samchain/econo-pairs-v2 huggingface dataset:
2012, scientists at the cern laboratory discovered the latest subatomic particle – the higgs boson – named after the nobel prize winner in physics peter higgs, and known by its nickname the “ god particle ” in popular media outside the scientific community. the higgs boson is thought to give everything else in the universe mass and to keep the universe from destruction. it is part of shiva ’ s tandava dance. is it a coincidence that the statue in front of the cern complex is none other than shiva nataraja – the dancing shiva? for many modern physicists, shiva ’ s tandava dance is seen as the dance of subatomic matter. the tandava thus unifies ancient mythology, religious art and modern physics. here at the central bank, some would say that our monetary policy is similar to the tandava dance, as we move our policy interest rate to destroy inflation, create the conditions for growth in the non - energy sector, and protect the foreign exchange market. or they might even say that the clico crisis has been a process of creative destruction, with the pain of thousands of policyholders making way for new and stronger insurance regulation and supervision. two weeks ago, professor angus deaton won the 2015 nobel prize in economics. professor deaton has changed our thinking about world progress. his popular book the great escape : health, wealth and the origins of inequality, traces the ways the world has gotten better over the last 250 years, as billions of people have become healthier and happier as gdp has grown. but he notes crises can interrupt progress, and he worries about the millions of people who are being left behind by this progress, especially in developed countries where inequality is growing and economic growth is slowing. professor deaton ’ s works reminds us that pain and gain are inextricably linked to creative destruction. hopefully, you will leave here tonight with a greater appreciation of the message of divali. remember the act of lighting a deya is creative destruction, destroying evil and darkness and creating a new opportunity for the satyam, shivam, sundaram ( truth, goodness and beauty ) of the universe to unfold. i wish you and your family shubh divali 2015. may your paths always be lit ; may your minds always be illuminated. i hope you enjoy lord shiva : creative destruction. bis central bankers ’ speeches

##rge in motor car imports, it would have had a positive impact. if it leads to better project selection, a drive for greater public sector efficiency and a platform for greater public / private sector collaboration, we would have learnt much from the crisis. some people argue that we learnt nothing from the crisis of the 1980 ’ s. i disagree and i point to the fact that the crisis of the 1980 ’ s led to the stronger fundamentals of the 1990 ’ s. let us use the current crisis to set the basis for an even stronger economy that would improve our resilience and set the stage for sustainable growth and development.
policy, but must cut its expenses and even raise taxes, also in the midst of a recession. it is important to grasp that i am not describing some hypothetical scenario but the situation that prevailed in israel in 2003. then, to our relief, the government took the correct measures that re - established economic stability. nevertheless, it is important that we do not find ourselves again in the same state as in 2003, that is, a state in which we need to pursue a countercyclical policy but are unable to do so because of the size of the debt. this description brings to mind pharaoh's dream of the seven good years followed by the seven bad years. we are currently on the growth part of the business cycle, and we should utilize this period to cut the debt / gdp ratio. this is especially the case as we do not know how long this period is likely to continue, and we must take into account the very real possibility that it will not last forever. in the current growth phase there are two main channels through which the debt / gdp ratio can be reduced : • from the aspect of the size of the debt, as the budget deficit is reflected in the size of the debt, it is important that the deficit be low. in 2005 the budget deficit was 1. 94 percent of gdp. that was an important achievement. we ought to continue reducing the deficit this year and in the next few years, and this is easier to do now, in the good years. • from the aspect of gdp, the faster it grows the faster the debt / gdp ratio falls. in 2003 we reached a position where the ratio was 104 percent, and it looks as if the ratio in 2005 was slightly below 100 percent. this reduction was the result of the low deficit, rapid growth and the proceeds of privatization. although israel's debt ratio declined in 2005, it remains very high by international standards ( in most of the oecd countries it is between 40 percent and 60 percent ). we still have a long way to go. b. competition in the financial markets i turn now to the question of increasing competition in the financial markets and their reform. the reform of the capital market, centered on the separation of the various funds from the banks, is an historic event, but it is not the end of the story. the team headed by the director general of the ministry of finance, yossi bachar, determined subjects that should be acted upon as the next steps in the reform,

