samchain/econo-pairs-v2 huggingface dataset:
emmanuel tumusiime - mutebile : launching the bank of uganda retired staff association speech by mr emmanuel tumusiime - mutebile, governor of the bank of uganda, at the launch of the uganda retired staff association, kampala, 31 august 2012. * * * governor emeritus, mr. leo kibirango senior management of bank of uganda staff retired bank of uganda staff i am very privileged to have the honour of addressing this inaugural meeting of the bank of uganda retired staff association. in setting up this association, bank of uganda staff are demonstrating their commitment to continue being active and to serving their country and community, after retiring from the bank. this is a very welcome initiative which has my full support. as is the case in all organisations, bank staff face a drop in income when they retire, because their monthly pension payment is unavoidably lower than their after tax salary at the time when they retire. as a result, many retirees desire to supplement their pension income, especially those who still have pressing commitments to support family members. for this reason, the bank encourages its retired staff to try and remain economically active if possible, through paid work or private business. many retired staff has expertise and experience which can be of valuable use to society and can be used to generate income after retirement. a good example of such endeavours is the work done by our governor emeritus, through his consultancy firm, l. k. consultants. this firm spearheaded the recent right - sizing exercise at the bank and was a pre - cursor for launching the bank ’ s strategic plan 2012 – 2017, which we launched last month. it is no surprise, therefore, that mr kibirango has played a leading role in setting up the bank of uganda retired staff association. the concept of having an association for bank of uganda retired staff comes at a time when uganda has decided to open - up the pension sector to new entrants ; a move expected to strengthen savings mobilization and provide competition to the nssf. the liberalization of the pension sector will create a possibility for employees of institutions such as the bank of uganda to eventually choose for themselves which pension scheme they wish to contribute to. as such it will be necessary for all staff of the bank to pay close attention to the costs and benefits of the different pension schemes which will become available as the pension sector opens up. before i conclude let me offer you some words of wisdom from marcus tullius cicero, a first century before

christ roman philosopher : “ as i approve of youth that has something of the old man in him, so i am no less pleased with an old man that has something of the youth. he that follows this rule may be old in body, but can never be so in mind. ” it is now my honour and pleasure to launch the bank of uganda retired staff association. i wish the association the very best for the future and i am sure it will make a very useful contribution to the welfare of all retired staff of the bank. thank you and good afternoon. bis central bankers ’ speeches
financial literacy and education. financial literacy enhances financial stability. links between financial stability and financial literacy are important and they form a worthwhile field for exploration. i am delighted that many papers today focus on microlevel decision - making and its links to the macro - economic outcomes. the bird's eye view enables us to discuss the broad scope of financial literacy. many papers and presentations also consider the societal effects of financial literacy. collecting high - 4 / 5 bis - central bankers'speeches quality data, designing studies to evaluate financial literacy policies, improving teaching techniques and making central banking communications more understandable are all financial literacy research areas that help us to understand household behaviour and eventually improve financial stability. dear all, let me reiterate how delighted i am to welcome you to the bank of finland's first international financial literacy conference. for the bank of finland, promoting financial literacy has been a key strategic priority and this financial literacy centre in connection with our museum is a concrete outcome of this work. when we were choosing the vision for our centre, we abandoned the stereotypical finnish modesty. the vision states, " finns will be the best at financial literacy in the world "! this year we are also celebrating the 20th anniversary of the bank of finland's museum. the museum is open to the public for free and it has become a popular place to visit here in the heart of helsinki. in 2020 the bank of finland took an initiative which resulted the first national strategy in financial education. we started by surveying all different financial education activities in finland. when it comes to implementing the strategy, we thrive to be a key player within our national financial education network. the network includes relevant ministries, banking, consumer and financial sector associations and ngos. co - operation between different stakeholders is crucial, because in finland many important policy areas such as consumer protection or citizens'advice do not fall under the functions of the central bank. co - operation enhances the outreach of financial education to different socioeconomic groups and gives us a feedback channel that we can utilise in developing our activities further. the mission of the financial literacy centre is to improve citizens'understanding of the economy and increase their interest in economic issues. our educational games, exhibitions and interactive displays explain common economic concepts like inflation, interest rates, and, in general, aim to make monetary policy more accessible to the broader public. we also offer workshops on personal finance for school children and students. to our visitors, we deliver neutral and research -

