samchain/econo-pairs-v2 huggingface dataset:
##cb ) and - some time later - into the eurosystem are well under way. as the historic process of reunifying europe unfolds before our eyes, let me assure you that the ecb is ready and looking forward to playing its part.

with undesirable consequences for the inflation outlook. as shown on slide 6, the emerging disconnect between the euro ’ s exchange rate vis - avis the us dollar and the long term interest rate differential between the us and germany may suggest that we are entering such a situation. against this background, the recent volatility in the exchange rate represents a source of uncertainty which requires monitoring. the new keynesian is curve in the euro area this brings me to the second channel i would like to discuss this morning : the effects of monetary policy on real economic activity. 7 / 14 bis central bankers'speeches much of our attention recently has been focused on the properties of the phillips curve – that it may be flatter, non - linear or mis - specified in terms of the relevant economic slack. by now, we are fairly confident that non - linearities and broader labour market slack are likely to explain much of the weakness in inflation as of late. 10 some observers have interpreted the lack of stronger price pressures as a failure of monetary policy to stimulate the economy. they argue that persistently low inflation is testimony to the ineffectiveness of non - standard policy measures. if this were true, then also the reasoning behind the shock - based exchange rate pass - through would in part be misguided. i would argue, however, that such claims reflect a serious misunderstanding and simplification of how monetary policy works. there are very few instances, such as through the exchange rate, where policy can directly affect prices. in most cases monetary policy transmits to prices through its impact on the intertemporal allocation of consumption, savings and investment. if prices are slow to adjust, a cut in the key policy rate lowers the real interest rate, which, in turn, stimulates interest - sensitive spending. in other words, if we want to see if policy works or not, or if the economy has become less sensitive to changes in interest rates, then we should examine the slope of the is curve, and not only of the phillips curve. 11 empirical research on the is curve is scarce, however. and the few studies available are generally not encouraging from a monetary policy perspective. they typically find that output does not respond, in a statistically significant way, to the real interest rate. 12 often they even find a positive relationship between real interest rates and output. these findings are at best disturbing given that much of mainstream monetary thinking is built on the idea that firms and households take the level of
this would make it easier for a central bank to restore full employment when an economic slump occurs. the determination of an optimal target for inflation is a rather difficult endeavor which depends on the particular circumstances of each country. in my opinion, the adoption of an approach whereby the target is increased simply to ease the zero bound constraint on rates carries disadvantages that outweigh by far the possible merits. an increase of the target based on these grounds would imply not only higher levels of actual inflation, but also the potential undermining of hard - earned central bank credibility, and the resulting higher inflation volatility, greater difficulty to stabilize expectations and increases in risk premia. in addition, it is important to bear in mind that the zero bound problem is likely to emerge only under rare circumstances, while the inflation costs would be immediate. furthermore, recent see dale, spencer ( 2013 ), op. cit. see yellen, janet ( 2014 ) : “ monetary policy and financial stability ”, remarks at the 2014 michel camdessus central banking lecture at the international monetary fund, july. see blanchard, olivier, giovanni dell ’ ariccia, and paolo mauro ( 2010 ) : “ rethinking macro policy ”, imf staff position note no 10 / 03 ; and ball, laurence ( 2014 ) : “ the case for a long - run inflation target of four percent ”, imf working paper no 14 / 92. bis central bankers ’ speeches research based on parameter values consistent with us data has shown that increasing the target from 2 to 4 percent would result in net welfare costs, even after taking into account the reduced likelihood of monetary policy being constrained by the zero lower bound on nominal interest rates. 14 to sum up, while it is true that inflation targeting should be further adapted to take into account the lessons from the global financial crisis, it is also clear that this does not imply neither a substantial modification of its fundamental structure nor a question mark on the merits of this approach for anchoring inflation expectations. let me conclude by quoting two phrases from a couple of john murray ’ s articles on it, which in my view provide a splendid closing to what i have just said : “ perhaps inflation targeting will be supplanted by a new, and even more promising alternative. at the present time, however, there does not seem to be any obvious contender. for those who desire monetary policy independence, most of the other policy options have already been tried and found wanting ”. 15 “

