samchain/econo-pairs-v2 huggingface dataset:
higher - paying job. when one person takes that step, he or she leaves an opening that needs to be filled. a period of job switching follows, where people move into better employment. ultimately, people who have been outside the labour force then see more opportunities and can be drawn back in. of course, we will never have a perfect matching of all workers and jobs. the regional nature of our economy means the perfect job to match a person ’ s skills and experience might be thousands of kilometres away. further, there are still too many barriers that prevent workers in one province from moving to a job in another province. labour market churn is a highly complex process that is difficult to predict. so is the creation of new economic supply through investment prompted by strong demand or new firm creation. but it should be clear that there are likely to be significant economic benefits associated with allowing the economy to find its way to a higher, more productive economic equilibrium, if this can happen within our inflation - targeting regime. we cannot know in advance how far the capacity - building process can go, but we have an obligation to allow it to occur. this is why the bank has been careful to explain that it cannot take a mechanical approach to policy in this context, even though we believe that interest rates are likely to move higher over time. in fact, we have described this as a risk - management process. if the economy builds more supply than usual, that will put downside risk on inflation ; if less, that will create upside risk to inflation, and it is our job to balance those risks. of course, these are not the only issues we are watching closely. my colleague, deputy governor tim lane, listed many of these in his progress report speech last week. the issues include heightened uncertainty about future us trade policies, changes in inflation dynamics, wage behaviour and the impact of interest rates on the economy, given high levels of household debt. in this situation, we will remain cautious in considering future policy adjustments and dependent on incoming data to guide our assessments. 4 / 6 bis central bankers'speeches the future of work so far, i have been talking about the untapped potential in today ’ s economy. let me now say a few words about the future of work, and what theory and history suggest may be in store. we are at the start of what has been called the fourth industrial revolution. the integration of digital technologies in virtually every part of our lives is just getting started. like all revolutions

, there is good reason to be optimistic about the canadian economy. these are exciting times. new opportunities, new technologies and new industries are all waiting right around the corner. the students here today will be the ones who will shape the future, with the tools developed through their imagination and ingenuity. i cannot wait to see how it turns out. i would like to thank russell barnett for his help with this speech. 6 / 6 bis central bankers'speeches
at least for another year. second, we confirmed the ongoing full reinvestment of the principal payments from the maturing securities purchased under the asset purchase programme for an extended period of time past the date when we start raising the key ecb interest rates, and in any case for as long as necessary to maintain favourable liquidity conditions and an ample degree of monetary accommodation. finally, we determined the modalities of the new series of quarterly targeted longer - term refinancing operations ( tltro iii ), which were announced in march. tltro iii operations will start in september 2019 and end in march 2021, each with a maturity of two years. we decided that the interest rate in each operation will be set at a level that is 10 basis points above the average rate applied in the eurosystem ’ s main refinancing operations over the life of the respective tltro. for banks whose eligible net lending exceeds a benchmark, the rate applied in tltro iii will be lower, and can be as low as the average interest rate on the deposit facility prevailing over the life of the operation plus 10 basis points. the schedule defining the borrowing costs under tltro iii is marginally less generous than that applied under the outstanding tltro ii, in line with our intent of not discouraging banks that can afford to fund themselves in the market on attractive terms from doing so at tltro ii maturity. at the same time, the pricing schedule incorporates features that can greatly enhance our accommodative monetary policy stance, as banks with strong lending performance will retain the opportunity to borrow at negative interest rates. the pricing remains sufficiently generous – especially when compared with alternative sources of funding – for banks to keep credit flowing to firms and households on a scale that can continue to support the economy and inflation. all in all, this set of decisions will provide the monetary accommodation necessary for inflation to remain on a sustained path towards levels that are below, but close to, 2 % over the medium term, while also preserving favourable bank lending conditions and supporting a smooth 2 / 3 bis central bankers'speeches transmission of our monetary policy. this being said, the governing council remains ready to act in case of adverse contingencies and to use its instruments – as appropriate – to ensure price stability. a reliable strategy is an anchor for credible monetary policy. erratic policy debates for the purpose of creating short - term stimulus risk undermining that credibility in the long run.

