samchain/econo-pairs-v2 huggingface dataset:
" includes the u. s. treasury general account and the u. s. treasury supplementary financing account. qe is quantitative easing ; qe is quantitative tightening. the key identifies shaded areas in order from top to bottom. the data extend through may 15, 2024. source : federal reserve board, h. 4. 1.

judged as necessary, based on the principles i have just mentioned, very careful design is required in actual implementation. deep involvement of a central bank in credit allocation of individual financial markets and individual firms might lead to a paradoxical consequence, such that markets which are functioning relatively normally would be impaired by the central bank ’ s own action. in that regard, it is not the case that more purchases are more effective. in addition, if the central bank incurs losses, it might undermine confidence of general public in the central bank ’ s policy conduct and ultimately in the currency. keeping those points in mind, the bank has laid out three elements to be considered. the first element is a perspective of neutrality, which prevents discretionary credit allocation to individual firms. the second is to conduct the purchases for a necessary period and on an appropriate scale. that would ensure that the purchases are a bridging measure until the market function recovers. the third is to ensure the bank ’ s financial soundness. since the losses of the purchases impose costs on taxpayers, it is important to avoid the concentration of credit risks in a specific firm. the specifics of the cp purchasing scheme is as follows. from the first perspective of neutrality for credit allocation, the bank will purchase from financial institutions that are the counterparties of the bank by fair and transparent means of competitive auctions. in addition, from the second perspective, the purchases will be conducted for a limited time up to march this year, and the bank uses an auction in which somewhat a high minimum bid rate is set. the minimum bid rate is set to be more favorable than the market interest rates when the market is malfunctioning, but not more favorable than the market interest rates of normal times. with this setting, bids will naturally decrease in number as the market function recovers. in addition, from the third perspective of ensuring the bank ’ s financial strength, the bank will purchase a - 1 rated cp that are eligible as the bank ’ s collateral, with setting upper limits by each individual firm. keeping in mind that the outright purchases could be a means of meeting firms ’ funding needs including the redemption of corporate bonds toward the end of a fiscal year, the total amount to be purchased is set so as not to exceed three trillion yen and will be temporarily conducted until the end of march this year. the actual purchases of cp will start this month. in addition, the bank is now considering the outright purchases of corporate bonds with a remaining maturity of up
countries some banks may have an excessive exposure to the sovereign. that creates a big correlation between the sovereign risk and the bank risk. therefore, banks of the countries concerned could decide to reduce their exposure to the sovereign. having said all this, we are monitoring financial markets constantly and with extreme care to detect pockets of exuberance. bis central bankers ’ speeches

mark w olson : basel ii - its implications for second - tier and community - size banks speech by mr mark w olson, member of the board of governors of the us federal reserve system, at the 2003 banking institute, center for banking and finance, university of north carolina, charlotte, 10 april 2003. * * * as important as the gramm - leach - bliley act has been to american banking - - codifying the new realities of the marketplace - - i would argue that the 1988 basel capital accord brought about an even more dramatic change in banking rules of the game. in the late 1980s, as the congress struggled unsuccessfully to reach agreement on a plan for managing interstate banking, the banking regulators of the group of ten ( g - 10 ) countries were able to develop a common set of rules for bank capital. what is referred to now as basel i established a competitive balance among the banking systems of the major industrialized countries. it made the international competitive climate considerably more fair, and it greatly improved bank safety and soundness worldwide. let me elaborate briefly on the advances embodied in basel i before i discuss the limitations that have become more evident in the years since it was implemented. in the mid - 1980s, it was a major step forward to acknowledge, for example, that residential mortgage lending carried substantially less credit risk than did automobile lending and that certain state and municipal bond issues carried less of a credit risk than home mortgage loans. as a result, when basel i allowed for loans and investments to be grouped into four " buckets " with risk weightings of 0 percent, 20 percent, 50 percent, and 100 percent, respectively, banks were allowed for the first time to allocate and maintain capital in a manner somewhat consistent with the risk profile of the asset side of their balance sheets. also, overwhelmingly, banks of all sizes in the united states now had risk capital ratios significantly in excess of their leverage capital ratios. though the risk buckets were limited and did not fully reflect the range of risk sensitivities in the 100 percent bucket, their implementation represented a significant improvement. the banking industry has changed in many ways, however, since basel i was implemented in 1988. two specific areas of change - - the expanded use of securitization and derivatives in secondary markets and vastly improved risk - management systems - - have significant implications for basel i. the use of secondary markets and the sophistication of risk - management systems correlate significantly with bank size. while
as soon as we see tension, we will take action. we will take action to prevent that risk from coming into being, because that is what our role is. france has often come under fire for its tax and social security contributions which 4 / 6 bis central bankers'speeches exceed 48 %. we can now see that, given its social protection system, france is able to cushion the crisis as regards health and social security ( … ). i would be interested to hear your view on how relevant the french system is in terms of the protection it offers. on that note my congratulations also to all of the country ’ s caisses des allocations familiales ( family allowance funds ) which have managed to issue payments to 13 million families under extraordinary circumstances... we are right to celebrate all these heroes, who are all, each in their own places and roles, doing everything they can to help. on the subject of social protection, i believe that, as we emerge from the crisis, we will indeed question the relevance and effectiveness of systems which are relatively similar across all of the euro area countries. i think the real comparison will be made with a social protection model such as that which exists in the united states, where the health situation will clearly be much more concerning and the situation facing the unemployed much more worrying. we will likely see a number of useful changes in terms of values, the system in which we operate and how best to manage it. and from this point of view, i think that the euro area has a very important part to play in this area. let ’ s take partial unemployment as an example. we have learned a lot from germany ’ s system of “ kurzarbeit ", their equivalent of partial unemployment. when the 2008 – 09 crisis hit, workers could still remain employed, at slightly lower pay. we learned a great deal. partial unemployment, as it exists in france, also serves as a benchmark for a number of other countries. the current social protection system in the euro area is therefore clearly fulfilling its role as a safety net for many families and employees. that is reassuring and since you mentioned the idea of a change of model, are you looking ahead to the future, while we still in the midst of a crisis? should europe take advantage of the current situation in order to speed up, for example, energy transition? should help for businesses be subject to them implementing ecological change? i think we should help companies, families and workers. all

