samchain/econo-pairs-v2 huggingface dataset:
paul jenkins : how trade and impediments to internal trade affect the canadian economy opening statement by mr paul jenkins, senior deputy governor of the bank of canada, to the standing senate committee on banking, trade and commerce, ottawa, 12 march 2008. * * * thank you, mr. chairman, for the opportunity to appear before this committee. with me is john murray, a deputy governor at the bank of canada and member of the bank's governing council. let me start by saying that the issue of internal trade barriers is critically important, and i'm very pleased, mr. chairman, that your committee is examining it. we have reviewed previous submissions to this committee, and you will see that our focus will be slightly different. rather than address the details of any given restrictions to internal trade, i'd like to focus on how trade and impediments to internal trade affect the overall performance of the canadian economy. in these remarks, i'd like to address two important issues from that perspective : the need for flexibility in adjusting to economic change, and the need for economic policies that promote flexibility in markets for goods, services, capital, and labour. economic flexibility refers to the ability of an economy to adjust to changing circumstances. changes in economic conditions often relate to movements in relative prices, which in turn send important signals to markets. a flexible economy is one that adjusts to these signals and returns to its production potential as quickly, and with as little cost, as possible. over the past decade or so, economic expansion in canada and around the world has been robust, despite a series of major shocks. these shocks included : - the 1997 - 98 financial crisis in asia, which spread to russia and latin america - the worldwide collapse of the high - tech bubble - the 9 / 11 terrorist attacks in the united states - sars and bse - intensified competition from china and india - and, since 2003, a sharp increase in commodity prices and an associated sharp increase in the external value of our currency. more recently, of course, we have been faced with the fallout of credit market turbulence associated with problems in the american subprime - mortgage market and the increased use of structured financial products. it's important to note that all of these shocks were international in origin and / or in dimension. many of these shocks – notably, the asian crisis and the recent sharp run - up in commodity prices – involved large movements in relative prices, that is, in the prices

and making improvements to our market liquidity frameworks in support of canadians ’ economic and financial wellbeing. and it ’ s crucial that we keep you informed of those lessons along the way. thank you.
your work. i would like to assure you that the bank of albania will continue be a transparent institution, ready to provide opinions and assessments as necessary in all public debates related to the performance of our economy and financial markets. for the bank of albania, macroeconomic stability and financial solidity in albania are essential and long - term objectives. we work incessantly to enable such stability, which is vital for all the citizens of albania. i want to underline today that you are an important partner in our efforts and when we join forces guaranteeing the welfare of future generations becomes an easier task. dear guests, we have constantly emphasised that financial education and research are an integral and significant part of the activity of the bank of albania. they are a precondition and source for the social - economic development and welfare of the citizens of albania. in this regard, i would like now to turn your attention to what has now become a tradition, the ceremony for the governor ’ s award for the best diploma. 1 / 2 bis central bankers'speeches this is the 13th year that the bank of albania has selected and awarded three diploma theses. over the years, we have found that the quality of research work has been improving, to the point that it has become actually difficult to distinguish the work presented by a recently graduated student from that of a researcher at the bank of albania. the selected topics present great interest, as they focus on critical issues related to the economic and financial reality in albania and beyond. as in previous years, albanian students from domestic or foreign universities have applied and presented their best research work. we are happy to note that participation and interest from students and universities has been significantly on the rise, revealing the recognition, reliability and reputation this award has achieved. this year, we received 39 studies, ranging from monetary policy and economic and financial development of the country to topics related to aspects of management of production and financial activities, european integration, and technology innovations applied in the fields of virtual money and finance. these works are characterised by the use of contemporary research methodologies and make use of ample statistical information, to research, through theoretical arguments and cause - effect practical relations, various economic phenomena and the rules governing them. despite the objective difficulties in selecting the most interesting studies, we have eventually come to a decision on the “ governor ’ s award for the best diploma theses ” for 2019. having said that, while limited to selecting only three winners, i take this opportunity to congratulate

all the participants for their serious commitment and the ideas, methods and conclusions in their laudable research. i would encourage you to continue in your career, after this first step in scientific research, with many more ambitious ones. let us now present the winning candidates. thank you and happy holidays! 2 / 2 bis central bankers'speeches
##bold ( university of pennsylvania ), matthew gentzkow ( stanford ), nick bloom ( stanford ), helene rey ( lbs ), bryan kelly ( yale ), jianqing fan ( princeton ). on september 23 2022, we hosted raj chetty ( harvard ) talking about “ the economic impacts of covid - 19 : evidence from a new public database built using private sector data ”.

