samchain/econo-pairs-v2 huggingface dataset:
donald l kohn : recent and prospective developments in monetary policy transparency and communications – a global perspective remarks by mr donald l kohn, vice chairman of the board of governors of the us federal reserve system, at the national association for business economics session, allied social science associations annual meeting, new orleans, louisiana, 5 january 2008. * * * i appreciate this opportunity to review recent developments in federal reserve communications. 1 as you know, the federal open market committee ( fomc ) decided last october to expand the medium - term economic forecasts of its members and to release that information to the public. i will discuss why i believe this is a very important and beneficial step, and then briefly discuss our communication efforts over the recent months of market turmoil. good communication is essential to successful central banking. it is critical to preserving the democratic accountability and public legitimacy of central banks that, for good reasons, have been granted a high degree of insulation from short - run political pressures. and good communication strengthens the effectiveness of good policy, largely because expectations are so important to the choices that households and businesses make about spending and saving and about prices and wages, as well as to the asset prices that help shape those choices. private decisions are more likely to reinforce the achievement of central bank objectives if decisionmakers understand the goals of the central bank, its evaluation of the forces bearing on the economy, and its possible responses to economic shocks. good communication is a complement to good policy, not a substitute for it. ultimately, central banks are judged on the outcomes for the economy – how well they meet their objectives. no amount of well - designed communication can counter the effects of consistently deficient analysis or poorly judged policy choices. but clear explanations and public frameworks can themselves help to promote good policy. feedback from the market is more useful to central banks when the market understands the central bank's reasoning, strategy, and objectives, even if market participants don't agree with the central bank's outlook. and the discussions and decisions on how to frame the public presentation of policy can lead to improvements in internal deliberations. among the most important criteria for judging the effectiveness of communications and transparency, then, is whether or not they impede making the best possible policy decisions. transparency should not be allowed to inhibit the free give and take and the testing of ideas at meetings that are so important to reaching good decisions. and communication must deal with the diversity of views on the policy committee ; that diversity is a strength

5 bis central bankers'speeches
perks m ligoya : the challenge of making sound policy choices speech by dr perks m ligoya, governor of the reserve bank of malawi, at the official opening of the financial programming and polices course, lilongwe, 1 march 2010. * * * the director, macroeconomic management programme, mefmi distinguished resource persons mefmi staff course participants ladies and gentlemen it is a great pleasure and honour for me to join you on the occasion of the official opening of this regional course on financial programming and policies. allow me to begin by extending a very warm welcome to you all on behalf of the government and the people of malawi, and also on my own behalf. i wish to extend a warm welcome to the macroeconomic and financial management institute of eastern and southern africa ( mefmi ) staff and resource persons. we in malawi are most delighted to be associated with mefmi and to host one of your capacity building events once again. a special welcome to colleagues from mefmi member states. may your two week stay in malawi be both enjoyable and fruitful. let me acknowledge the presence of our regional resource persons, who have taken time off their busy schedules to assist us in this important event. i am pleased to note that the team wholly comprises experts trained by mefmi under its flagship fellowship development programme. this is an indication that mefmi ’ s capacity building efforts are now bearing fruit on a sustainable basis. we wish to commend the institute for this achievement. this course, i am informed, is designed for middle to senior level officials from the ministries of finance and economic planning and central banks. these officials provide an important technical input into macroeconomic and financial policies and are sometimes also involved in policy design and implementation. this course aims at enhancing their understanding of the design and implementation of macroeconomic and financial policies. it is most pleasing therefore to see a number of you here representing key economic and financial institutions in our region. may i urge you all to make the most of this rare opportunity. experience from the region shows a general institutional bias in skills among our economists. for example, economists in the ministries of finance tend to have a firm appreciation of fiscal issues but limited understanding of balance of payments and monetary and financial issues. similarly economists in central banks may also be weak in fiscal and national accounting. this, coupled with the weak coordination among key macroeconomic management agencies, often leads to the formulation of inconsistent macroeconomic policies, resulting in poor economic