. bankofengland. co. uk / publications / pages / records / fpc / 2017 / record1710. aspx all speeches are available online at www. bankofengland. co. uk / speeches
of stories of athletes with successful careers but who experience financial ruin when their careers end. fortunately, among all these sad stories, there is one about an nba superstar who retired a few years back. his spending habits were legendary – he is rumored to have spent one million dollars, in less than half an hour! his wise banker supposedly warned him to “ get it together ” or else he end up broke like many other former successful athletes. as the story would have it, the nba superstar decided to become educated in money and finance. he went back to school, got his bachelor ’ s degree, a master of business administration and eventually went on to earn his doctor of education in human resource development. this is the story of dr. shaquille o ’ neal. as we know of him today, he has several restaurants, car washes, fitness centers, a shopping center, a movie theater while he continues to be a product endorser and nba tv analyst. by all accounts then, he is financially secure and if the popular story is accurate, it all goes back to his early “ turnaround ” and eventual commitment to manage his finances. bis central bankers ’ speeches i share this story not to say that the value of financial literacy is for those fortunate enough to become millionaires. instead, i use it to highlight that even for those who have much, financial literacy matters also. but financial literacy is not just for them. financial literacy is also for the juan and juana dela cruzes who, even if they do not have million - dollar paying jobs are conscious of preparing for a future that offers no guarantees. if we accept that tomorrow always holds some uncertainty, we have to accept as well that there is no switch that we can turn “ on ” or “ off ” to rectify an unexpected development. the issue before us is whether or not we are sufficiently aware and adequately empowered to manage our personal finances today. while the bsp already has several financial education outreaches, we know that much more can be done towards empowering our financial consumers. and we are committed towards this goal. this afternoon ’ s book launching is a concrete manifestation of this commitment. for this endeavor, let me thank the authors of the articles. the readers of our wealth watch book will certainly benefit from your “ wealth ” of experiences as practitioners in the field of finance. let me also thank our financial consumer protection department that always tries to think outside of the box in designing new and innovative means of delivering

our key financial literacy messages. ladies and gentlemen. i hope you will find answers to your many questions on wealth management in this book. i hope also that you will find new insights and practical tips on how you can make money work for you. the wealth watch book is not just a compilation of individual writings. it is a collective output that is far larger than its parts. thank you all for joining us today. happy anniversary. thank you and good afternoon. bis central bankers ’ speeches
and it is incumbent on a central bank to anticipate any contingency, however remote, if significant economic costs could be associated with that contingency. the federal reserve has been studying how to provide policy stimulus should our primary tool of adjusting the target federal funds rate no longer be available. indeed, the fomc devoted considerable attention to this subject at its june meeting, examining potentially feasible policy alternatives. however, given the now highly stimulative stance of monetary and fiscal policy and well - anchored inflation expectations, the committee concluded that economic fundamentals are such that situations requiring special policy actions are most unlikely to arise. furthermore, with the target funds rate at 1 percent, substantial further conventional easings could be implemented if the fomc judged such policy actions warranted. doubtless, some financial firms would experience difficulties in such an environment, but these intermediaries have exhibited considerable flexibility in the past to changing circumstances. more broadly, as i indicated earlier, the fomc stands ready to maintain a highly accommodative stance of policy for as long as it takes to achieve a return to satisfactory economic performance.