right ones. here i would like to refer to the long - term measures needed, as these are the foundation of the required social policy. first, it is important to continue focusing on a policy that serves to create sustained growth, which is vital for the enhancement of the economy's ability to cope with the social problems – – especially the reduction of poverty. second, it is important to focus on education and health for the entire population, including its weak groups. the accessibility of better education and health to the weaker groups is very important, to provide them with equal opportunities to realize their potential and to progress in the labor market.
mark carney : summary of the latest monetary policy report opening statement by mr mark carney, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, 18 january 2012. * * * good morning. tiff and i are pleased to be here with you today to discuss the january monetary policy report, which the bank published this morning. the outlook for the global economy has deteriorated and uncertainty has increased since the bank released its october mpr. the sovereign debt crisis in europe has intensified, conditions in international financial markets have tightened, and risk aversion has risen. the recession in europe is now expected to be deeper and longer than previously anticipated. the bank continues to assume that european authorities will implement sufficient measures to contain the crisis, although this assumption is clearly subject to downside risks. in the united states, the rebound in real gdp during the second half of 2011 was stronger than anticipated. however, the bank expects the recovery will proceed at a more modest pace going forward, owing to ongoing household deleveraging, fiscal consolidation and the spillovers from europe. chinese growth is decelerating, as expected, toward a more sustainable pace. prices for most commodities are expected to remain relatively elevated, although at levels below those anticipated in october. the bank ’ s overall outlook for the canadian economy is little changed from october. while there was more momentum than anticipated in the second half of 2011, the pace of growth going forward is expected to be more modest than previously envisaged, largely due to the external environment. household spending is now projected to grow at a steady pace through 2013. reflecting an upwardly - revised profile for residential investment, household expenditures are now expected to remain high relative to gdp over the projection horizon and the ratio of household debt to income is projected to rise further. while dampened somewhat by the external environment, business investment is expected to grow at a solid pace. net exports are expected to contribute little to growth, reflecting moderate foreign demand and ongoing competitiveness challenges, including the persistent strength of the canadian dollar. the bank estimates that the canadian economy grew by 2. 4 per cent in 2011 and projects that it will grow by 2. 0 per cent in 2012 and 2. 8 per cent in 2013. while the economy appears to be operating with less slack than previously assumed, given the more modest growth profile, it is only anticipated to return to full capacity by the third quarter of 2013. the dynamics for inflation are similar to

deputy wilkins and i would be happy to answer questions. 2 / 2 bis central bankers'speeches
of the crisis. according to our estimates, we consider that the potential for monetary policy easing has been exhausted. its further easing could additionally increase proinflationary risks. nonetheless, monetary policy will remain accommodative on average throughout 2021, supporting the recovery of the russian economy. the baseline scenario provides for a gradual return to neutral monetary policy. we will assess the timeline and pace for this return taking into account our goal to maintain inflation at our target. 3 / 3 bis central bankers'speeches

elvira nabiullina : review of recent inflation developments in russia and economic outlook statement by ms elvira nabiullina, governor of the bank of russia, in the follow - up to the board of directors meeting, moscow, 12 february 2021. * * * today, we have decided to keep the key rate at 4. 25 % per annum. the economy is bouncing back rather steadily. i would like to remind you that at our previous meeting we expected economic revival to pause at the end of 2020. however, gdp statistics and high - frequency indicators evidence that this did not happen. moreover, inflation also exceeds our expectations. i will further on dwell on the factors, which we were taking into account when making our decision today. i will start out with the situation in the economy. it has turned out to be better than we expected, and there is a range of reasons for this. first, the restrictions in autumn and winter were not as tough as in spring. second, both households and businesses were better prepared for the resurgence of coronavirus cases and adjusted faster. credit activity did not decline, and consumer demand remained unchanged, including owing to a rise in online purchases. third, external demand for russian exports also turned out to be higher than our expectations. we assume that demand in the economy will be recovering steadily further on, promoted by lending expansion amid accommodative monetary policy, mass vaccination, and an improvement in household and business sentiment. over the acute phase of the crisis, budget spending considerably supported the real sector. the effect of stimulus measures is expected to continue in the first half of the year as well. further on, the scheduled fiscal policy normalisation will reduce the extent of this influence. nonetheless, the budget will remain expansionary as compared to the long - term parameters provided for by the fiscal rule. in these conditions, economic growth will continue owing to a further revival of both domestic and external demand. the recovery of domestic demand will be driven by the cancellation of restrictions as the epidemic situation improves, especially in the service sector. external demand will be boosted by a rebound in the global economy. disinflationary demand - side pressure will thus be decreasing overall. given the current positive trends, we keep unchanged our forecast of gdp growth at 3 – 4 % for 2021. furthermore, the economy may reach its pre - pandemic levels already by late 2021, and not by mid - 2022, as we assumed earlier. this will become
jean - claude trichet : some lessons from the financial market correction speech by mr jean - claude trichet, president of the european central bank, at the “ european banker of the year 2007 ” award ceremony, frankfurt am main, 30 september 2008. * * * ladies and gentlemen, it is a great privilege for me to be awarded the “ european banker of the year ” in 2007. i am very grateful to receive it. thank you for the honour you have bestowed on me. let me also warmly thank jean - claude juncker for having been so kind in his speech. for all reasons i am very touched. at this stage, let me say that we are presently in the purdah period, namely within a week before the next decision meeting of the governing council. nothing in what i will say should be interpreted in terms of our monetary policy stance and our future decision next thursday. in accepting this prestigious award, let me first reflect on what jean - claude juncker just said. indeed, the turbulence on the global financial markets over the last year has posed particular challenges for financial institutions, investors, supervisory authorities and central banks alike. the european central bank has made, and continues to make, substantial efforts to address the weaknesses and to promote the smooth functioning of the financial markets. today, i would like to share with you a few thoughts on the lessons that we have drawn thus far from the financial market correction in the context of monetary policy and financial stability. i. the ecb ’ s reactions as regards the management of the money markets in its ten - year history the ecb has had to conduct monetary policy under particularly challenging circumstances in a number of occasions : the global correction in equity markets after the bursting of the “ new economy ” bubble and the terrorist attacks in september 2001 are cases in point. the emergence of the financial market tensions in early august 2007 is certainly the most challenging experience to date. as other major central banks in the world the ecb has reacted promptly and consistently during the various phases of the market turbulences to ensure the smooth functioning of the money market. in order to fully understand this role of the ecb let me start by explaining the so - called separation principle. the ecb makes a clear separation between, on the one hand, the determination of the monetary policy stance and, on the other hand, its implementation using liquidity operations. the monetary policy stance is determined so as to serve the primary objective of the ecb, namely the maintenance of price stability

