard from buy - side firms still uncertain about signing up to the code. explanation ( 1 ) : lack of awareness – “ what is the global code? i ’ ve never heard of it, and don ’ t know what signing up involves. ” given the breadth of engagement during the drafting of the code, and the raft of publicity since its launch, it is hard to believe that asset managers of the size listed in table 2 are