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rate ( obfr ) to capture wholesale borrowing activity, which moved from offshore to onshore branches. collection of these data began on october 1, 2018. there will be a review of the new data and an evaluation of how its inclusion will impact the obfr before its expected addition. for more information about this survey, see senior financial officer survey, august 29, 2018.

prices that it was given by congress. i believe that the program delivered what could have been expected from it. in particular, let me highlight its success along two dimensions. first, the lsap2 program made broad financial conditions more accommodative. this conclusion can be drawn from the behavior of financial markets from late august 2010 to the program ’ s implementation date in november 2010 – a period during which market participants moved from seeing such a program as a remote possibility to expecting it with near certainty. 3 asset price movements over this period included a decline in real interest rates, a narrowing of risks spreads, an increase in equity prices, and a decline in the dollar – exactly the pattern that one would expect to be generated from additional monetary policy accommodation. these changes likely supported economic growth and the creation of employment relative to what would have been realized in the absence of the program. 4 second, the lsap2 program appears to have raised inflation expectations from unusually low levels and reduced the threat of deflation. the downside risks to inflation had become quite threatening by last summer. breakeven inflation rates had moved to levels that were well below those consistent with the fomc ’ s mandate, even for forward measures covering periods beginning several years ahead. in addition, the pricing of deflation risk, as computed by looking at treasury inflation - protected securities with different amounts of accrued inflation, reflecting fairly substantial odds of deflation over the next several years. 5 since that estimates of the contribution of additional risk coming from the increased size of the portfolio range from 60 percent to 80 percent, while estimates of the impact of its longer duration range from 20 percent to 40 percent. see, for example, chairman ben s. bernanke ( 2010 ), “ the economic outlook and monetary policy ”, remarks at the federal reserve bank of kansas city economic symposium, jackson hole, wyoming, august 27. one would expect market prices to incorporate nearly all of the effects of the programs in advance rather than during the actual implementation of the program. thus, the period before the november implementation is the most relevant period for assessing the program ’ s effects. for example, see chung et al ( 2011 ), “ have we underestimated the likelihood and severity of zero lower bound events ” and vice chairman janet yellen ( 2011 ), “ the federal reserve ’ s asset purchase program ”, remarks at the allied social science associations annual meeting, denver, colorado, january 8. tips are designed with a
however, is a global phenomenon : japan has the oldest population in the world, while in china the dependency ratio has doubled since 1950 and is expected to reach 44 per cent by 2050, up from 13 today. this demographic transition will have a deep and long - lasting economic impact. however, the argument that this impact is inevitably negative rests on the assumption that old people are only unproductive consumers of government benefits. this is not necessarily the case : − − ageing does not automatically imply being unproductive or sick. a 70 year old today is in many respects much “ younger ” than a person of the same age 50 years ago and we now have the means to avoid the marginalization of the elderly and to keep them an integral and productive part of society for longer. while in relative terms the old are outgrowing the young, the number of young people in the world is the largest in history in absolute terms, but it is not distributed evenly around the globe. of the 2. 2 billion people added to the world population since 1990, less than 1 in 10 live in advanced countries. africa, which hosts some of the poorest countries in the world, is expected to have the fastest population increase over this century, reaching asia in absolute terms. only an integrated world economy and wise policies can help to spread the benefits of progress more evenly. this also requires that the flows of migration be properly managed. climate change is linked to what we have been saying so far. the post - war exponential demographic acceleration – the “ population explosion ” – prompted discussion of the “ limits to growth ”. at the start of the 1970s, the report of the club of rome, which centred on the predicted depletion of natural resources, raised alarm about the survival of the earth ’ s ecosystem and of the human race. these projections received great attention from the media, but they were greeted sceptically by many eminent economists of the time. with some reason, the critics noted that the report failed to account for two major stabilizing mechanisms : the ability of relative prices to rebalance supply and demand and the endogenous response of technology. notwithstanding the power of these two mechanisms, which makes any long - term projection hazardous, the concern has not abated. the debate on sustainable development – i. e. development that can “ meet the needs of the present without compromising the ability of future generations to meet their own needs ” – suggests that today it is impossible to ignore the environmental