bank in the year ended 2007. with these few remarks, ladies and gentlemen, i thank you all for your time and attention. i now have the pleasure to declare the mobile banking service officially launched. thank you and god bless you all.
according to statistics released by the oecd, the labor force participation rate of women aged between 25 and 54 in japan was 75. 3 percent in 2017 ; this figure is higher than that for the united states - - which is 72. 1 percent - - and the average of the g - 7 countries - - which is 73. 5 percent, with france at 75. 2 percent, germany at 80. 0 percent, and the united kingdom at 78. 1 percent. currently, the issue surrounding working women in japan is not the labor force participation rate itself, but the scarcity of opportunities for women to develop their career at work, given that many women work as part - timers or non - regular employees. however, without entry into the labor market in the first place, women cannot create career plans. i believe that, as the number of working women increases, more women will become regular employees, enabling them to develop their career ; in fact, in 2016, the ratio of women in managerial positions in establishments with 30 employees or more in japan increased, according to the fiscal 2016 basic survey of gender equality in employment management ( available only in japanese ) released on july 28, 2017 by the ministry of health, labour and welfare. chart 2 shows real purchasing power parity gdp per working - age person. as can be seen in the chart and the accompanying table, since the introduction of qqe, japan's growth rate has been the highest among the g - 7 countries, and has also been notably higher than during the preceding decade from 2002 to 2012. this means that those who want to work are increasingly able to work. chart 2 real ppp gdp per working - age person of major economies 90, 000 international dollars as of 2011 introduction of qe end of qe introduction of qqe japan united states 80, 000 united kingdom germany 70, 000 france italy 60, 000 canada 50, 000 40, 000 cy 30, 000 note : annual figures for working - age person are obtained by linear interpolation of data for every five years. figures for germany through 1990 are those for west germany. real gdp is converted by purchasing power parity ( international dollars as of 2011 ). sources : imf, " world economic outlook database " ; united nations, " world population prospects : 2017 revision. " average growth rate of the real ppp gdp per working - age person ( % ) united states united kingdom period japan germany france italy canada 2. 3 1. 7

to declare cetzam ’ s “ tusunge ” savings product officially launched. i thank you for your attention. bis central bankers ’ speeches
friends, i have on behalf of the executive board and governing council of the ecb to thank all of you for having accepted our invitation and for having contributed so actively to the discussions. the ecb considers important to permanently guard against complacency and to remain open to criticisms and suggestions, to take regularly stock of the advances of academic research. i thank you for your attention.

the use of such models for policy purposes is in its infancy, their further development is a promising way forward and should, therefore, remain an important field of ongoing research. however, at present the practical challenge of conducting the monetary analysis requires the adoption and employment of practical and fully operational tools. conducting such an analysis has not always proven to be an easy task. but, as the paper by fischer, lenza, pill and prof. reichlin demonstrates, the careful analysis of monetary developments in real time has helped the ecb to shape its assessment of the economic situation and the associated risks to price stability and to better identify the nature of the shocks impacting on the euro area economy. as i already said i can bear testimony that, over the past eight years, monetary analysis has helped the ecb to improve its policy decisions. at the same time, the importance attached to the monetary pillar has also signalled that the ecb ’ s monetary policy has an appropriate medium - term orientation. i strongly believe that this has contributed to shaping agents ’ expectations in a manner which enhanced the credibility of the ecb. in this context, the third issue raised by jurgen – namely how monetary analysis should be presented to the public – is crucial. presenting the monetary analysis in a manner that serves to stabilise private sector long - term inflation expectations by clearly signalling the ecb ’ s alertness with respect to risks to price stability at longer horizons is key. thus, it is particularly important that markets and the public at large have a good understanding of the systematic and conditional conduct of monetary policy by the central bank, so that expectations about future price developments and the path of policy rates are in line with the central bank ’ s mandate. transparency enhances the effectiveness of monetary policy by helping to guide the expectations of economic agents and bring them into line with policy objectives and actions. for these reasons, the ecb has striven to be as transparent as possible, communicating clearly, and by a variety of means, its policy objective, its strategy, its assessment of the economic situation, and its view of the outlook for price stability and associated risks. there is no doubt, however, that communication is a challenging task. i can assure you that we at the ecb – in light of the mandate that was assigned to us by the maastricht treaty and the trust and credibility we have earned from more than 313 million citizens – take this challenge very seriously. * * * chairman, governors, professors, dear
from this global crisis is that we must put great focus and vigilance on supervisory process, rather than just redrafting the written regulation. finally, there is pressing call for stronger international cooperation and dialogue among supervisors. this is so because the complexity and cross - border linkages of financial systems will continue to increase and while we are still grappling with the appropriate supervisory structure to handle cross - border issues, information flows, at this time, continue to be limited. thus, without effective communication and cooperation, it will be difficult to prevent or contain future financial crisis spillovers effectively. while we welcomed greater engagement of emerging economies in the global regulatory reform process, such as in basel committee and various working groups, the key success factors are these : first, our inclusiveness at the policy development stage rather than just implementation stage, and secondly, on the inclusiveness in the supervisory colleges of global banks which are systemically important to our domestic financial system. ladies and gentlemen, in closing, i would like to iterate that, the success in meeting these challenges, rests as much with us, as with the banking sector. thus far, we are pleased with their efforts in strengthening risk management, not only in the process, but more importantly, the culture. often, we are asked why our banking system has managed to remain resilient, while those with more sophisticated risk management system have suffered. i believe the key is, first of all, there is no gap between the risk profile of our banks and their risk management system, as well as our risk - based supervision. our banks business model is less complex, mobilizing local and stable deposit, for on lending to domestic borrowers, with small investment portfolios, mostly in plain vanilla thai government bond. they have very little exposure to less familiar risk such as overseas assets and complex products. but looking ahead, things will not stay this safe if both banks and the bank of thailand do not work closely to continuously strengthen risk management. this is because the banking system must serve the need of the real economy, which will become more complex with economic globalizations, aging population, and increasing demand from corporate and households. thus, our banking system is interdependent with the real sector, and must evolve with this awareness, recognition, and impending responsibility. thank you for your attention.