##ages appear to be in a continual state of flux. rules by their nature are simple, and when significant and shifting uncertainties exist in the economic environment, they cannot substitute for risk - management paradigms, which are far better suited to policymaking. were we to introduce an interest rate rule, how would we judge the meaning of a rule that posits a rate far above or below the current rate? should policymakers adjust the current rate to that suggested by the rule? should we conclude that this deviation is normal variance and disregard the signal? or should we assume that the parameters of the rule are misspecified and adjust them to fit the current rate? given errors in our underlying data, coupled with normal variance, we might not know the correct course of action for a considerable time. partly for these reasons, the prescriptions of formal interest rate rules are best viewed only as helpful adjuncts to policy, as indeed many proponents of policy rules have suggested. * * * in summary then, monetary policy based on risk management appears to be the most useful regime by which to conduct policy. the increasingly intricate economic and financial linkages in our global economy, in my judgment, compel such a conclusion. over the next couple of days, we will have the opportunity to consider in greater detail some important changes in our economic and financial systems and their implications for the conduct of monetary policy. as always, i look forward to an engaging discussion.
begins with a single step. ” we are extremely grateful to the city of johor bahru for enabling us to take the first step in this greenback experience. we now look forward to the next step on this journey which 3 / 4 bis central bankers'speeches will take us to kota kinabalu. with the experience gained together, we can deliver positive and significant changes that will improve the welfare of individuals and businesses, not just in these two cities but across malaysia and in countries that are dependent on remittance flows. thank you. 4 / 4 bis central bankers'speeches

without the exceptional support of yang berhormat datuk bandar and your team at majlis bandaraya johor bahru. the city of johor bahru has been an exemplary host for the first greenback project in malaysia. johor bahru can be proud of serving as a role model for promoting transparent, efficient and affordable remittance services that are contributing to more inclusive financial services for all individuals and businesses. we also extend our deepest gratitude to all our project partners – the industry, associations and chambers of business, government agencies and embassies – for the critical role that you have played in advancing the goals of this project. although we are here to mark the closing ceremony for greenback johor bahru and its handover, our journey in johor bahru is in fact just beginning. 1 / 4 bis central bankers'speeches we have created momentum. we have tested and refined solutions that are impactful and that work. and we have brought the community together and forged important networks around a common goal. we must now not let this dissipate, but build on it to sustain progress. there are many more migrant workers and sme businesses to be reached. the industry must continue to innovate to continuously expand and improve their services and accessibility. and collectively, we must continue to be relentless in identify barriers to the use of formal remittance services and find new ways to reduce them. as we prepare to take the greenback project to yet another city in malaysia, allow me to briefly reflect on some of the lessons we have gathered from our experience in johor bahru. first, developing a solid understanding of the needs, preferences and behaviours of target communities is absolutely critical. our work in johor bahru revealed that barriers to the use of formal remittance channels were not predominantly an access issue alone, or even one of cost. for small businesses, a key barrier was a lack of trust in non - bank channels. for migrant workers, going to a formal business premise and submitting to a customer due diligence process was intimidating and discouraged some workers from approaching formal remittance channels. this insight allowed us to focus on new ways of allowing workers to conduct remittance without physically visiting an office, such as through mobile channels. another solution that proved to be very effective was bringing msb services to the workplace. as a group and in their own familiar surroundings, we found that workers were more comfortable in dealing with formal msb
lael brainard : introductory remarks for the fed listens panel on the covid - 19 pandemic introductory remarks ( via webcast ) by ms lael brainard, member of the board of governors of the federal reserve system, at " a fed listens event : how is covid - 19 affecting your community? ", sponsored by the board of governors of the federal reserve system, washington dc, 21 may 2020. * * * this will be the 15th fed listens event the federal reserve has conducted over 16 months. we have listened to diverse voices from every type of community in every sector and every district of our country. this rich set of perspectives is helping bring alive for us the importance of the review of our monetary policy strategy, tools, and communication practices led by vice chair richard clarida. we have heard that maximum employment is not captured in a single national average, it brings vital benefits, and it takes a very long time to arrive in many neighborhoods. we have heard that inflation matters : households at different life stages and in different places are balancing the cost of living against their earnings, while businesses are balancing wages and other costs against their pricing power. we have heard that access to credit matters, and that it is important to use the full range of tools to support the economy. when we embarked on this listening journey, little did we know that our nation would experience the heartache and hardship associated with the covid - 19 pandemic — an emergency unprecedented in modern times. last year, we heard from small businesses that were expanding their workforces and investing in their communities. today, many of those same businesses are running low on cash reserves and struggling to make rent and payroll — especially those in consumer services, such as restaurants and retail. last year, national unemployment had fallen to its lowest point in over five decades. today, unemployment has surged to levels not seen since the great depression. last year, historically challenged groups were gaining a foothold in the workforce, and employers were investing in training and loosening job eligibility requirements. today, the fallout from the covid pandemic has cruelly hit groups with thinner financial cushions the hardest — workers in the lowest quarter of earnings, people of color, low and moderate income communities, and women disproportionately employed in services jobs. as we think about how the federal reserve ’ s tools and presence in communities around the country could best provide stability at this trying time and strong support for the recovery