population in advanced economies and in the world at large.
agustin carstens : award of the order of the aztec eagle to richard w fisher remarks by mr agustin carstens, governor of the bank of mexico, during the ceremony to grant the mexican award of the order of the aztec eagle ( orden del aguila azteca ), in the category of badge, to richard w fisher, president and chief executive officer of the federal reserve bank of dallas, mexico city, 17 february 2015. * * * good evening. • secretary of foreign affairs, jose antonio meade kuribrena, • dear friend and fellow central banker, president and chief executive officer of the federal reserve bank of dallas, richard fisher, • honorable guests gathered here tonight to celebrate the well - deserved award granted by the government of mexico to richard fisher, • ladies and gentlemen, the agreement of last december, by means of which president pena nieto granted the mexican award of the order of the aztec eagle to richard fisher, is very clear with respect to why he was considered for such high honor : his tireless defense and promotion of free trade between mexico and the u. s. ; his determined backing, in different forums, of opportunities derived from mexican economic policies ; and his continuous efforts in strengthening the trade and financial links between our countries, both for the benefit of the mexican and american people. richard has also been a permanent advocate of price stability as a necessary, although not sufficient, condition to foster economic growth and well - being. and, we recognize his generous willingness to exchange experiences in central banking matters and to find timely solutions to the new binational challenges, such as in correspondent banking and in regulation and supervision of financial institutions. richard fisher ’ s close connection and undeniable affection for mexico is deeply valued. his positive attitude towards mexico is clearly evidenced by his constant presence in the country, where he lived during his childhood and studied elementary school. richard recalled back in 2006, as he delivered a speech in monterrey, that his mother used to say that when he turned 18 years old he knew more about miguel hidalgo and benito juarez than about abraham lincoln and george washington. i would like to add to all of these merits, two additional virtues that richard has and that, due to personal reasons, make him an even more valuable individual. first, that during his childhood, he played baseball in the little leagues of mexico. an experience which, according to those knowledgeable in the field, as myself, forges great personalities. second, and more substantive, is richard ’

at banco de mexico enthusiastically join president enrique pena nieto in thanking richard for all that he has done for mexico and to enhance mexico – us relationships, which i am sure he will continue to do. bis central bankers ’ speeches
20 april – to make full use of the current economic growth and better than expected tax revenues to pursue sound fiscal policies and to avoid procyclical policies in line with the provisions of the stability and growth pact. in the view of the governing council, this requires a rigorous implementation of 2007 budgets, the avoidance of expenditure overruns and the full allocation of unexpected extra revenues to deficit and debt reduction. for 2008, countries with remaining fiscal imbalances are expected to pursue more ambitious than planned budgetary targets. as a result, all euro area countries should achieve their medium - term objective of sound budgetary positions as soon as possible and by 2010 at the latest. moreover, all countries should avoid fiscal policies that feed macroeconomic imbalances. this would allow euro area countries to prepare themselves for less favourable economic conditions. as repeatedly stressed, the governing council fully supports structural reforms that enhance competition, increase productivity and foster economic flexibility, thus promoting the potential for real gdp growth and employment. increased productivity also allows for increases in real wages without negatively impacting on employment, thereby supporting the income growth of the euro area work force. in recent years, average wage increases in the euro area as a whole have been rather moderate, making a vital contribution to job creation and lower unemployment. it is important that this favourable trend in labour markets continues, so contributing to a prolonged and robust upswing. in this respect, sufficient wage differentiation is required so as to improve employment opportunities for less skilled workers and in sectors and regions with high unemployment. furthermore, the removal of impediments to labour mobility would help to address local imbalances in labour markets and to enhance the adjustment flexibility of euro area economies to economic shocks. the euro area could reap major benefits from these policies in terms of economic dynamism, more job creation, lower unemployment and increased per capita income. we are now at your disposal for questions.

to emphasize that the status of small and medium enterprises in the kingdom still needs a lot of care and an appropriate environment to perform their required roles in the economy, especially in the field of saudization of jobs. this important symposium may, hopefully, discuss this topic from its different aspects and provide the necessary recommendations to assist competent authorities in making appropriate decisions for this important sector. thank you all for listening and wish you success.
generations.