attention.
the soaring costs of its medical care is certain to place enormous demands on our nation's resources and to exert pressure on the budget that economic growth alone is unlikely to eliminate. to be sure, favorable productivity developments would help to alleviate the impending budgetary strains. but unless productivity growth far outstrips that embodied in current budget forecasts, it is unlikely to represent more than part of the answer. higher productivity does, of course, buoy revenues. but because initial social security benefits are influenced heavily by economywide wages, faster productivity growth, with a lag, also raises benefits under current law. moreover, because the long - range budget assumptions already make reasonable allowance for future productivity growth, one cannot rule out the possibility that productivity growth will fall short of projected future averages. in fiscal year 2004, federal outlays for social security, medicare, and medicaid totaled about 8 percent of gdp. the long - run projections from the office of management and budget suggest that the share will rise to approximately 13 percent by 2030. so long as health - care costs continue to grow faster than the economy as a whole, the additional resources needed for these programs will exert intense pressure on the federal budget. indeed, under existing tax rates and reasonable assumptions about other spending, these projections make clear that the federal budget is on an unsustainable path, in which large deficits result in rising interest rates and ever - growing interest payments that augment deficits in future years. but most important, deficits as a percentage of gdp in these simulations rise without limit. unless that trend is reversed, at some point these deficits would cause the economy to stagnate or worse. the broad contours of the challenges ahead are clear. but considerable uncertainty remains about the precise dimensions of the problem and about the extent to which future resources will fall short of our current statutory obligations to the coming generations of retirees. we already know a good deal about the size of the adult population in, say, 2030. almost all have already been born. thus, forecasting the number of social security and medicare beneficiaries is fairly straightforward. so too is projecting future social security benefits, which are tied to the wage histories of retirees. however, the uncertainty about future medical spending is daunting. we know very little about how rapidly medical technology will continue to advance and how those innovations will translate into future spending. consequently, the range of possible outcomes for spending per medicare

##al effects of policy changes but also the broader economic effects on labor supply, retirement behavior, and national saving. the benefits to taking sound, timely action could extend many decades into the future.
communicates effectively with the broader economy, guiding responsible decision - making across the private sector and households. i strongly encourage you to extend your influence beyond the confines of the bank, engaging with academia and various interest groups to foster the continuous communication with the economy. this engagement will ensure that our policymaking is better understood and gains an ever increasing public support. 2 / 3 bis - central bankers'speeches i wish you a very productive discussion! 3 / 3 bis - central bankers'speeches