young field, it has quickly developed over the last few years. its main driver is the astounding volume of data stored by private companies and public authorities, which can now be treated more easily with ml algorithms to extract the information hidden among them. see d ’ amuri and marcucci ( 2017 ), “ the predictive power of google searches in forecasting us unemployment ”, international journal of forecasting, volume 33, issue 4, https : / / doi. org / 10. 1016 / j. ijforecast. 2017. 03. 004, which was published as a working paper version in 2009. in the age of big data, economic analysis should be addressed with different tools. among the data we are going to use, i would mention the following : 1 ) government data, such as electronic invoices and tax records ; 2 ) corporate data, such as data from google or other private companies such as retailers ; 3 ) unstructured data, such as textual data from social media, newspapers, job searching platforms, people and goods mobility, fintech apps, etc. the necessity to exploit nontraditional data with special algorithms is unavoidable for addressing the present economic conundrums. for example, raj chetty2 shows how big data gathered from private companies in the us can be fruitfully used to understand and solve some of the most important social and economic problems in a particular period of stress like the recent pandemic. taking advantage of big data can ultimately improve macroeconomics policymaking : i ) by answering new questions and producing new, accurate and more granular indicators ; ii ) by offering a painstaking and detailed description of the economic scenario through innovative data sources ; iii ) slashing the time lags in statistics production, therefore, contributing to a timelier nowcasts / forecasts of existing indicators. again, raj chetty shows that with real - time data like card payment transaction data securely merged with other individual data, we can design a new system of real - time national accounts that can be useful for diagnosing issues in the economy. big data can open new pathways for macro policy and macro modelling. we can fine - tune our policies based on the current state of the economy and evaluate the observed impacts of those policies in real - time. the spread and usage of bbg data, right now, cannot replace official statistics. the two data sources should be seen as complementary. both outputs should be compared to
. the market is a strict master and provides strong discipline for economic policy. there is little doubt that iceland is today reaping the benefits of general liberalisation. at present, we are also for the first time after the opening up of the capital account facing a challenge posed by the threat of overheating in the economy. our policies and policy tools are being put to a test.

of the central bank of iceland is 9 %. that can be compared with the repo rate of the european central bank of 2. 5 %. since september of last year, the central bank has raised its interest rates four times, by a total of 1. 8 percentage points. in early 1999 it also levied a liquidity requirement on icelandic credit institutions. the requirement is primarily prudential in nature. it was among other things aimed at reducing the reliance of domestic credit institutions on foreign short - term capital to finance their domestic lending activities which had risen sharply, but has subsequently diminished markedly. low inflation and macro - economic stability was only achieved in the early part of this decade. consequently, it is not at all surprising that we have to maintain interest rates that are significantly higher than among our main trading partners. the required difference is variable over time, depending among other things on the credibility of economic policy, relative cyclical positions and so on. the current differential is the widest since capital movements were liberalised and is of course explained to an important extent by the very different cyclical position of the icelandic economy from that of most of our trading partners, not the least in europe. it also entails the cost of maintaining an own currency, i. e. a premium for the availability of the exchange rate as an instrument. in this connection, i should also note that since the opening up of the capital account of the balance of payments, long - term interest rates, which used to be very high by any comparison, have been on a downward trend despite repeated increases in short term rates. this is not surprising and reflects a narrowing of long term interest rate differentials between iceland and other countries towards a much lower level than prevailed before capital movements were liberalised. two years ago the fiscal budget turned into surplus. that surplus has risen and in the budget proposal for the year 2000, which was submitted to parliament at the beginning of this month, the envisaged revenue surplus is equal to 2. 2 % of gdp. in the view of the central bank, it is essential that the targeted budget surplus be realised. it is important for the credibility of the overall policy of the government and because it will have dampening effects on domestic demand and thus reduce the current account deficit. the foundations of the icelandic economy have strengthened in recent years through effective natural resource management and increased diversification, including the expansion of services exports. iceland has made great strides in economic management as indicated by the stability and
haruhiko kuroda : the current situation in japan ’ s financial system and macroprudential policy remarks by mr haruhiko kuroda, governor of the bank of japan, at the paris europlace financial forum, tokyo, 7 december 2015. * * * introduction it is a great honor to have this opportunity to speak before the paris europlace financial forum today. before i begin, i would like to offer my deepest condolences to the victims of the recent terrorist attacks in paris. since the global financial crisis, the “ macroprudential ” perspective has become widely recognized. underlying the macroprudential framework is the view that, to ensure financial stability, it is necessary to devise institutional designs and policy measures to prevent systemic risk from materializing, based on analyses and assessments of risks in the financial system as a whole, taking into account the interconnectedness of the real economy, financial markets, and financial institutions ’ behavior. today, i will start by providing an assessment of the current situation in japan ’ s financial system from a macroprudential perspective. i will then share with you my views on some of the issues regarding macroprudential policy. assessment of the current situation in japan ’ s financial system let me begin with an overview of the current situation in japan ’ s financial system. the bank of japan has been pursuing quantitative and qualitative monetary easing ( qqe ) since april 2013, and the policy has been steadily exerting its intended effects toward achieving the price stability target of 2 percent. it goes without saying that the financial system serves as an important transmission channel through which qqe produces its effects. indeed, the following positive financial effects have been observed in the past two and a half years : ( 1 ) stability of long - term interest rates at low levels and declines in credit risk premiums ; ( 2 ) progress in portfolio rebalancing among financial institutions and institutional investors ; and ( 3 ) a positive spillover to asset prices. looking ahead, further enhancement of the financial intermediation function continues to be expected as financial institutions have secured robust capital bases. as such, the effects of qqe are gradually becoming evident on the financial front as well. from a macroprudential perspective, however, the more financial activity increases, the more important it becomes to be vigilant as to whether such effects of qqe would lead to financial excesses or imbalances. under the