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ways of raising growth without jeopardising economic stability. this also entails a continued challenge for the riksbank to regularly analyse the swedish economy ’ s growth potential so that monetary policy will also continue to be well balanced in the future. thank you!

profits and the future outlook have now turned around more and more clearly in the us corporate sector, the immediate future continues to appear gloomy for european firms, which have seen their competitiveness deteriorate during the slowdown. so in this respect labour market legislation can be a hindrance to high long - term growth. furthermore, it is likely that legislation sometimes contributes to amplifying cyclical fluctuations rather than smoothing them, since productivity and profits in the corporate sector can easily become procyclical. there are indications that this has been the case during the most recent economic slowdown, as productivity has fallen sharply in the euro area at the same time as it, if anything, has tended to rise in the us. this also suggests that the us economy will normally emerge from slowdowns quicker than the euro area. sweden among the first to have a sustainable pension system another area in which sweden has led the way is in pension reforms. the atp reform in 1960 included buffers for the government finances. on the other hand, the reform was partly based on the assumption of continued robust growth and an average life expectancy of around 70 years. as we know, the 1970s and 1980s can be viewed as wasted years in growth terms. average life expectancy continued to rise sharply over the period, however. when it then became increasingly obvious during the 1990s that the atp system was also going to be under - financed, a number of years of political debate passed before a majority of the swedish parliament could agree on a new pension system that would be sustainable in the long term. with the implementation of the premium - reserve pension reform of 1998, a system was created that indeed is not guaranteed to result in high pensions for pension savers, but that at least will enable the public finances to bear the costs as an increasing number of people retire. however, sweden is not the only country to be facing a difficult demographic challenge, quite the reverse. in the euro area, some countries will have a considerably larger frequency of retirement in the coming decades, which means that in 30 years there will be twice the number of pensioners per worker compared with today. nevertheless, until recently pension reforms in most euro area countries have been conspicuous by their absence. in addition, the majority of these countries have only used a system whereby current pensioners are paid directly by current workers, and no funds have been reserved. the fact that this is unsustainable in the long run has been obvious for a long period. yet
remains fairly low. a broader measure of unemployment isn ’ t quite back to its pre - recession level. it includes people who would like a job but have been too discouraged to look for one and people who are working part time but would rather work full time. 3 / 5 bis central bankers'speeches nevertheless, as the economy approaches our objectives, it makes sense to gradually reduce the level of monetary policy support. changes in monetary policy take time to work their way into the economy. waiting too long to begin moving toward the neutral rate could risk a nasty surprise down the road — either too much inflation, financial instability, or both. in that scenario, we could be forced to raise interest rates rapidly, which in turn could push the economy into a new recession. the factors i have just discussed are the usual sort that central bankers consider as economies move through a recovery. but a longer - term trend — slow productivity growth — helps explain why we don ’ t think dramatic interest rate increases are required to move our federal funds rate target back to neutral. labor productivity — that is, the output of goods and services per hour of work — has increased by only about 1 / 2 percent a year, on average, over the past six years or so and only 1 - 1 / 4 percent a year over the past decade. that contrasts with the previous 30 years when productivity grew a bit more than 2 percent a year. this productivity slowdown matters enormously because americans ’ standard of living depends on productivity growth. with productivity growth of 2 percent a year, the average standard of living will double roughly every 35 years. that means our children can reasonably hope to be better off economically than we are now. but productivity growth of 1 percent a year means the average standard of living will double only every 70 years. economists do not fully understand the causes of the productivity slowdown. some emphasize that technological progress and its diffusion throughout the economy seem to be slower over the past decade or so. others look at college graduation rates, which have flattened out after rising rapidly in previous generations. and still others focus on a dramatic slowing in the creation of new businesses, which are often more innovative than established firms. while each of these factors has likely played a role in slowing productivity growth, the extent to which they will continue to do so is an open question. 2 why does slow productivity growth, if it persists, imply a lower neutral interest rate? first, it implies that the economy ’ s usual rate of output growth,

