samchain/econo-pairs-v2 huggingface dataset:
the 2006 speech i concluded that a strategy of extra action might be justified if three tough conditions were met. first, policymakers must be able to identify bubbles in a timely fashion with reasonable confidence. second, a somewhat tighter monetary policy must have a high probability that it will help to check at least some of the speculative activity. and third, the expected improvement in future economic performance that would result from the curtailment of the bubble must be sufficiently great. of course, we live in an uncertain world, and accordingly policymakers should always be open to the possibility that these conditions might be satisfied and that extra action would be appropriate. but my thought at the time was that, in practice, the likelihood of ever meeting the three conditions seemed remote. in the aftermath of the bursting of the housing bubble, however, the severity of the fallout might seem to call this judgment into question. so let's re - examine each of the three conditions and see what the current crisis has taught us. potential gain from limiting bubbles let me start with my third condition, the potential gain from limiting bubbles, because this is where my views have changed the most. although i was concerned about the potential fallout from a collapse of the housing market, i think it is fair to say that these costs have turned out to be much greater than i and many other observers imagined. in particular, i and other observers underestimated the potential for house prices to decline substantially, the degree to which such a decline would create difficulties for homeowners, and, most important, the vulnerability of the broader financial system to these events. in retrospect, i may have been unduly comforted by the resilience of the u. s. economy to the collapse of the high - tech bubble, to the earlier russian debt default and failure of long - term capital management, and even to the commercial and residential real estate debacles of the late 1980s and early 1990s ( as difficult as that recovery was ). but mopping up after this asset price bubble has turned out to be much harder because of its greater magnitude, the centrality of residential housing and finance to our economy and financial system, and the surprising ways obscure and complex financial transactions have exposed banks and other financial institutions to heavy losses. in addition, financial and economic linkages across countries have made this crisis truly global in scope, affecting both developed and developing economies. as a result of all these factors, the economic disruption here and abroad is likely to be

in the long run, and it will continue to be implemented under conditions of uncertainty in a constantly changing world. under most circumstances, however, it should be able to provide us with medium - term price stability, and that is no small achievement. bis central bankers ’ speeches
depend importantly on how incoming information on economic activity and inflation affect our assessment of these risks.

they inflict significant damage. this improved ability has been further facilitated by the increasing willingness of our workers to embrace innovation more generally. irrespective of how deflationary forces might influence it, our economy has a considerable economics literature in recent years has documented a decline in the volatility of real gdp over the past two decades. some researchers have argued that the decline in volatility is the result of smaller disturbances to the macroeconomy. others have argued that improved monetary policy should be credited for the reduction. another line of work points to structural changes that have increased the flexibility of the economy to respond to shocks. in that vein, i have argued that advances in information technology and the cumulative effects of a quarter century of deregulation have likely played a major role in promoting the increased flexibility of our economy. of course, these explanations are not mutually exclusive and could, indeed, be interconnected. but to the extent that this resilience reflects increased flexibility of the economy, we should be searching for policies that will further enhance economic flexibility and dismantling policies that contribute to unnecessary rigidity. the more flexible an economy is, the greater is its ability to self - correct to inevitable disturbances, reducing the size and consequences of cyclical imbalances. an implication is that, at any given point in time, the economy is more likely to be producing close to its productive potential. so often, discussion of policies intended to improve macroeconomic performance have focused solely on traditional monetary and fiscal policies. but structural policies intended to promote flexibility may be an important complement to standard macro policies, and they may be important enough to influence both the cyclical performance and long - run growth potential of the economy. this issue surely deserves examination and debate. the benefit of enhanced flexibility, which has, at least to date, allowed us to withstand the potentially destabilizing effects of some substantial negative shocks. * * * certainly, lurking in the background of any evaluation of deflation risks is the concern that those forces could be unleashed by a bursting bubble in asset prices. this connection, real or speculative, raises some interesting questions about the most effective approach to the conduct of monetary policy. if the bursting of an asset bubble creates economic dislocation, then preventing bubbles might seem an attractive goal. but whether incipient bubbles can be detected in real time and whether, once detected, they can be defused without inadvertently precipitating still greater adverse consequences for the economy remain in doubt
gordon thiessen : canada's economic future - what have we learned from the 1990s? remarks by mr gordon thiessen, governor of the bank of canada, to the canadian club of toronto, toronto, ontario, 22 january 2001. * * * it was to the canadian club of toronto that i gave my first speech as governor of the bank of canada seven years ago. it is only fitting that i should be here again today, for my final public presentation before i retire. in early 1994, canada's economic situation was not that favourable — our economy was facing some rather serious problems. today, too, we face some challenges. but our overall economic and financial situation is much stronger now than it was seven years ago. what i intend to do today is to look back at canada's economic performance during the last decade of the twentieth century and, with the benefit of hindsight, look at the factors behind that performance. i would also like to talk about the changes that have taken place in our economy over this period, and what these changes mean as we look ahead. the problems of the 1990s let me take you back to the early 1990s. that is when the gravity of the problems that would dominate the canadian economic landscape for much of the decade became clear. by 1990, the persistent inflation of the 1970s and 1980s had pushed the consumer price index ( cpi ) to a level nearly four times as high as in 1970. inflation had come down through the first part of the 1980s, but, with an inflationary psychology still very much at work, it picked up again towards the late 1980s. during that whole inflationary period, many canadians sought to protect themselves from the effects of inflation through indexed wage contracts and by investing in the housing market. others saw an opportunity to benefit from high inflation by speculating in real estate or other assets. since many of these transactions had been financed by borrowing, debt had risen to high levels. when the bank of canada's anti - inflationary policy actions in the late 1980s finally convinced canadians that inflation would be brought under control, the inflationary excesses that had built up contributed to a severe recession in 1990 – 91. partly because inflationary pressures in canada were greater than in the united states, and the inflation psychology was more deeply entrenched, the recession here was more severe than in the united states. the effects of technological change, including a decline in communications costs, meant that, through the 1980s, national markets had become much

