samchain/econo-pairs-v2 huggingface dataset:
intervention, especially since these activities do not necessarily have zero economic value - added. contrary to the basel ii approach, the penalty imposed on risky activities would become infinite. thus, given the inherent trade - off between the efficiency costs of intervention and its benefits, a reformed basel ii framework might provide a more balanced solution. this is also the case with regard to the introduction of an additional tax for the banking sector. even though such a tax could be useful in recouping some of the costs of the crisis, it is an inferior instrument in terms of internalising the effects of risky activities on financial stability. hence, the reform of the basel ii framework is rightly given preference by regulators and should be implemented with priority by policymakers. regardless of its actual design, the general objective of regulation on the microprudential level is to have a first line of defence by reducing the likelihood of individual bank failures. however, given our globalised and interconnected world and the interdependence of financial institutions and markets, even the failure of a single institution might lead to systemic disruptions. thus, it is necessary to complement a strengthened microprudential regulation with a macroprudential stance which as a second line of defence takes into account the stability of the financial system as a whole. one major aspect of macroprudential regulation would be the treatment of systemically important financial institutions. although the revised basel ii framework is part of a solution to this problem, broader reforms are necessary. these might include capital surcharges for systemically important institutions, better resolution regimes as well as a stronger market infrastructure. regarding the reform process itself, we have to bear in mind that the decisions we are about to make will shape the global financial system for years to come. thus, accuracy is more important than speed, and we have to be careful not to implement oversimplistic solutions. regarding the required complexity of regulatory measures, potential interactions have to be taken into account, as otherwise the danger of unintended consequences will grow. at the same time, the cumulative effect of new measures has to be considered, which makes thorough impact assessments of the intended consequences necessary. we are, of course, aware of the fact that a slow pace of reform increases regulatory uncertainty for market participants. but up to now, policy development has proceeded according to agreed and very ambitious timelines, reducing the uncertainty as far as possible. 3. international cooperation and harmonisation another factor that increases the complexity of the

- placed to understand what the important questions are, to generate the data needed to answer them and to speak to diverse audiences about the results. this webinar and blog series are important parts of our strategy for communicating about our work and for advancing thought about the critical role that heterogeneity plays in our economy. thank you. 2 / 2 bis central bankers'speeches
the diagnosis of the “ irrelevance of money ” relies on a number of simplifying assumptions. relaxing one or more of these assumptions can restore a more meaningful role to money even in this model framework. for instance, christiano, motto and rostagno ( 2007 ) extend the basic new keynesian model by including various measures of money and credit. they thereby achieve a rather detailed and more realistic description of financial markets and the transmission process. in addition, acknowledging model uncertainty and the quest for a robust policy framework, it can be shown that taking monetary factors into account may lead to more desirable outcomes compared with a purely new keynesian framework ( kilponen / leitemo ( 2007 ) ). and it is exactly the need for a more robust framework in the face of uncertainty that is the main motivation for the eurosystem ’ s two - pillar approach. by the way : even many of those central banks which would label themselves as pure inflation targeters, e. g. the bank of england, have put monetary indicators more to the heart of their monetary policy analysis framework in recent years. integrating monetary and financial factors into the current new keynesian paradigm is a fairly recent development in modelling which have only just begun to be incorporated into the present vintage of dsge models. progress on these lines would be highly welcome from a policymaker ’ s point of view. but, on the basis of the evidence just mentioned, it would be unwise to discard monetary analysis – especially now that we find ourselves in a period in which asset prices and liquidity are at a high level and ample on an unprecedented scale worldwide. concluding remarks conferences like this one, which bring together academics and policymakers, serve as a useful reminder that the challenges to our respective professions have not become less. on the contrary, the challenges are likely to have increased since monetary policymaking is confronted with many forms of uncertainty. research on the phillips curve is an excellent example of academic work being of interest far beyond academia itself. the findings of lucas, kydland, prescott, woodford and many others also shape our every - day decision - making process – and we central bankers continuously seek such advice. so, let us continue our cooperation in a mutually beneficial exchange of views for the public good that we aim to achieve : price stability, that is low and stable inflation. this is admittedly the best contribution monetary policy can make to fostering long - run sustainable growth and job creation. thank you for