not mean that we should stand still, particularly when we have opportunities to advance safety and soundness and competition at the same time. the changes we are proposing today are an example of what we can do when we bring a bit of fresh thinking, supported by our emerging army of regulatory robots, to the question of barriers to growth. all speeches are available online at www. bankofengland. co. uk / news / speeches
macroeconomic imbalances materialise or if the current situation persists. banks ’ managers and directors alone are responsible for running institutions and for their results. but central banks and bank supervisors must rise to the challenge and collaborate closely with each other so as to help return stability to the global financial system.

some developing nation markets because they lack the sophisticated risk - measurement techniques used by the world's biggest banks. indeed, the accord could smooth the punishing volatility of capital flows in and out of emerging markets as banks and investors better understand lending risks by applying the new rules. “ good risk management should also support emerging markets, ” he said. caruana said he welcomed china's announcement in august that it would delay adoption of the new accord, introducing its own rules in the meantime as its capital - weak banks struggled to modernise and reform. “ it was perfectly consistent with what we were saying... a right timing and a proper sequencing was important, not to rush, ” he said. * * * caruana, man of simple taste, faces complex basel ii bank of spain governor jaime caruana is a man of simple tastes. a recent visitor to the bank of spain commented on the elaborate chandeliers in a conference room, a mass of coloured glass grapes. “ i love those chandeliers, ” the visitor said. “ personally i find them rather excessive, ” caruana replied. for a fan of the simple, it's no small irony that caruana is driving a highly complex rewrite of global bank safety rules as the head of the basel committee on banking supervision, in one of the most dramatic and controversial financial reforms ever. in his most difficult job to date, caruana took control of the committee at a time of unprecedented criticism for new basel capital accord or basel ii, designed to replace the 1988 accord that set out how banks allot cash to buffer against surprise risks. the agreement being drafted by global regulators is now under fire from banks who say it is convoluted, expensive, heavy - handed and poorly tested, and who now seek to stall or derail it. not devoid of a dry sense of humour and with a shy smile, caruana is known as a diligent and rigorous technocrat, a fan of teamwork who avoids showiness. “ the core of the issue is whether caruana will be able to demonstrate his leadership in the next couple of months, ” said one committee member who works directly with caruana, who spoke under the condition of anonymity. “ it's not easy to guide such a group of self - confident people, ” the committee member said. “ he's just trying to fight his way. ” part of the problem
reap the most synergies between national and european efforts. ensuring that individual member states are converging towards best practices is of common concern. a new convergence process would allow more european citizens to benefit from highly efficient economies and could provide the basis for a sustainable catching - up of both employment levels and, over the medium term, income levels in countries which are currently lagging behind. once sufficient convergence has been achieved, the conditions would be met for further risk - sharing at the euro area level, for instance by building a common fiscal capacity with appropriate democratic accountability. as we pursue the objective of stronger economies in a stronger union, there is no such thing as a steady state, but a need for continuous improvement towards our common goal : the stability and cohesion of our continent. to this end, the rights and obligations among the member states which share a single currency have to progress to reflect our increased interdependence, face new challenges and conquer new frontiers. in the words of heraclitus, “ change is the only constant ”. bis central bankers ’ speeches

