samchain/econo-pairs-v2 huggingface dataset:
ben s bernanke : mortgage delinquencies and foreclosures speech by mr ben s bernanke, chairman of the board of governors of the us federal reserve system, at the columbia business school's 32nd annual dinner, new york, 5 may 2008. the original speech, which contains various links to the documents mentioned, can be found on the us federal reserve system ’ s website. * * * president bollinger, dean hubbard, co - chairman kravis, and distinguished guests, i am very pleased to be here and especially honored to receive the columbia business school's distinguished leadership in government award. this evening i would like to offer a few thoughts on mortgage markets and the recent increase in the pace of delinquencies and foreclosures. my particular focus will be on geographic variation in mortgage performance and how that variation can help us better understand and prevent foreclosures. i will also discuss some initiatives taken by the federal reserve to address the foreclosure crisis as well as other policies that might be used to strengthen mortgage and housing markets. geographic variation in loan mortgage performance as my listeners know, conditions in mortgage markets remain quite difficult, and mortgage delinquencies have climbed steeply. the sharpest increases have been among subprime mortgages, particularly those with adjustable interest rates : about one quarter of subprime adjustable - rate mortgages are currently 90 days or more delinquent or in foreclosure. 1 delinquency rates also have increased in the prime and near - prime segments of the mortgage market, although not nearly so much as in the subprime sector. as a consequence of rising delinquencies, foreclosure proceedings were initiated on some 1. 5 million u. s. homes during 2007, up 53 percent from 2006, and the rate of foreclosure starts looks likely to be yet higher in 2008. not all foreclosure starts result in the borrower's loss of the home ; sometimes the borrower is able to make up the missed payments or other arrangements are made with the lender. but, given the number of borrowers in distress and the weakness of the general housing market, the share of foreclosure initiations that ultimately result in the loss of the home seems likely to be higher in the current episode than customarily has been the case. many foreclosures are not preventable. investors, for example,

gov / newsevents / pressreleases / monetary20171011a. htm. 19 see janet l. yellen ( 2016 ), “ the federal reserve ’ s monetary policy toolkit : past, present, and future, ” speech delivered at “ designing resilient monetary policy frameworks for the future, ” a symposium sponsored by the federal reserve bank of kansas city, held in jackson hole, wyo., august 26 ; and david reifschneider ( 2016 ), “ gauging the ability of the fomc to respond to future recessions ( pdf ), ” finance and economics discussion series 2016 – 068 ( washington : board of governors of the federal reserve system, august ). 7 / 7 bis central bankers'speeches
mario draghi : interview on the european cultural days of the ecb interview with mr mario draghi, president of the european central bank, and ilmars rimsevics, governor of latvijas banka ( bank of latvia ), for the special supplement of frankfurter allgemeine sonntagszeitung, published on 6 october 2013. * * * mr draghi and mr rimsevics, the work of a central bank has to do with numbers, rules and procedures. where is the connection to culture in your organisations? draghi : as individuals we take part in cultural activities, often with our friends and families. i think it is indispensable for any person to be culturally active in a very broad sense – it confirms that you are part of society. besides, even in our daily work, we express ourselves in cultural terms – think of the images on our banknotes, the architectural style of our buildings or the design of our publications. as an employer of highly qualified professionals, we have a huge interest in stimulating our environment in a way that increases the quality of life here in frankfurt, the city that was chosen as the seat of the ecb by the governments of the european union. rimsevics : where is the connection to culture in my organisation? our coins, our buildings, and our choir. latvijas banka has been developing a collector coin programme for 20 years now, telling the story of latvia – its historical, cultural, emotional values – in this miniature art form. some of our buildings date back to the beginning of the 20th century – our headquarters in riga is a listed building, whereas some other buildings have only been completed at the beginning of the new millennium, for example our new cash vault. both building anew for a modern central bank and preserving history require a good understanding of architectural possibilities and styles. and there are my colleagues, of course, who have come together to form a choir – we are keen singers and enjoy music very much. and these cultural days make us a living part of a very rich tapestry of latvian cultural life for an entire year! the cultural days of the ecb are one opportunity to spread knowledge about our country. the introduction of the euro in latvia in just a few months ’ time is another step in the same direction, and i could also mention riga ’ s status as cultural capital of europe in 2014 in the same context. draghi : in frankfurt, the mere existence

an assumption that culture is a kind of luxury that you can only afford when the economy is booming. i think that is a wrong perception. culture and interaction between people is a necessary ingredient of our lives, independent of economic developments. draghi : i completely agree. one could even say that literature, music, performing arts and fine arts provide inspiration that helps to bring about economic prosperity. commerce and culture are dependent on one another! bis central bankers ’ speeches
policy regime.