h. and jimeno, j. f. and r. ramos ( 2017 ) the spanish public pension system : current situation, challenges and reform alternatives, banco de espana occasional paper no. 1701. 2 king, m. ( 1995 ), commentary : monetary policy implications of greater fiscal discipline, in budget deficits and dept : issues and options ( pp. 171 - 183 ), federal reserve bank of kansas city, jackson hole symposium. 3 / 3 bis - central bankers'speeches
central bankers'speeches policies in euro area countries needs to be substantially stepped up to boost euro area productivity and growth potential, reduce structural unemployment and increase resilience. the 2019 country - specific recommendations should serve as the relevant signpost. regarding fiscal policies, the euro area fiscal stance is expected to remain mildly expansionary in 2020, thus providing support to economic activity. in view of the weakened economic outlook, the governing council welcomes the eurogroup ’ s call for differentiated fiscal responses and its readiness to coordinate. governments with fiscal space should be ready to act in an effective and timely manner. in countries where public debt is high, governments need to pursue prudent policies and meet structural balance targets, which will create the conditions for automatic stabilisers to operate freely. all countries should intensify their efforts to achieve a more growthfriendly composition of public finances. likewise, the transparent and consistent implementation of the european union ’ s fiscal and economic governance framework over time and across countries remains essential to bolster the resilience of the euro area economy. improving the functioning of economic and monetary union remains a priority. the governing council welcomes the ongoing work and urges further specific and decisive steps to complete the banking union and the capital markets union. we are now at your disposal for questions. 3 / 3 bis central bankers'speeches

an eminent civic one, namely by providing the glue that holds the whole society together. first, a good allround education enables voters to form their own opinions about complex substantive issues. this is essential in order for the advantages of direct democracy to be fully realised. second, an education system structured in a way to maximise labour market access for as many people as possible is a significant factor for integration. and third, owing to its high quality and flexibility, it prevents class mentality and elitism. bis central bankers ’ speeches
of governors of the federal reserve system, plans for reducing the size of the federal reserve's balance sheet, may 4, 2022. 4 / 4 bis - central bankers'speeches

john c williams : research, policy, and the zero lower bound remarks by mr john c williams, president and chief executive officer of the federal reserve bank of new york, at the shadow open market committee spring meeting, new york city, 6 march 2020. * * * as prepared for delivery good afternoon. i would like to start by thanking athanasios for inviting me to participate in this event. it is a real honor to highlight the influence of our esteemed colleague marvin goodfriend, an outstanding and original researcher, policy advisor, and friend. marvin epitomized the role of policy advisor. his research dug deep into the issues, introduced new ideas into the discussion, and developed options for policymakers to consider for the most challenging issues. the fact that we have so many researchers and policymakers here is testament to the importance of his research in shaping the conversations that we are having to this day. before i reflect more on marvin ’ s contributions to monetary policy, i should give the standard fed disclaimer that the views i express today are mine alone and do not necessarily reflect those of the federal open market committee or others in the federal reserve system. in preparation for what i know will be a stimulating discussion, i ’ d like to highlight a few of the ways that marvin changed the conversation in the u. s. about what was then commonly referred to as the zero lower bound on interest rates, or zlb for short. these show how marvin ’ s insights shaped some of the most prominent discussions in monetary policy. before i do so, it ’ s helpful to look back about 20 years. as the clock ticked down on the 20th century, many people ’ s attention was not on the zlb. most were more concerned about the millennium bug that had the world on high alert. truth be told, the zlb wasn ’ t perceived to be a looming problem in the united states back in 1999. the economy was doing very well and the target federal funds rate was 5 - 1 / 2 percent at the end of the year. up until then, the only historical reference points for the zlb were from the great depression of the 1930s and, more recently, japan in the 1990s. it was simply not part of the experience of postwar europe or the americas. however, a small group of economists, with marvin at the forefront, was asking whether the zlb could pose a challenge here in the u. s. and, if so, what would be the
’ s interest in other languages. the name of this booklet is : ( in espanol, catala, euskara, galego, valencia ) • ana y alex contra los falsificadores de billetes • l ’ anna i l ’ alex contra els falsificadors de bitllets • ana eta alex, billete - faltsutzaileen aurka • ana e alex contra os falsificadores de billetes • ana i aleix contra els falsificadors de bitllets after these introductory remarks it is now a pleasure for me to declare this euro exhibition open. you are kindly invited to come closer to view the exhibition and the children ’ s booklet.