##3. pdf. imf ( 2013 ) ‘ the dog that didn ’ t bark : has inflation been muzzled or was it just sleeping? ’, world economic outlook, april 2013. katz, l f, and margo, r a ( 2013 ), “ technical change and the relative demand for skilled labor : the united states in historical perspective. ” national bureau of economic research, no. w18752. keynes, j m ( 1933 ) " economic possibilities for our grandchildren. " essays in persuasion : 358 – 73. london metropolitan university ( 2015 ), “ proposed congress of trade councils ”, available at : http : / / www. unionhistory. info / britainatwork / emuweb / objects / nofdigi / tuc / imagedisplay. php? irn = 2000001 & reftable = ecatalogue & refirn = 2000000. maddison, a ( 2011 ) “ the world economy : a millennial perspective ”, available for download at : http : / / www. oecd. org / dev / developmentcentrestudiestheworldeconomyamillennialperspective. h tm. manyika, j, chui, m, bughin, j, dobbs, r, bisson, p, and marrs, a ( 2013 ), “ disruptive technologies : advances that will transform life, business, and the global economy ” mckinsey global institute, vol180, san francisco, ca, usa. marx, k ( 1867 ) “ capital : volume 1 ”, available at : http : / / www. econlib. org / library / ypdbooks / marx / mrxcpa1. html. mcafee, a ( 2015 ) “ a life without work can be fatal ” financial times, available at : http : / / www. ft. com / cms / s / 0 / 1b99abe2 - 8249 – 11e5 - 8095 - ed1a37d1e096. html # axzz3ravk1er8. bis central bankers ’ speeches mill, j s ( 1848 ), “ principles of political economy with some of their applications to social philosophy ”, jw parker. mokyr, j, vickers, c, and ziebarth, n l ( 2015 ) “ the history of technological anxiety and the future
monetary stabilization policy at the zero lower bound : consequences of limited foresight, ” nber working - 10 paper series 27521. cambridge, mass. : national bureau of economic research, july, https : / / www. nber. org / papers / w27521.

interests in some sectors. nevertheless, a positive dynamic seems to have taken hold since july and is starting to bear fruit. interest rates have fallen and money is flowing back into the greek banks. and this will speed up once the banks are recapitalised, which must take place before the end of the year. but it won ’ t be easy. bis central bankers ’ speeches
michelle w bowman : recent views on monetary policy and the economic outlook speech by ms michelle w bowman, member of the board of governors of the federal reserve system, at the 2024 kentucky bankers association annual convention, hot springs, virginia, 24 september 2024. * * * good morning. i would like to thank the kentucky bankers association for the invitation to join you today for your annual convention. 1 i appreciate the opportunity to share my views on the u. s. economy and monetary policy before we engage on community banking issues and other matters affecting the banking industry. in light of last week's federal open market committee ( fomc ) meeting, i will begin my remarks by providing some perspective on my vote and will then share my current views on the economy and monetary policy. update on the most recent fomc meeting in order to address high inflation, for more than two years, the fomc increased and held the federal funds rate at a restrictive level. at our september meeting, the fomc voted to lower the target range for the federal funds rate by 1 / 2 percentage point to 4 - 3 / 4 to 5 percent and to continue reducing the federal reserve's securities holdings. as the post - meeting statement noted, i dissented from the fomc's decision, preferring instead to lower the target range for the federal funds rate by 1 / 4 percentage point to 5 to 5 - 1 / 4 percent. last friday, once our fomc participant communications blackout period concluded, the board of governors released my statement explaining the decision to depart from the majority of the voting members. i agreed with the committee's assessment that, given the progress we have seen since the middle of 2023 on both lowering inflation and cooling the labor market, it was appropriate to reflect this progress by recalibrating the level of the federal funds rate and begin the process of moving toward a more neutral stance of policy. as my statement notes, i preferred a smaller initial cut in the policy rate while the u. s. economy remains strong and inflation remains a concern, despite recent progress. economic conditions and outlook in recent months, we have seen some further progress on slowing the pace of inflation, with monthly readings lower than the elevated pace seen in the first three months of the year. the 12 - month measure of core personal consumption expenditures ( pce ) inflation, which provides a broader perspective than the more volatile higher - frequency readings, has moved down since april, although it

central bankers'speeches and finally, i'd like to congratulate the department of finance on its own centenary this year. 3 / 3 bis - central bankers'speeches