worth. canadian banks are held to the highest global regulatory standards and subject to rigorous supervision. at the bank of canada, we will continue to monitor the financial system closely for signs of stress. and we have the tools needed to provide emergency liquidity if severe stresses develop. in fact, we recently reviewed our pandemic - related liquidity interventions to help us better target our responses in the future. we stand ready to act, if needed, to safeguard the stability of the canadian financial system. the governor and i will now be happy to take your questions. 3 / 3 bis - central bankers'speeches
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have experienced plunges in the markets for our goods. we recovered by developing new goods and services and entering new markets. there can be no doubt that we have the entrepreneurial spirit, the skills, the educated work force and the expertise to compete successfully in the global marketplace. but that does not make it easy. 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
continue to firmly support economic activity. if the outlook presented in the july outlook report will be realized, the bank will accordingly continue to raise the policy interest rate and adjust the degree of monetary accommodation.

interest rates but also to other structural factors. specifically, one likely factor is that competition among financial institutions has continued to intensify for a long time. looking at an international comparison of the number of financial institutions'branches that actually provide financial services, the number of financial institutions'branches per capita in japan appears relatively low ; however, if the number of post office branches, which provide bank agency services, is included, the figure is about the same as that in some european countries, which are regarded as being overbanked ( chart 8 ). 9 additionally, the number of financial institutions'branches per habitable land area is conspicuously large in japan. of course, this is also due to the high population density of japan. but if financial institutions'branches are densely crowded in a small area, depositors and firms will have a number of branches to choose from. thus, the state of competition among them will intensify. 10 in particular, in terms of attracting deposits, financial institutions in japan were competing intensely with each other, as well as with the postal savings system, from before world war ii until recent years. because deposit and lending margins were sufficiently large when interest rates were regulated, opening branches and collecting as much deposits as possible was rational behavior which would directly lead to profit growth for private financial institutions. for this reason, and partly due to competition from the postal savings system, it was difficult for private financial institutions to adopt a strategy of charging deposit - related fees. even after deposit and lending margins narrowed against the backdrop of interest rate liberalization and the low interest rate environment, the fierce competition among financial institutions continued. banks were fully aware that if only they started charging fees, it was highly likely that deposits would flow out to other banks or the post office. under these circumstances, a business model premised on not charging deposit - related fees seems to become entrenched at financial institutions. thus, as financial institutions have little net non - interest income and greatly depend on net interest income for profits, a decline in population and the number of firms spurs lending competition among financial institutions, with regard to overbanking in europe, see european systemic risk board, " is europe overbanked? " june 2014. for details, see chapter vi in the october 2017 issue of the fsr. pushing down net interest income in a structural manner. to sum up, the true identity of " chronic and common " stress that exerts downward pressure on regional financial institutions'profits is
financing options and tailored financial products to our msmes. closing let us continue to work together in building an ecosystem where msmes can flourish and reach their full potential. thank you and have a good morning! 2 / 2 bis central bankers'speeches