i don ’ t think so, though i suspect it looks that way. but let met give a fuller answer by setting out how the present approach to setting interest rates works ; and outlining some of today ’ s challenges. the policy framework i ’ ll start with inflation targeting, as it has been implemented in the uk since 1997. the institutional framework is set out in some detail in the 1998 bank of england act. this is extremely clear both about the aims of monetary policy and about the respective roles of the government and the bank. on the one hand, the bank of england is required set interest rates so as ‘ to maintain price stability and subject to that to support the economic policy of hm government, including its objectives for growth and employment ’. on the other, the government is required to specify what its economic objectives are, including what is meant by price stability. the remit of the monetary policy committee ( mpc ) must be set out in writing at least annually and it must be published. the remit has always had important elements of flexibility. for example, while the mpc is directed to aim for the target ‘ at all times ’ and to treat deviations from target symmetrically, it is not expected to react mechanically. instead, if inflation deviates from target by more than 1 %, the governor is required to write to the chancellor explaining the circumstances and setting out what action the mpc considers necessary to return to target. no letter has been written so far, but only because circumstances have not warranted it. there is an explicit understanding that operational independence must be accompanied by transparency and clear accountability to parliament and the general public as well as to government. the bank ’ s forecasts are published in the quarterly inflation report, the minutes of mpc meetings are published within two weeks, and the nine members of the mpc appear regularly in front of parliamentary committees as well undertaking between them some 50 - 60 regional visits a year to different parts of the uk. the committee has a distinctly individualistic bias, in contrast to the consensus seeking traditions of many other central banks. it includes four external members who are appointed for their expertise, not as representatives of interest groups ; and all members are individually accountable for their votes, which are made public with the minutes. both the markets and the press take a keen interest in the pattern of voting, and members will often find a way to explain their thinking in more detail. all this adds up to a powerful set of incentives for members of
per annum ( since the mid - 1990s ), in practice the bank adopted a relatively flexible approach where these guidelines were indeed treated as guidelines only. a further guideline for growth in total bank credit extension of around 10 percent was also adopted. but when these guidelines were exceeded by considerable margins, this was on occasion tolerated without strong policy adjustments, on the basis of developments in other variables. in practice it was quite apparent that growth in the money supply could sometimes be a misleading indicator of current and future inflation. accordingly, a number of other variables were also analysed in deciding upon the appropriate monetary policy stance. these included the pace of growth in the banking sector ’ s credit extension, movements in consumer price and production price inflation, domestic production and expenditure, the balance of payments and exchange rate situation, and the fiscal policy stance. the inflationary potential of developments in all these and many other variables was assessed on an ongoing basis. accordingly, growth in money supply was not really the pivotal variable around which monetary policy revolved - although excessive growth in money supply certainly did signal the need for additional caution. however, money supply growth was deemed to be important and was formally recognised as the intermediate target variable. what has since changed? instead of targeting guidelines for intermediate objectives, the reserve bank now directly targets inflation. it monitors and analyses a whole range of factors that can affect the rate of inflation. the inflation rate, or more specifically cpix, which is the headline consumer price index excluding mortgage costs, has to fall between 6 and 3 percent by the end of the calendar year 2002. it is within this target and this monetary policy framework that the south african reserve bank will strive to achieve in the short term what we are mandated to do : that is to achieve price stability. such a framework for monetary policy ensures that monetary policy is transparent, in that the authorities have a definite and measurable aim in their conduct of monetary policy. and at the same time, it should give the citizens of this country an aspect of clarity about the future as it makes clear the bank ’ s intentions. in so doing, inflation targeting should also ease the burden and take the " guesswork " out of many of the decisions that businesses have to make when planning for future expansion and investment. it should also provide an anchor for inflation expectations and guide both employers and employees when undertaking forward - looking negotiations. however, it must be emphasised that at least some of the success of the inflation targeting framework rests on whether it is fully