on current developments, while the best lessons we might learn from each other remain uncertain, our insights will be much, much better. thank you very much for your attention. bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches bis central bankers ’ speeches
necessary to bring inflation back to our target. the banking system is sound and stable heading into 2023, lending support to domestic growth prospects. and, finally, our push for digitalization is going on very well and, of course, will clearly help not just the economy but most filipinos. thank you very much, and good day. 3 / 3 bis - central bankers'speeches

to have at least 70 percent of adult filipinos owning a transaction account by 2023. the thrift banking industry has to embrace and be ready for the opportunities and realities under the new economic arrangements. allow me also to commend the 12 thrift banks that are offering pesonet payment transactions and the eight thrift banks offering the instapay platform for sending and receiving payment services and the four thrift banks that provide receiving payment services. you are among the movers under the digital payments transformation roadmap. nevertheless, we are also mindful of the attendant risks and the unintended consequences of these developments. in this area, we rely on our long - standing partnership with the chamber of thrift banks to help us 2 / 3 bis central bankers'speeches in mitigating the effects of technology - related risks, in promoting financial integrity and transparency in financial transactions while working towards sustaining the resiliency and stability of the banking system. ladies and gentlemen, disruptive technology and the covid - 19 pandemic are drastically changing the future of financial services industry. there are rough seas and strong headwinds coming from these two realities. but we must not lose track of our collective goal of keeping the banking system on even keel so it remains supportive of economic recovery and growth over the long - term. together, we can work towards developing a safer, more dynamic, more digital, and more inclusive banking system for the banking public. mabuhay ang chamber of thirft banks and i wish you all a meaningful convention ahead! thank you all! 3 / 3 bis central bankers'speeches
##insured claimants are at risk.

for release on delivery 6 : 00 p. m. est december 3, 2018 celebrating excellence in community development remarks by lael brainard member board of governors of the federal reserve system at inaugural janet l. yellen award for excellence in community development washington, d. c. december 3, 2018 thank you, chairman powell. it is my honor to introduce chair yellen. 1 when i first arrived at the board, chair yellen offered me the opportunity to lead the committee on consumer and community affairs - - even though i had little experience in this area. i greatly appreciate the opportunity she gave me. after visits to 16 communities across the country - - both rural and urban - - i can attest to the richness of our community development work. it helps us see the economy as it is experienced by americans in their communities. it provides a valuable perspective on our monetary policy goals by putting names and faces on the aggregate unemployment statistics. it helps us spot problems in consumer credit in overstretched communities well before they show up in national statistics. and it is essential in helping our banks meet their affirmative obligations to the low - and moderate - income communities they serve and to understand what is likely to be most effective in lifting up the lives of people in challenged communities. janet yellen ’ s experience as president of the federal reserve bank of san francisco during some of the most challenging economic times for our country no doubt shaped her commitment to the federal reserve ’ s community development work. 2 one associate from the san francisco federal reserve bank recounts a meeting at the height of the crisis when staff suggested their exhausted boss should take a break from the round - the - clock emergency meetings. then - president yellen stated that she had an obligation to continue working until such time that families were no longer losing their homes, their livelihoods, and their pensions. i am grateful to charlene van dijk for her assistance in preparing these remarks. see the federal reserve history website at www. federalreservehistory. org / people / janet _ l _ yellen. that moment encapsulates chair yellen ’ s consistent orientation to how our work touches the lives of american families. it is perhaps no accident that chair yellen delivered her first speech as chair at a community reinvestment conference. 3 in navigating the federal open market committee ’ s objectives of price stability and full employment, chair yellen was attentive to low - and moderate - income communities, recognizing that americans on
pacific region. the cpc shanghai committee, shanghai municipal government, financial regulatory institutions in shanghai, and policy and commercial financial institutions have always supported the pbc in carrying out its work, which guaranteed the effective operation of the institutions of the pbc in shanghai. the newly founded pbc shanghai head office will also need attention and support from all of you. by making continued efforts to improve financial services, the pbc will seek to make new contributions to economic development and financial stability. thank you!

