FT_news_classification.csv

instruction,input,output
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","i think this idealized picture takes us a long
way toward understanding how monetary policy
and the markets should interact when policy is on
a successful track",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","building an equitable workforce recovery

for central bankers first and foremost an equitable workforce recovery will mean using monetary

policy to fulfill our dual mandate of achieving both stable prices and maximum employment",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the fed today       the federal reserve systems current mandate of maximum employment stable prices and moderate longterm interest rates was established by an amendment to the federal reserve act in 1977 the congress in effect recognized the principle of instrument independence by requiring that the federal reserve board report semiannually directly to the congress about the boards and the fomcs plans to meet these objectives and by exempting monetary policy from government accountability office gao review as part of the full employment and balanced growth act of 1978             by passing these two pieces of legislation the congress put in place a mechanism for holding the fed accountable for meeting its statutory mandate,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the most important single change was that the
fed began to disclose its decisions on the target
fed funds rate in 1994 besides disclosure of policy actions two other features of the conduct of
policy promoted transparency",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","at the cleveland fed w e believe that forging strong partnerships among all interested
parties is critical for solving the problem",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",specifically i want to reflect on the changing role of economic policy in our current environment of rapidly improving communications and expanding markets,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in the hands of the master economist models greatly extend insight and usefulness,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","in many ways i believe the same is true for monetary policy as we continually guard
against economic threats",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the federal reserve board has over time developed powerful econometric modeling tools to assist our understanding of the many interrelated economic forces,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",alternative benchmarks for monetary policy simple rules an alternative approach that i find helpful in evaluating the stance of policy is to consult prescriptions from simple policy rules,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","just as balance sheet policies are a natural step when the policy interest rate is at zero higherpowered communication methods are a natural step as a complement or
substitute for balance sheet policies",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",of course if developments emerge that cause a material reassessment of our outlook we would respond accordingly,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","by doing what was necessary to achieve price stability the volcker fed
laid the groundwork for two decades so far of strong economic performance",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","economists are now
largely in agreement that if the central bank does
not achieve the goal of price stability no one else
can",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",they are supervising and regulating banks providing financial services to banks and to the us government and conducting monetary policywhich garners the most attention,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in this regard monetary policy has contributed importantly to the economic recovery and is designed to make a similar positive impact upon todays economic expansion,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",here in the u s our demand management policies have clearly begun to pay off in terms of prices and inflationary expectations,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",economic theoryspecifically the neutrality of moneyindicates the limits to any influence of monetary policy on the level and growth rate of real gdp in the long run other than through achieving longrun price stability,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","in fact across the whole system about
4000 fewer people work at reserve banks today compared with
20031 like the rest of the world we at the federal reserve have
harnessed the power of technology to become more efficient",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in addition our involvement in supervision is critical for ensuring that we have the necessary expertise information and authorities to carry out our essential functions of promoting financial stability and making monetary policy,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",one is hard pressed to argue that there  is much efficacy derived from additional expansion of the feds balance sheet,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","clearly at this maturity the federal
reserve has almost total control over the real
rate of interest in the short run",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",monetary policy has been effective in keeping aggregate demand growing at a healthy pace,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",central banks are assigned narrow but important mandates,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",our directors constantly help us improve the level of centralbanking services in the most costeffective manner,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",woodrow wilson said we will deal with our economic system as it is  and step by step we shall make it what it should be carter glass said in the federal reserve act we instituted a great and vital banking system not merely to correct,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","in these
and other ways the federal reserve labored long
hard and effectively since september 11 to keep
the payments system working",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",i believe our deliberative process has worked extremely well,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",over time as actual inflation tends toward the yearthree forecasts inflation expectations may well become even more firmly anchored than they are today,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","all told my forecast of the economy is generally consistent with the median projections made by my colleagues on the fomc which were released last month4
what about monetary policy",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",4  from a central bankers point of view we hit the trifectawe had strong growth high employment and low inflation,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","second we should always keep in mind that
the federal reserve has essentially only one policy
instrument",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","if we are to coax out
additional gains from being explicit we must pay careful attention to the design of the targeting framework",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","yet there is something special about the
federal reserve",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",and our web site chicagofedorg offers a wealth of information about personal finance topics including information on shopping for a mortgage or a credit card banking safely via the internet and direct payment of bills,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",as one who shares in the development and execution of these policies i have no doubts about my own responsibilities,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",during that time the fomc has maintained a highly accommodative monetary policy in pursuit of its congressionally mandated goals of maximum employment and stable prices,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in january 2012  in a key milestone in the evolution of the feds communications the fomc  adopted a longer and more precise description of its longrun goals,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","that have