government policies to drive structural changes. 2 / 2 bis - central bankers'speeches
in the banking sector. apart from implementing a twin peaks financial regulation framework in south africa, several other initiatives are reported on in this publication, aimed at improving the robustness of the domestic financial infrastructure. on 4 july 2014, the national treasury published for public comment a policy document and proposed regulations on otc derivatives. these regulations form part of a broader package of global regulatory reforms aimed at making derivatives markets safer and strengthening the resilience of the financial system. other initiatives include the introduction of a global legal entity identifier system and the adoption of the committee on payment and market infrastructures ( formerly cpss ) and international organization of securities commissions ( iosco ) principles for financial market infrastructure. the south african financial system continues to be resilient in the wake of a volatile and uncertain global environment and a degree of domestic economic concerns. although the current conjuncture is uncertain and several challenges remain, the financial system remains sound. i have briefly highlighted the key issues raised in the financial stability review. more detailed analyses are available in the publication itself, and some will be covered in the presentation by my colleague, dr hendrik nel, highlighting some of the analyses that were conducted by the financial stability department. i trust that you will find these stimulating and relevant to the current environment and invite you to provide comment as part of the process of on - going debate on financial stability. thank you. bis central bankers ’ speeches

once again for being a key partner and player in the financial inclusion game. i would like to encourage the fides bank to keep up this good work. your dream saver and other services are testimony to the fact that low - income people are not only bankable, but they also insurable. 10. through the dream saver, you have made a difference in the lives of many people now and for generations to come. with this product you have empowered our people. congratulations! i thank you for your kind attention. bis central bankers ’ speeches
the accomplishment of inflation target over the medium term period, and provides at the same time the needed monetary conditions to support the sound development of economy. looking ahead, bank of albania shall continue to observe carefully the developments in inflation and in the other indicators of the economic progress, by analysing the need and time span in terms of a reaction from the monetary policy.

donald l kohn : central bank communication remarks by mr donald l kohn, member of the board of governors of the us federal reserve system, at the annual meeting of the american economic association, philadelphia, 9 january 2005. * * * a basic tenet of economics is that markets work better - reflect underlying economic forces, efficiently allocate resources - with more information. because central banks are key players in financial markets, a better public understanding of central bank behavior should improve pricing in those markets. over my career, i have witnessed notable efforts by central banks to improve the public ’ s understanding of their behavior by increasing the amount of “ talk ” they do about policy and the economy. the trend toward more talk reflects several interrelated developments. the demand for information has expanded along with the size and sophistication of financial markets ; financial assets have increased far faster than gross domestic product, and a much greater variety of instruments are priced. at the same time, rising wealth has meant that increasing numbers of people have a stake and an interest - in the forces determining the prices in those markets. technological change including the ubiquitous internet - has made it easier to cater to and feed this interest by making more information available more quickly and cheaply. and, in part as the result of academic progress on the topic, central banks better appreciate that more - accurate expectations of market participants can help improve the performance of the economy and the achievement of economic objectives. changes in the political environment surrounding central banks have reinforced the increased demand for transparency. greater support for independent central banks with goals set by the political process was one of the results of the lessons of the great inflation of the 1970s. but an arm ’ s - length distance from immediate political pressures requires accountability and reporting to elected representatives. the quid pro quo is most evident in many of those countries that have shifted to inflation targeting, but the united states followed the same pattern earlier - in the late 1970s. in that period, laws for the first time established goals for monetary policy, albeit not as specific as inflation targets, and imposed reporting requirements in the form of reports and testimony to the congress. given the trends i have mentioned and the benefits of greater transparency, people sometimes wonder why central bank transparency has evolved as slowly as it has and why some central banks do not take additional steps to talk more - especially about what they see coming in the future. i will give you my own answer to this question, which i hasten to add, does not
g & levine, d s ( 2012 ), guardians of finance. making regulators work for us, mit press, cambridge. 6 / 6 bis central bankers'speeches