to come, we are turning again to many of the same voices we heard from earlier to learn how the covid pandemic has affected your communities and what lies ahead. 1 / 1 bis central bankers'speeches
. our efforts to further bolster the operational effectiveness of the federal reserve and the strength of the financial infrastructure continue today. each generation of policymakers has had to grapple with a changing portfolio of problems. so while we importantly draw on the experiences of our predecessors, we can be sure that we will confront different problems in the future. the federal reserve has been fortunate to have worked in a particularly favorable structural and political environment over the past quarter - century. but we trust that monetary policy has contributed meaningfully to the impressive performance of our economy in those years. i have been extraordinarily privileged to serve my country at the federal reserve during most of these years and would be honored if the senate saw fit to enable me to continue this service.

falling behind the curve in the near future appears limited, and gradual increases in the federal funds rate will likely be sufficient to get to a neutral policy stance over the next few years. 2 / 3 bis central bankers'speeches of course, the economic outlook is inherently uncertain, and, as always, the appropriate path for the federal funds rate will change in response to changes to the outlook and associated risks. thank you. i would be pleased to answer your questions. 3 / 3 bis central bankers'speeches
date / 2015 / html / sp151221. en. html, december. bis central bankers ’ speeches

of cash in the near future since many important questions remain unanswered. cryptocurrencies have no intrinsic value, only value in exchange. their value derives from the hope, to quote yves mersch, “ of finding a greater fool to sell to before the inevitable crash ” 10. there is also the crucial point which augustin carstens makes11 that usage of crypto - assets “ relies on the oxygen provided by the connection to standard means of payments and trading apps that link users to conventional bank accounts … [ we must ] not allow such tokens to rely on much of the same institutional infrastructure that serves the overall financial system and freeload on the trust that it provides... ”. today, banks face a strategic dilemma with the emergence of dlt. just as the internet decentralized the flow of information, so has the emergence of crypto instruments decentralized value. and just as postal services have not disappeared, banks are not about to disappear either. dlt might have many positive outcomes for banks, from reducing settlement risk and associated capital costs, to reducing costs associated with back office functions, to the possibility of reducing core banking system costs as the dlt may replace much of the need for a banking general ledger in the future. but we remain still far from this point. digitalization in finance opens up bewildering opportunities. central banks should capitalize on them but without losing sight of the potential risks. the bank of greece and the ecb have several reasons to be interested in developments in digital currencies. we cannot predict the exact direction the innovations will take but we will certainly continue to monitor developments and assess their implications. 1 ( 1 ) esselink, h. and l. hernandez ( 2017 ), “ the use of cash by households in the euro area ”, no201, european central bank. 2 ( 2 ) lagarde, c. ( 2017 ), “ central banking and fintech – a brave new world? ”, speech at the bank of england conference, london. 3 ( 3 ) ecb ( 2015 ), virtual currency schemes – a further analysis, european central bank. 4 ( 4 ) chapman, j., garrat, r., mccormack a. and w. mcmahon ( 2017 ), “ project jasper : are distributed wholesale payment systems feasible yet? ”, financial system review, bank of canada. 5 ( 5 ) dong, h. ( 2017 ), “