42. see, for example, gros, d. and shamsfakhr, f. ( 2022 ), “ the real fiscal cost of central bank bond buying ”, ceps explainer, no 2022 - 04, november. 43. see, for example, swedish national audit office ( 2023 ), the riksbank ’ s asset purchases – a costly experience, december ; and house of lords economic affairs committee ( 2021 ), “ quantitative easing : a dangerous addiction? ”, july ; and treasury committee ( 2023 ), call for evidence – quantitative tightening. 44. corradin, s. and maddaloni, a. ( 2020 ), “ the importance of being special : repo markets during the crisis ”, journal of financial economics, vol. 137 ( 2 ), pp. 392 - 429 ; and weigerding, m. ( 2023 ), “ long - term liquidity effects of large - scale asset purchase programs : evidence from the euro covered bond market ”, international review of economics & finance, vol. 87, pp. 244 - 264. for japan, see han, f. and seneviratne, d. ( 2018 ), “ scarcity effects of quantitative easing on market liquidity : evidence from the japanese government bond market ”, imf working papers, no 18 / 96, international monetary fund, may. 45. arrata, w. et al. ( 2020 ), “ the scarcity effect of qe on repo rates : evidence from the euro area ”, journal of financial economics, vol. 137, no 3, pp. 837 - 856. 46. nguyen, b., tomio, d. and vari, m. ( 2023 ), “ safe asset scarcity and monetary policy transmission ”, working paper series, no 934, banque de france ; and schnabel, i. ( 2024 ), “ the eurosystem ’ s operational framework ”, speech at the money market contact group meeting, frankfurt am main, 14 march. 47. international monetary fund ( 2018 ), “ house price synchronization : what role for financial factors? ”, global financial stability report, april, pp. 90 - 133. 48. schnabel, i. ( 2021 ), “ monetary policy and inequality ”, speech at a virtual conference on “ diversity and inclusion in economics, finance, and central
they unfold. the appropriate pace of rate increases will depend on how the outlook evolves, with a particular focus on developments in oil markets, the canadian housing market and global trade policy. with that, i will be happy to take your questions. 2 / 2 bis central bankers'speeches

donald l kohn : dedication remarks speech by mr donald l kohn, vice chairman of the board of governors of the us federal reserve system, at the dedication of the new seattle branch building of the federal reserve bank of san francisco, renton, washington, 7 april 2008. * * * good afternoon. it is my honor and pleasure to be here today to help dedicate the new seattle branch building, and to speak about how this terrific new facility will assist the federal reserve system's efforts to help guide the national economy and serve the payment needs of the northwest. i would like to express my personal appreciation to the city of renton for its support and assistance in locating the seattle branch at its new home along naches avenue. as chairman of the committee on federal reserve bank affairs at the board of governors, i have followed this building project closely, and value the city's cooperation in helping ensure its future success. i especially appreciate the city's close cooperation with us in upgrading the utilities and streets serving the site and, essentially, making it a welcome new home for branch employees. the seattle branch, created in 1917, was housed in leased space until a downtown site was built in 1950. although that building served the seattle area's needs well for more than fifty years, service demands on the branch have evolved and outstripped the capabilities of the old building and site. the vault and cash processing areas were no longer adequate for efficient operations, and cash delivery facilities could not accommodate the type and number of delivery vehicles, which had resulted in armored trucks queued along spring street. furthermore, the building's general layout and construction did not meet the post - 9 / 11 security requirements necessary for protecting federal reserve system employees and operations. we considered several sites in the seattle metropolitan area for the new building, initially searching for a suitable site within the city limits. but our site and transportation requirements prompted us to consider options within the broader metropolitan area, and we found that this location's proximity to major roads and highways will improve vehicular access for employees, visitors, and delivery personnel. as you may have noticed, the new site is large – almost 10 acres – and its security is evident. clearly, the safety of our employees and operations is a high priority that has become a greater focus in the post - 9 / 11 era, but the building is more than just secure : its design supports our mission, which is to promote a stable and efficient financial system and to conduct
. thank you for your attention.