jean - claude trichet : towards a more integrated europe – challenges ahead for the euro area and central and eastern europe address by mr jean - claude trichet, president of the european central bank, at the national bank of poland ’ s conference “ towards a more integrated europe – challenges ahead for the euro area and central and eastern europe ”, warsaw, 21 october 2011. * * * president of the republic of poland, president of the european parliament, president of the national bank of poland, ministers, governors, commissioner rehn distinguished guests, ladies and gentlemen, let me start by thanking my dear friend and colleague, president belka, for inviting me to address such a distinguished audience today. twenty years ago, the dissolution of the soviet union marked one of the most important events in european history – the final stage of the revolutions that began two years earlier in 1989 ; the end of communism in the countries of central and eastern europe ; and the beginning of their transition to democracy and market economies. it is also almost 20 years since the european council met in the city of maastricht in the netherlands to agree on strengthening the pillars of the european union ( eu ) and laying the foundations for the transition to europe ’ s economic and monetary union ( emu ). the changes that europe has seen over the last two decades have been enormous right from the start, the countries of central and eastern europe embarked on a hugely ambitious path of reform. leaving aside differences across countries, a long and challenging process of economic transformation brought countries in the region significant improvements in incomes and living standards. full membership of the eu – or the prospects of accession – provided an important stimulus for the process of transformation as well as an anchor of stability. in western europe, completion of the three stages of emu led to the establishment of the european central bank ( ecb ) and the introduction of the euro in january 1999. having started originally with 11 participating countries, the euro area has since expanded to include 17 eu member states including some previous transition economies, namely estonia, slovenia and slovakia. the changes europe has seen over these past 20 years are enormous. equally enormous have been the challenges along the way, not least of course due to the global financial crisis. but there have also been enormous achievements. in my remarks today, i would like to take stock of some of those achievements and focus on three main aspects of the process of economic convergence in central and eastern europe. bis central bankers ’ speeches three main aspects of the process of
mr heikensten talks about the interaction between monetary and fiscal policy and labour market developments speech by lars heikensten, first deputy governor of the sveriges riksbank, the swedish central bank, to the landskrona municipality in landskrona, sweden on 16 june 1999. for more than six years now, monetary policy in sweden has been conducted with an inflation target. sweden was one of the first countries, together with canada, new zealand and the united kingdom, for example, to adopt an inflation targeting strategy. other countries have recently displayed an interest in targeting inflation directly as the guideline for monetary policy. examples are countries with strong economic growth in asia, south america and eastern europe. in many respects, sweden ’ s period with an inflation target has been one of good economic results. inflation and interest rates have come down to levels that are historically low and growth since the crisis in the early 1990s has been relatively high and stable. part of the explanation is, of course, that the recession left us with plenty of unutilised resources. but new production capacity has also been created at a rapid rate. moreover, inflation expectations have been lowered, which gives a new and better environment for price and wage formation. international inflation has also been low. the picture of unemployment is more disappointing, though here too the recent trend points in the right direction. growth and inflation in oecd and sweden 1999 and 2000 forecast percentage annual change growth oecd - 1 - 1 sweden - 2 - 2 - 3 - 3 8 0 8 2 8 4 8 6 8 8 1 5 9 0 9 2 9 4 9 6 9 8 0 0 1 5 inflation 1 2 1 2 sweden oecd * 8 0 8 2 8 4 8 6 8 8 * excluding hihginflation countries 9 0 9 2 9 4 9 6 9 8 source : oecd monetary policy, however, is just one of the factors that are important for economic development. two crucial matters for economic development in general and thereby for the conditions underlying monetary policy are the situation in the labour market and fiscal policy. in recent years it is not least the construction of fiscal policy that has contributed to the good economic performance. the interaction of fiscal and monetary policy has been debated a good deal of late. income tax cuts have been discussed, for instance. now that sweden ’ s economy seems to be moving into a stronger phase, in large measure as a result of higher domestic activity, it is of the

. however, there are interesting, though somewhat difficult, challenges ahead that must be met if we are to preserve this bright picture of the world economy.