lot of attention when you indicated at a non - public event involving hedge fund managers that the ecb would frontload some qe purchases before the summer, with the speech not being published until 12 hours later. president draghi announced that the rules governing such appearances would be changed. what lessons need to be learned from that? as the ecb has stated publicly, the discussion that was triggered was primarily a result of several misunderstandings relating to the substance and the news content of the speech, as well as an internal procedural error regarding the timing of its publication. but i have also drawn my own personal lessons from the incident. what are they? for me, the key lesson from this episode is what the reaction said about people ’ s expectations of us at the ecb. the discussions about it have clearly shown that central banks must be above any suspicion that they are too close to market participants. that is true of central banks generally, and even more so when they are also responsible for banking supervision, as in the case of the ecb. as for me personally, i will no longer speak at events organised by banks. i did that in the past, there are no problems with that from a legal perspective and indeed, it is useful to learn from market participants. but we must be careful that people do not get the wrong impression. central bankers at the federal reserve publish their diaries of events. could the ecb follow suit? there is also the question of how transparent a central bank can actually be. societies are increasingly demanding more transparency from public institutions such as the ecb. in time, i believe there will be more to come in that regard. we have responded to that by publishing, for example, summaries of our monetary policy discussions. i was fully in favour of indicating how individual members of the governing council had voted, and i remain convinced that it will happen someday. i would have absolutely nothing against publishing details of our diaries of meetings with external parties, as some public institutions already do. however, while being transparent and accountable, we must also be careful that we do not lose access to market participants. part of my job involves understanding their views and explaining our actions to them. bis central bankers ’ speeches
. i will return to this virtual stage at the end of the day to sum up the takeaways from our work here. let ’ s start the conversation. i ’ m expecting a lively and constructive discussion. 3 / 3 bis central bankers'speeches

growth and on the cost and availability of credit in canada. weighing the implications of these considerations, the bank views the risks to its projection for inflation as balanced. against this backdrop, the bank judges that the current level of the target for the overnight rate – 3 per cent – remains appropriate. we will continue to monitor carefully the evolution of risks, together with economic and financial developments in the canadian and global economies, and set monetary policy consistent with achieving the 2 per cent inflation target over the medium term.
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of 2003, though only slowly. at the same time, the growth of loans to the private sector has been edging up. both monetary and credit growth seem to be supported by the low level of interest rates prevailing in the euro area and may also reflect the improvement in the economic environment since the summer of 2003. given the strong m3 growth over the past few years, there is currently more liquidity in the euro area than is needed to finance non - inflationary growth. the effects of this high liquidity on inflation over the medium term will greatly depend on future developments in the economy and financial markets. should excess liquidity persist, it could lead to inflationary pressures over the medium term. to conclude, the economic analysis continues to indicate that the outlook for price developments in the medium term is in line with price stability. cross - checking with the monetary analysis does not alter this picture. let me also make a few remarks on other policies in the euro area. with regard to fiscal policies, the governing council sees continued reasons for concern. recent information indicates that significant imbalances are emerging in a growing number of countries and that current policies would not be sufficient to attain the consolidation objectives specified in the latest stability programmes. we strongly urge governments to take corrective action in a timely and sustained fashion, where and when necessary. finally, with regard to structural reforms, the governing council welcomed the presidency conclusions of last weekend ’ s brussels european council. structural reforms are necessary to meet the lisbon challenge and thus reap the benefits of higher sustainable growth and employment. as pointed out by the european council, the pace of reform needs to be significantly stepped up and the critical issue now is the need for better implementation of commitments already made. ending the political uncertainty and delays surrounding the implementation of sustainable fiscal policies and effective structural reforms would indeed support private sector confidence, which would add momentum to the economic recovery in the euro area, given the supportive stance of monetary policy. we are now at your disposal for questions.
play an even greater role in maturity - matched refinancing of mortgages in switzerland in the future. in addition, banks can improve their liquidity by holding portfolios of swiss mortgage bonds themselves. mortgage bonds could be converted into liquidity quickly and simply, as required, by means of repo transactions – either in the swiss franc interbank market or at the snb.