##ry customer. imps has also been enabled for usage over atm and internet banking. the existing two factor authentication for both these channels have to invoked while making payments through imps, viz. card plus pin for atm and user id plus net banking / transaction password for internet banking. in view of its multi - channel capabilities it has now been rechristened as immediate payment service. npci is now attempting to provide frontend consolidation to banks in the form of common unstructured supplementary service data ( ussd ) platform to enable the users to use low end mobile handsets that do not require any specific application to do mobile payments / banking. these innovations in imps are expected to promote mobile banking transactions in the country in a big way. bis central bankers ’ speeches electronification of kccs the smart card linked, mobile based and aadhar enabled kcc, popularly known as m - kcc, was launched in july 2012 and is seen as a great example of harnessing the latest technology for user friendly applications for financial inclusion of farmers. anecdotal evidence, however, indicates that banks are yet to launch the product in a big way. another similar experiment relates to the rupay kisan credit card launched by the npci. the banks certified to issue such cards are found to be issuing only atm cards and not rupay debit cards. the pos terminal network which has crossed 0. 6 million has low acceptance of rupay cards. the lack of infrastructure is causing limited use and acceptability of rupay cards. it is rather surprising to note the lackluster response of the banks and their inability to identify the business potential in such innovative products. access criteria to facilitate wider access to payment systems both centralised ( viz. necs, neft and rtgs ) and decentralised ( viz. micr, ecs, recs ), membership criteria have been rationalised and made open to all licensed banks. an alternate mechanism of sub - membership has also been opened for accessing centralised payment systems for all licenced banks like the regional rural banks and co - operative banks which have the capabilities but are not participating in centralised payment systems on account of either not meeting the access criteria or because of cost considerations. the sub - membership route has been provided to expand the reach to all banks even those located in smaller centres. this is expected to deepen the reach of the electronic payment systems and provide the benefit of modern electronic payments to
basis points since december, including the 50 - basis - point reduction announced on 22 april, the timing of any further monetary stimulus will depend on the evolution of the global economy and domestic demand, and their impact on inflation in canada.

mark carney : summary of the latest monetary policy report opening statement by mr mark carney, governor of the bank of canada, at a press conference following the release of the monetary policy report, ottawa, 24 april 2008. * * * today, we released our april monetary policy report, which discusses current economic and financial trends in the context of canada's inflation - control strategy. growth in the global economy has weakened since the january monetary policy report update, reflecting the effects of a sharp slowdown in the u. s. economy and ongoing dislocations in global financial markets. growth in the canadian economy has also moderated. buoyant growth in domestic demand, supported by high employment levels and improved terms of trade, has been substantially offset by a fall in net exports. both total and core cpi inflation were running at about 1. 5 per cent at the end of the first quarter, but the underlying trend of inflation is judged to be about 2 per cent, consistent with an economy that is running just above its production capacity. the u. s. economic slowdown is projected to be deeper and more protracted than in the january update. the projection reflects a more pronounced impact on consumer spending of the contraction in the u. s. housing market and significantly tighter credit conditions. the deterioration in economic and financial conditions in the united states will have direct consequences for the canadian economy. first, exports are projected to decline, exerting a significant drag on growth in 2008. second, turbulence in global financial markets will continue to affect the cost and availability of credit. third, business and consumer sentiment in canada is expected to soften somewhat. nevertheless, domestic demand is projected to remain strong, supported by firm commodity prices, high employment levels, and the effect of cumulative easing in monetary policy. the bank projects that the canadian economy will grow by 1. 4 per cent this year, 2. 4 per cent in 2009, and 3. 3 per cent in 2010. the emergence of excess supply in the economy should keep inflation below 2 per cent through 2009. both core and total inflation are projected to move up to 2 per cent in 2010 as the economy moves back into balance. there are both upside and downside risks to the bank's new projection for inflation ; these risks appear to be balanced. in line with this outlook, some further monetary stimulus will likely be required to achieve the inflation target over the medium term. given the cumulative reduction in the target for the overnight rate of 150