guy quaden : installation of the financial stability committee introductory talk by mr guy quaden, governor of the national bank of belgium and chairman of the financial stability committee, at the installation of the financial stability committee, brussels, 30 july 2003. * * * the installation of the financial stability committee, the committee which the ministers reynders and moerman are doing us the honour of inaugurating today, is one of the very last stages in the implementation of the law of 2 august 2002, designed by the ministers reynders and picque and adopted by parliament by a very large majority, a law which has modernised our financial markets and reformed their supervision. i would like to take advantage of the opportunity to welcome this reform, and especially its institutional aspects. thus, i am delighted that the supervision of the rules on market operation has been transferred to the public authorities - more precisely the bfc ( banking and finance commission ) - in cases where those rules are of public interest. it was doubtless also necessary to review the governance - to use a fashionable word - of the institutions responsible for supervising the financial markets and intermediaries, and i include insurance companies here. by equipping the supervisory institutions with proper management boards whose members carry full responsibility for managing the institution, we are undoubtedly providing a better guarantee that decisions are genuinely taken on a collegiate basis. in my view, it was also wise to decide that the microprudential supervisory authorities, the bfc and the iso ( insurance supervision office ), which tomorrow become the bfic ( banking, finance and insurance commission ), should remain separate from the central bank while strengthening their links with the bank. finally, in a country where “ bancassurance ” groups are particularly well developed, the reform was complemented, i believe logically, by the planned merger of the bfc and the iso. where financial supervision is concerned, we must admit that there is no obvious model to follow. thus, the arrangements still vary from one country to another, depending on the national institutional history. broadly speaking, however, we can identify two main models for organising these powers in the european union : a model like that used in britain and also in sweden, in which a single agency, almost entirely separate from the central bank, is responsible for all micro - prudential supervision, and a model - which is the most common type in the euro area - in which the central bank itself takes charge of part of the prudential
##p ’ s cornerstones in stakeholder engagement for financial inclusion. the citi microentrepreneurship awards ( cma ), as the fruit of such remarkable partnership, serves as an important platform to convey the message that collaboration with a strong shared vision, coupled with responsive policies and platforms, can bring the best out of the filipino people. it is thus with great interest that i participate in this year ’ s cma. i look forward to the opportunity to discover promising micro - entrepreneurs whose experiences, achievements, and community contributions would serve as an inspiration to everyone. to my fellow nsc members, we indeed have some exciting work ahead of us. may the cma continue to nurture and empower filipino micro - entrepreneurs in the years to come. again, good afternoon and thank you all for coming. 2 / 2 bis central bankers'speeches

it also reflects our confidence in the ability of the banking industry to adapt to new operating standards. the challenges posed by these new standards will allow for the transformation of bank practices over time, and thus, provide greater financial resiliency and sustainability in the economy. i am confident that banks will, beyond compliance, remain supportive in their stance to facilitate a more collaborative implementation of basel ii as we both continue to learn and adapt. the issues tabled for discussion for today ’ s environmental scanning exercise are varied. i am certain that we all look forward to a fruitful discussion and exchange of insights with our speakers. thank you.
trade has almost tripled since 2000. in addition, intra - regional trade within asia is projected to account for an increasingly larger share of this expanding world trade. further liberalisation and greater regional economic and financial integration in asia will reinforce this trend. this presents substantial opportunities for east asian insurers to support the growing trade activities. after decades of strong growth, the asian region is also now the home to a middle income population of 500 million. this number is projected to increase by more than six - fold to 3 billion by 2030. the oecd also projects that by 2020, asian consumers will account for 40 percent of global consumption. within asia, structural reforms have also increased the importance of domestic sources of growth. asia ’ s rising domestic demand needs to be supported by the development of a much broader range of financing options for healthcare, education and retirement. this will result in the reduced need for high levels of precautionary savings, which in turn will contribute towards strengthening domestic demand. in addition, with rapid industrialisation, asia is also experiencing an unprecedented rate of urbanisation. between 1990 and 2010, asia - pacific ’ s urban population increased from 29 percent to 43 percent. it is projected that another 1. 1 billion people will be living in cities over the next 20 years, increasing the urban population to 55 percent by 2030. the region will also be faced with an ageing population in the years ahead, with asia accounting for 62 percent of the global elderly population by 2050. this transition is already experienced in countries like japan, south korea and hong kong. but other countries in the region are also converging at a fast rate. fundamental reforms in social and economic policies are now being pursued by most governments in the region to avert the risk that asia ’ s population will “ grow old before growing rich ”. such reforms seek to achieve higher levels of income needed to sustain adequate provisions for welfare as the effects of ageing on the workforce and as rising healthcare and pension costs begin to set in. during this recent two decades, there has also been a discernible shift towards voluntary private provision for healthcare and retirement, including defined contribution pension schemes, given the rapid increase in life expectancy and medical care costs. this trend will become more pronounced as the need to broaden the coverage of welfare is taking place in an environment in which fiscal consolidation is being pursued. as of 2009, the value of private pension funds in 19 oecd countries was almost 50 percent

on growth and welfare. softening this blow, at the very least, will be a key task over the coming decades. thank you for your attention. 7 / 7 bis central bankers'speeches