##2s endeavours will continue to be a success, and i look forward to continuing our cooperation with the csds and with market participants. thank you very much for your attention. bis central bankers ’ speeches
are to 2014q3. for further details on this survey, please see the 2014 q2 quarterly bulletin article, “ public attitudes to monetary policy ”, http : / / www. bankofengland. co. uk / publications / documents / quarterlybulletin / 2014 / qb14q205. pdf. bis central bankers ’ speeches chart 3 : satisfaction with the bank and inflation perceptions net satisfaction with the bank ( a ) median perceptions of current inflation - inverted ( b ) differences from averages since 2000 ( number of standard deviations ) 2. 5 2. 0 1. 5 1. 0 0. 5 0. 0 - 0. 5 - 1. 0 - 1. 5 - 2. 0 - 2. 5 source : bank of england gfk / nop survey. notes : a ) the percentage of respondents who were fairly or very satisfied with the way in which the bank of england is doing its job to set interest rates in order to control inflation, less the percentage who were fairly or very dissatisfied. b ) respondents were asked how they thought prices had changed over the past twelve months. data are to 2014q3. for further details on this survey, please see the 2014 q2 quarterly bulletin article, “ public attitudes to monetary policy ”, http : / / www. bankofengland. co. uk / publications / documents / quarterlybulletin / 2014 / q b14q205. pdf. chart 4 : uk financial market implied measures of inflation expectations and the inflation target per cent 5yr5yr inflation implied from index - linked gilts inflation targets first inflation target and erm exit operational independence and creation of mpc switch to 2 % cpi inflation target source : bloomberg and bank calculations. notes : inflation targeting periods : 1 – 4 % from 08 oct 1992, 2. 5 % from 14 jun 1995, 2 % cpi from 10 dec 2003. the light blue line is adjusted down by 1pp to take account of the rpi - cpi wedge. bis central bankers ’ speeches chart 5 : uk inflation and output gap variances inflation variance pre - independence 1955 - 1997 great moderation 1998 - 2007 post - independence 1998 - 2014 great recession 2008 - 2014 output gap variance source : bank calculations. notes : the methodology is based on king ( 2013 ). the inflation variance is calculated as the variance of quarterly inflation rates based on the gdp deflator. the output gap variance is calculated as the variance of deviations of real gdp from a