economists are men of their times, but they also have the ability to shed light on the future. the twentieth century gave us examples of instability and of economic and political upheaval of extraordinary magnitude. at some crucial moments people feared for the very survival of our civilization, owing to the wide - scale use of weapons of mass destruction. the experience of the two world wars, with their legacy of death and destruction, must impel us to relegate war to the past as a means of solving international disputes. great philosophers have taught us that peace lies at the core of the future of humanity. closer cooperation between the advanced countries and the emerging economies can contribute to the progress of the world economy. it is necessary to rely on the decision - making power of the united nations. it is necessary to oppose all the forms of violence that offend the dignity of the person, such as terrorism. it is necessary to strengthen, also in the light of ethical principles, the foundations of international law and institutions. for its part economic theory has made major advances. there is room to refine the analytical instruments that the great thinkers of the distant and recent past have handed down to us and adapt them to today ’ s situations. this is a task for universities, but also for the institutions that are continuously faced with new phenomena and problems. further intellectual revolutions may not be indispensable ; if they are, enlightened minds will put them forward. fruitful results can still come from the analogical application of existing theories, formulated for essentially closed economies, to increasingly open and integrated economies. the institutional orders and policies adopted for national financial systems can provide guidance, taking account of the differences, for world finance. theoretical models developed in the age of free banking can be applied to the analysis of international finance, in which the national monetary systems of individual countries play a role similar to that played by banks in national economies in the early decades of the 1900s. there exists a problem of controlling global liquidity, in addition to the stability of intermediaries. as rightly pointed out by fausto vicarelli, an economist who died prematurely some ten years ago, the basic characteristic of capitalism in the age of finance is instability. he considered the analysis of this phenomenon, and the consequent proposals for economic policy, to be one of keynes ’ s most important contributions. sraffa ’ s theory and the exhumation of classical doctrine, from smith to ricardo, not to mention the neoclassical models of
klaas knot : financial stability through transparent reporting speech by mr klaas knot, president of the netherlands bank, at the “ international financial reporting standards ” conference, amsterdam, 27 june 2013. * * * ladies and gentlemen, i would like to talk to you about the role accounting standards fulfil in micro - and macroprudential supervision of the financial sector. from experience i know that the accounting domain, the prudential domain and financial stability cannot be seen separately. the discussion about this subject has been going on for quite some time. but i ’ ve always contributed to this debate from a supervisory perspective. and so i will today. the main thread of the debate has always been “ unexpected losses versus expected losses ”. in other words : losses we cannot see coming versus the net present value of predictable future losses. the question for us is : how to translate the prudential notion of expected and unexpected losses to day - to - day accounting practises? i have two messages : the first : accounting standards should be designed to reflect expected losses, no more and no less than that. and own funds should be designed to absorb unexpected losses. the second : financial reporting and financial stability supplement one another. they are like a horse and carriage. i believe a combination of transparent capital requirements and accounting concepts based on expected losses, would boost trust in financial institutions and thus improve financial stability. now, it ’ s a known fact that the ancient egyptians were aware that every good seven - year period would be followed by a bad seven - year period. seven years of favourable weather conditions would be followed by seven years of either too little or too much rain. it ’ s why they saved grain during the seven good years. this old wisdom would serve the financial sector well too. stockpiling the metaphorical granary when harvests are good is sound financial policy. so, how does this translate to financial reporting and capital requirements? well, in the debate, prudential regulators are often accused of building in unexpected losses in loan loss provisions. i think, though, that the facts tell a different story. let ’ s look at the basel committee for instance. it distinguishes between expected and unexpected losses. it argues that capital requirements should be robust enough to cover unexpected losses. and the basel committee welcomes that the iasb is considering including the expected loss notion in their new financial instruments standard, ifrs 9. with a few hundred accounting experts here in the audience, i

make a significant proportion of their commercial real estate investments through investment funds. on a positive note, we conclude that risks at dutch real estate investment funds seem to be well - managed. this is partly because the redemption frequency of these funds matches the illiquid nature of real estate investments. this concludes my introduction. 2 / 2 bis - central bankers'speeches