in - depth analysis and seek answers to some key questions. for instance : what kind of financial risks do climate and environmental threats pose for the finance industry? and could these risks weaken the resilience of the financial system, or indeed affect macroeconomic variables and monetary policy? the snb ’ s goal in joining the ngfs is to engage in dialogue and share knowledge in order to better understand – and anticipate – the potential impact of climate risks. page 3 / 3
unlikely that migration on that scale has had no effect on wages, or, indeed, on rents and house prices. some of you may be tempted to think that because the growth of the chinese economy has affected key prices in our own economy, inflation in britain is now largely determined overseas. low inflation in industrialised countries, it is argued, is made in china. as with the arthurian legends, epitomised by king arthur ’ s round table above us, that too is a myth. despite large changes in relative prices, the average change in prices – inflation – has been remarkably stable. indeed, it is striking that in a decade in which prices moved so much, overall inflation was more stable than in any decade for a hundred years. it was a decade that in my first speech as governor, i described as nice – a non - inflationary consistent expansion. 1 how can inflation be stable when individual prices move around so much? the explanation is that inflation is the result, in the old adage, of too much money chasing too few goods. inflation arises when the total amount of money spending ( or nominal demand ) in the economy is greater than the value today of the available goods and services. when the bank of england changes bank rate to keep consumer price inflation close to the target of 2 %, we influence – albeit imprecisely and with a time lag – the amount of money spent in the economy and so the inflation rate. in short, inflation is made at home. nevertheless, we cannot and do not control the price of every item in your shopping basket. that distinction between changes in individual prices and changes in the average level of prices is speech at an east midlands development agency / bank of england dinner in leicester, october 2003. fundamental to an understanding of recent movements in inflation and the response to them of the monetary policy committee. let ’ s take a closer look at the nice decade. two factors were particularly important in delivering stability. first, companies and employees responded flexibly to sharp movements – both up and down – in input costs. that new - found flexibility, unlike in the 1970s, meant that firms absorbed cost pressures partly in profit margins, partly through efficiency improvements, and partly by resisting increases in the prices of other inputs. with a clear commitment by the bank to meet the inflation target, raising prices ( so losing market share ) was a less attractive strategy for meeting the challenge of higher input costs than searching for ways of reducing other costs. and employees

by jousting and feasting. but i hope you can see that in its deliberations, the mpc has adopted the spirit, if not the literal shape, of the round table.
william c dudley : opening remarks at the economic press briefing on the survey of consumer expectations opening remarks by mr william c dudley, president and chief executive officer of the federal reserve bank of new york, at the economic press briefing on the survey of consumer expectations, federal reserve bank of new york, new york city, 18 november 2016. * * * good morning, and welcome to the new york fed ’ s economic press briefing. i am pleased to have the opportunity to speak with you today about our survey of consumer expectations. this is an important source of information that we use in our analysis of current and future economic conditions to help inform our monetary policy decisions. as always, what i have to say reflects my own views and not necessarily those of the federal open market committee or the federal reserve system. 1 in pursuing its monetary policy objectives, the federal reserve relies on a large number of data sources that provide information about recent developments and the current state of the economy. most of these data sources are backward looking. that is, they provide data about past decisions and outcomes. in contrast, we know relatively little about the forward - looking subjective expectations and intentions of economic agents, which are a key determinant of current and future outcomes. this information, though, is essential for formulating policy and evaluating its effectiveness. the macroeconomic outcomes we observe reflect preferences and constraints, as well as beliefs of individual consumers and firms. therefore, a fuller understanding of such outcomes requires reliable data on the beliefs and intentions held by economic agents and how they evolve over time. in particular, consumer expectations influence a variety of considerations, including spending and saving behavior, wage dynamics, job search, housing demand and the demand for credit. given their importance in determining u. s. economic activity, consumer expectations are of particular value in assessing the economic outlook and the related risks. over the last decade, we have devoted significant resources to improving the measurement of the economic expectations of households. this work culminated in the creation of the survey of consumer expectations, or sce, in 2013. the expectations data collected in our survey give us direct insight into households ’ decision - making and consumers ’ financial and economic outlooks. while we monitor expectations on a number of topics, of particular importance are households ’ medium - term inflation expectations. having reliable measures of inflation expectations is crucial to assess the effectiveness of monetary policy and central bank communications. such an assessment focuses on analyzing the extent to which longer - run inflation expectations remain well - anchored, and on