the average of 27 oecd states. sources : oecd ; world economic forum ; r. barro and j. w. lee ( 2013 ), " a new data set of educational attainment in the world, 19502010, " journal of development economics, 104, 184 - 198 ; j. gwartney, r. lawson, and j. hall ( 2015 ), " 2015 economic freedom dataset, " economic freedom of the world : 2015 annual report, fraser institute.
svein gjedrem : asset prices and economic policy address by mr svein gjedrem, governor of norges bank ( central bank of norway ), at the centre for monetary economics ( cme ) / bi norwegian school of management, oslo, 12 september 2008. the text below may differ slightly from the actual presentation. * * * inflation targeting inflation targeting was introduced in norway by royal decree in march 2001, after it had been applied for a period in many other countries. our experience so far has been that inflation targeting has provided a sound basis for stabilising inflation and inflation expectations. in the period from 2003 to the beginning of 2008, inflation was below target. ever - cheaper goods flowed into norway from asia, and with solid productivity growth in norwegian enterprises, the rise in prices for domestically produced goods and services was also subdued. in an environment of low inflation, the interest rate was also low. at the same time, it was stated that when inflation picked up, the interest rate level would again return to a normal level. solid growth in output and demand for goods and services gradually led to prospects for higher inflation. since summer 2005, the interest rate has gradually been raised again to prevent inflation from becoming too high. the interest rate was raised well before inflation moved close to 2. 5 per cent. in 2007, the key policy rate reached what we consider to be a normal level. from 2003 and up to the end of 2007, growth in the norwegian economy was high and gathered momentum both more quickly and more markedly than in the business cycles in the1980s and 1990s. the interest rate has by and large curbed the effects. the interest rate was low in the years between 2003 and 2005 while activity in the economy was still moderate, and has gradually been raised since then. because inflation was low, the interest rate was kept low in a period of high growth and increasing capacity utilisation. three factors were important : first, labour has flowed into norway from other countries. the opening of the labour market to the new eu countries has provided us with access to a reserve of labour. inward labour migration rose towards the end of the cyclical upturn and has contributed to sustaining the high level of growth. in 2007, the population expanded by more than 56 000, with net immigration at 40 000. this is the highest population growth ever recorded in norway. second, businesses in norway have become increasingly efficient, resulting in lower costs. it has been profitable to hire

already working on this. norges bank is particularly focused on improving the common infrastructure for payment services, which will provide a solid foundation for competition, innovation and security in the payments market. our ambition is to contribute in making a sound norwegian payment system even better, in dialogue and collaboration with the industry. 6 / 6 bis central bankers'speeches
, the government may need to consider additional revenue - raising measures or cuts in spending in the medium term to address spending pressures related to an ageing population ; the need to invest in critical infrastructure such as housing and in meeting climate change targets ; and the potential fall - off in corporate tax revenue. 10 assessing the appropriate level of public debt, which is already highly time - and country - specific, becomes even more complicated when factoring in longer - term considerations. given that many countries face similar challenges, i broaden my horizon beyond ireland once again. the need to transition to a low, or even carbon - free, economic structure will likely require substantial public investment. this is due, in part, to the substantial uncertainty inherent in less - developed green technologies. this could limit private investment, despite increasing awareness of the substantial economic costs of failing to act. mark carney refers to this as “ the tragedy of the horizon ”. 11 the public sector can lead the way with this transition. expenditure and tax policies could help catalyse private investment for the climate transition and promote behavioural change needed to meet climate targets. indeed, this is one of the primary objectives of the next generation eu financial package. to complete the transition, however, we need to reconsider the evaluation of public expenditure performance. the typical benchmark that the rate of return is greater than the cost of servicing the additional debt is often more difficult to achieve for riskier and / or longer - term investments. this can result in perverse incentives to invest in projects that only temporarily boost economic growth rates. one possible approach is to give greater weight to the future when assessing the feasibility of investments with longer horizons. altering the discount rates used for cost - benefit analyses of public investment projects, for example, would provide a more realistic estimate of the future costs of present inaction. of course, it is vital that project planners and the investors financing these projects agree on these costs and benefits. this avoids disappointments that raise the cost of future financing. green bonds and environmental, social and governance ( esg ) investing provide a useful framework for such cooperation. to conclude, judging the appropriate level of government debt is challenging. given the scale of the issues facing us, we need to reconsider traditional measures of evaluating the trade - offs of additional debt. expenditure on clearly - stated and measurable goals that emphasise quality over quantity are more likely to reap the benefits and minimise the costs of additional government debt. while low

. rice & g. walsh ( 2017 ) “ global and domestic modeling of macroeconomic shocks : a gvar analysis of ireland ”, research technical paper vol. 2017, no. 9. central bank of ireland. 10 see quarterly bulletin no. 3 2021, central bank of ireland. 11 see “ breaking the tragedy of the horizon – climate change and financial stability ”, speech by mark carney, london, 29 september, 2015. 3 / 3 bis central bankers'speeches
the future relationship between the eu and the uk is still subject to lively debate. but what is clear is that cooperation is more important than ever. many challenges the banking industry faces today are relevant on both sides of the channel. in order to overcome them, we need to work together. to stay strong and dependable. like windsor castle -. 4 / 4 bis - central bankers'speeches

host of not only the first ever conference on climate risks and supervision, but also the first ever conference of the central banks and supervisors network for greening the financial system. we hope and are convinced it won ’ t be the last.