thomas jordan : funding mortgages – securitisation and pfandbriefe in the light of the financial crisis summary of a speech by mr thomas jordan, member of the governing board of the swiss national bank, at the annual general meeting of the pfandbriefbank schweizerischer hypothekarinstitute, zofingen, 15 may 2008. the complete speech can be found in german on the swiss national bank ’ s website ( www. snb. ch ). * * * the funding of mortgages is the focal point in discussions on the causes of the international financial crisis. the massive credit expansion in the us, particularly in the area of sub - prime mortgages, reinforced and prolongued the us real estate bubble. from mid - 2007, the value of financial products backed by sub - prime mortgages declined substantially, leading to heavy losses on the part of banks and investors. the problems encountered with these financial products gave rise to discussions on the future of mortgage funding. the danger of such discussions is that the problems inherent in different instruments could be confused and their economic benefits overlooked. three different refinancing instruments can be differentiated : pfandbriefe, mortgage - backed securities ( mbs ) and structured securitized products. common to all three is that they make it possible to refinance mortgages, and ease the process. however, they differ with respect to risk transfer. while the credit risk remains with the bank when refinancing via pfandbriefe, it is passed on to the investor in the case of mbss and structured securitized products. in mid - 2007, serious problems with structured products backed by sub - prime mortgages put an abrupt stop to the boom in securitisation. false incentives, inadequate control mechanisms, shortcomings in the rating system and insufficient personal responsibility on the part of investors were the main criticisms aimed at securitisation practices. what is important now, is to correct these deficiencies, so that the trust of market participants in these products can be restored. it would be wrong to ban the securitisation of mortgages, since these refinancing instruments generate substantial economic benefit and are an indispensable part of our modern financial system. the mortgage securitisation weaknesses revealed in the financial market crisis do not apply in the case of the swiss mortgage bond. consequently, it should definitely have the potential to
fulfil pope francis ’ vision that the poor find the way to be poor no longer. thank you.

central bank of barbados tom adams financial centre, spry street, bridgetown p. o. box 1016 telephone : ( 246 ) 436 - 6870 : fax. ( 246 ) 436 - 7836 e - mail address : info @ centralbank. org. bb website : www. centralbank. org. bb remarks delivered by mr. cleviston haynes, governor ( ag ), central bank of barbados at the rotary club of barbados south installation ceremony accra beach hotel june 30, 2017 thank you, president hiranand thani for that kind introduction. honorary rotarian your excellency, ambassador for the embassy of japan in barbados teruhiko shinada and mrs. shinada sgt - at - arms edmond bradshaw, past district governor, david edwards, and your partner in service, donna partner in service of president hiranand, nisha immediate past president trevor sealy and your partner in service, andrea vice president, mr. john jones i also recognise past district governor, milton inniss assistant district governor, mr. peterson downes and your partner in service, lisa president elect paul ashby of the rotary club of barbados and your partner in service gillian president elect michael mcclean of the rotary club of barbados west and your partner in service, lisa rotarians and guests members of media good evening it is an honour to participate in this installation dinner of the rotary club of barbados south. as a new board takes over the mantle of leadership of this club that has provided laudable service to our island and its people for more than three decades, let me express my personal appreciation to those who have served before and offer congratulations and best wishes to the new board. i am sure that, during the coming year you will maintain the fine traditions to which this club has become accustomed, upholding your motto of service above self. when vivian - anne contacted me to solicit my presence here at this dinner this evening, i did not hesitate in agreeing to be here even though the terms of my invitation made it patently clear that she is a firm believer in the concept that there is no such thing as “ a free dinner ”. however, given my respect for the work your club has undertaken in this island, i consider that a short speech is a small price to pay, and affordable too, as it does not require any coin of the realm. in addition, my ready acceptance reflects the realization that your club and the bank that i currently have the privilege to lead share