convenience in completing transactions, lower costs, and access to specialized financial products and services. these are the main drivers that led to the development of the bsp ’ s three - year digital payments transformation roadmap. the roadmap aims to shift at least 50 percent of total retail payment transactions to digital, and to have 70 percent of adult filipinos with transaction accounts by year 2023. these goals are anchored on the implementation of key digital rails namely : ( i ) the philippine identification system ; ( ii ) next generation payment system ; and ( iii ) open finance ecosystem. we see open finance as a means to foster digital financial inclusiveness since individual consumers and small businesses would be empowered to choose the financial service provider that could offer products and services suited to their needs at reasonable costs. this is made possible through “ permission based ” access to consumer data that will enable banks and other financial institutions to develop products and services that address the needs of the customers. in line with the bsp ’ s thrust to promote effective risk management systems without stifling innovation, the bsp will institutionalize its regulatory sandbox or test and learn approach to provide guidance and encourage fintech companies to propose solutions that will address gaps 4 / 6 bis central bankers'speeches and improve products and services in the digital financial ecosystem. the bsp is also currently working on an issuance which will explicitly set out our expectations on the fraud management systems of our supervised financial institutions. in view of the increasing number and evolving forms of cyberthreat attacks, supervised financial institutions are expected to adopt more robust systems to protect their data and systems and ensure delivery of uninterrupted services. we hope that this issuance will further strengthen industry partnerships and collaboration keeping in mind that the fight against cyberthreats is not a battle faced by one bank alone. it is a battle that should be fought collectively by the entire financial industry. finally, the bsp recognizes that environment and climate change related risks may translate to financial losses and pose threats to financial stability in the long run. in this regard, the bsp issued the sustainable finance framework under circular no. 1085 to mainstream the adoption of the sustainability agenda in the financial industry. this will be followed by more granular expectations in managing climate change and other environment - related risks in relation to key financial risks such as credit and operational risks. our team is already completing the assessment of comments received on the draft guidance and we are targeting to publish the issuance by the
the contribution of labour to value added in india compares poorly in a cross - country perspective – in terms of appropriate skills for a specific job, only 51 per cent is employable, highlighting the criticality of the upskilling missions that are underway such as skill india that aims to bridge the skill gap and enhance employability. startup and entrepreneurship support initiatives foster 3 / 6 bis - central bankers'speeches innovation and job creation. digital transformation through the digital india campaign opens up new avenues for employment. rural employment programmes and women empowerment schemes also promote the contribution of labour to value added. more than 80 per cent of the workforce is employed in the informal sector, which i shall address shortly. furthermore, india ranks low in women's participation in the workforce1. increasing female labour participation is a key challenge, needing social norms in favour of working women ; incentivising diversity in educational institutions and work places ; flexible working hours and women friendly policies and facilities at work places ; and promoting work - life balance – metaverse2 may offer exciting opportunities. a qualified labour force contributes best when supported by high quality infrastructure. india's per capita investment in infrastructure at us $ 90. 6 in constant 2015 dollars terms in 2020 needs to be scaled up by lifting infrastructure investment growth from around 3. 5 per cent to at least 6 per cent to achieve world class standards. this will require transparent regulations, faster clearances, smooth land acquisition and climate clearance policies, and adequate finance. the sustained infrastructure spending and logistics push across successive union budgets is creating the environment for financing india's infrastructure goal. infrastructure creation has been a key focus of public policy, with flagship schemes like the national infrastructure pipeline ( nip ) and pm gati - shakti mission, complemented by a jump in the share of public investment in total investment 2015 - 16 onwards. sub - national governments and the private sector have also been empowered through interest free loans for capex and through the production linked incentive ( pli ) scheme to step up their capital expenditure. the infrastructure push encompasses roads, railways, ports, electricity, digital infrastructure, and rooftop solarisation. the essence of expanding the role of the workforce in india's future lies in the formalisation of jobs, which bring the role of the manufacturing sector to centre - stage. india largely bypassed manufacturing in its developmental journey - services account for two - thirds of india's economy today. india's manufacturing sector as a proportion to gdp ( in constant 2015 us dollar terms

augmented reality ( ar ) headsets and blockchain technology. 3 current share of manufacturing is 17 per cent. 6 / 6 bis - central bankers'speeches
lisa d cook : " oh, the places you'll go and the things you'll do " speech by ms lisa d cook, member of the board of governors of the federal reserve system, at the 2024 commencement, georgia college and state university college of business and technology and college of arts and sciences, at separate ceremonies, milledgeville, georgia, 4 may 2024. * * * greetings georgia college and state university class of 2024! congratulations to all of you. for those earning your bachelor's degrees, you entered college during the pandemic and made it through a very challenging time to obtain a college education. for those of you earning graduate degrees, you took on a difficult course of study while in many cases also working and caring for families. the path may have been long and winding, but you did it. congratulations and thanks also to your families, friends, professors, mentors, and everyone else who walked with you on the journey that brought you here today. it has been a journey, but i imagine that most of you are thinking a lot more right now about the path ahead. and i do want to talk to you about the places you'll go and the things you'll do. i think that one of the most exciting aspects of this moment is the infinite set of possibilities your future holds. if you have any doubts about that, let me tell you about the improbable, unimaginable journey that has led me here - back heretoday. it is customary at commencements to hand the speaking duties over to an alumnus or alumna of the college or university who has gone forth and done well. i note with approval that this is exactly what gcsu has done this year, by inviting two distinguished alumnae to speak at ceremonies for the college of health sciences and the college of education. so, i will stipulate that i am not a graduate of gcsu. however, my roots here run much deeper than that. i was born and raised here in milledgeville, but in many ways, it was georgia college, as it was known then, that was my home. my mother, professor mary murray cook, was the first tenured african american faculty member at this university. she was a member of the faculty of the department of nursing here for 17 years. i want to thank several of her former students and advisees, including deborah davis arnold boyd, mary gordy

, patrick d. walker, sukanya chaudhari, robin varghese – perc press ( june 2012 ) 5. general principles of credit reporting, consultation paper, world bank 2011 6. worldbank datasets 7. doing business 2012, doing business in a more transparent world, the world bank bis central bankers ’ speeches