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over a very long distance. and competition in the banking industry is becoming increasingly tougher and more international. not only competition for customers, but also competition for investors. global regulation and european supervision are creating an international “ level playing field ” in which investors will put their funds where the returns are greatest. german banks are therefore increasingly being forced to face international competition. and they are not performing all that well. in the current issue of its global financial stability bis central bankers ’ speeches report, the imf notes that return on equity in the euro area is low compared with that in other regions such as the united states or asia. 1 german banks are underperforming the rest of europe, too : in 2013 their return on equity, at 1. 26 %, and return on assets, at 0. 06 %, were both below the european average. a recent study has concluded that currently only 6 % of germany ’ s banks even earn enough to cover their cost of capital. 2 a business model which is relatively dependent on interest income is the main culprit for these weak earnings. in a protracted phase of very low interest rates, this imposes a particularly severe strain. at the same time, commission income and net trading income are insufficient to provide adequate compensation. given these factors, german banks would be well advised to rethink their business models and to gear them towards the objective of sustainable profitability. however, the imf sees germany as being more towards the bottom of the international rankings with regard to overhauling business models. there is yet another important aspect to profitability : if the circuit is clogged with runners, they will get in each other ’ s way. mergers could therefore be beneficial, particularly in the german banking industry – the focus here should, of course, always remain on achieving a sustainable business model. to sum up : in the comprehensive assessment, german banks demonstrated that they are robust enough to withstand even severe stress but have to increase their profitability in order to cross the finishing line at the front of the pack. 3. stability – much progress already made but a good deal left to do however, investors are not only interested in banks ’ profitability but also in their stability – and the same is true of us supervisors, of course. and when measuring a bank ’ s stability, capital is still the crucial factor. the stress test has shown that german banks are sufficiently capitalised even in a very adverse scenario – after all, the german banks that were

##berg, s. ( seite ) a. iqbal and k. geven ( 2020 ), simulating the potential impacts of the covid - 19 school closures on schooling and learning outcomes : a set of global estimates, world bank group. 34. hellwig, f. ( 1997 ), op. cit.
specify the inflation range and price index only after careful staff work to analyze the economy ’ s operating characteristics under various alternatives. in particular, in keeping with the fed ’ s dual mandate, both employment and inflation performance should be analyzed.

to higher interest rates and funding costs, there have not been signs of a further sharp contraction in credit from the stress earlier this year that would slow economic activity. though loan balance growth has slowed, banks have continued to increase lending to households and businesses. given the strong economic data and still elevated inflation, i supported the fomc's decision in july to further increase the target range for the federal funds rate. i also expect that additional rate increases will likely be needed to get inflation on a path down to the fomc's 2 percent target. 1 / 2 bis - central bankers'speeches the recent lower inflation reading was positive, but i will be looking for consistent evidence that inflation is on a meaningful path down toward our 2 percent goal as i consider further rate increases and how long the federal funds rate will need to remain at a restrictive level. i will also be watching for signs of slowing in consumer spending and signs that labor market conditions are loosening. it's important to reiterate that monetary policy is not on a preset course. my colleagues and i will make our decisions based on the incoming data and its implications for the economic outlook. we should remain willing to raise the federal funds rate at a future meeting if the incoming data indicate that progress on inflation has stalled. returning inflation to our 2 percent goal is necessary to achieve a sustainably strong labor market and economy. 1 the views expressed here are my own and not necessarily those of my colleagues on the federal open market committee or the board of governors. 2 / 2 bis - central bankers'speeches