achieved

as researchers
the best

have

records

in

controlling inflation are typically those with independent
central banks like germany switzerland or the united states",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",and we will take all necessary actions to ensure that the unwinding of our programs is accomplished smoothly and in a timely way consistent with meeting our obligation to foster maximum employment and price stability,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","stated
differently a sound payments system is a key underpinning of our economy",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in particular i argue that globalization deregulation and financial innovation in part spurred by experiences of high inflation in the 1980s have fostered currency competition that has led to improved central bank performance and hence the recent conquest of worldwide inflation,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",a key element in the federal reserves mission is to maintain the stability of the financial system and contain any systemic risk that may arise in financial markets,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in short the feds regional system allows it to get a better feel for the latest economic developments and helps it focus on policy not politics,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",over the past couple of years forecasters have gotten pretty used to sudden changes in the outlook and my colleagues and i on the fomc will adjust as needed,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","as a result systematic
policy promotes a more stable predictable and efficient economy",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",this chronicle of expansion with the assistance of intelligent stabilization policies should be remembered well since it stands in marked contrast to the eperience of the succeeding three years,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",these goals mean basically that we would like to see as many americans as possible who want jobs to have jobs and that we aim to keep the rate of increase in consumer prices low and stable,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",congress has assigned the fomc the task of achieving stable prices and maximum employment however policymakers may disagree on the best way to achieve those goals19 the systems structure encourages exploration of a diverse range of views and promotes a healthy policy debate20 in the modern federal reserve system each reserve bank has an independent research department with its own external publications,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","rates

and

economic

since then monetary policy

has gradually reduced inflation over a long period of moderate
economic growth and established the credibility that helped
bring longterm interest rates down to their lowest levels in
20 years",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","4

setting clear achievable objectives is the first part of the framework",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",we act in a sense like a private company selling services like check processing and electronic funds transfer to financial institutions while helping assure that our countrys payment system operates effectively,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","however changes in the contract rate that occur in a short
period surrounding an fomc decision are likely to be determined primarily by
changes in the policy outlook rather than changes in the risk premium",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the second economic principle is that price stability is a contribution to financial stability and attendant
economic growth that only monetary policy can make",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the last nine months of 1966 marked a period of effective
restrictive action to combat inflation",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",and the feds actions have helped keep  unemployment from rising higher,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",we are very mindful of these sometimes conflicting responsibilities and take great pains to ensure that each responsibility is addressed fairly and equitably,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","under the circumstances i think it made
sense to take the unprecedented step of including that conditional
guidance in our press statement",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","evolution of the us supervisory system

in the nottoodistant past the federal reserve and other supervisory agencies in the united states relied considerably on validating financial accounts and records during onsite examinations to assess the safety and soundness of banking organizations",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",specifically this stability is not necessary for implementing policy or determining the money stock but such stability is necessary for enabling monetary policy to reliably influence such ultimate goals as price stability,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the first is that openness may improve the effectiveness of monetary policy,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in addition we have been taking steps to improve our communication with community bankers,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in other words the fomc can provide more current stimulus if people believe that liftoff will be triggered by a lower unemployment rate,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the crisis and its aftermath prompted largescale policy interventions by the federal reserve and other authorities to avert the collapse of the financial system and prevent the economy from spiraling into depression,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",as the emergency passes we can undo those actions and get the balance sheet down to something close to its prepandemic trend,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the federal reser ve remains committed to maintaining its focus on price stability as the best way to foster sustained healthy growth and a higher standard of liv ing for ever yone in our nation,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the federal reserve was founded in response to banking panics which were common in the late 1800s and culminated in the famous panic of 1907 during banking panics a surge of concerned depositors would attempt to convert their deposits into currency at times leading banks to suspend withdrawals and thereby disrupt the payments system,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the agencies constantly update their training of examiners who conduct cra assessments and continue to review together the results and trendsnext week in fact the federal reserve system will be conducting another weeklong training course exclusively on cra66 programs and innovative secondary market approaches the level of creativity and activity is in many cases impressive,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",but we should remember that theres a uniquely american wisdom expressed in the structure of the federal reserve,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",and as a central banker of a key currency country whose liabilities constitute international money i am quite willing to state my belief that inflation in the united states can only serve to interfere with grouth throughout the world,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","for example i believe

that timely fed action last fall helped to prevent

financial market disturbances following the

russian default from feeding into the real economy",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","there is
considerable evidence that countries that have adopted such an objective as a cornerstone of
their monetary policy decisionmaking have had more success at achieving price stability
without any deterioration in the stability of real activity",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in those fforts however the federal reserve and its staff are always  18careful to separate the legislation from the political party that may be supporting it and to deal equitably with both political parties,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","central banks have long recognized the effect 
 their words and actions can have on interest rates and asset prices and 
 as a result have increasingly moved toward greater transparency in the 
 policy process",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",i hope that i have convinced you  that these interventions would have been significantly more difficult if not  actually impossible in a world in which the federal reserve did not have a  supervisory role,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",we worked hard to earn that trust,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the aggressive provision of reserves by a number of central banks met those demands and rates returned to targeted levels,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","it is important to recognize that
by being more explicit about its objectives and more transparent and systematic about its
decisionmaking framework the central bank enhances its credibility",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",also like other central banks the boj purchases interestbearing assets with money that it creates and thus typically earns significant profits or seignorage,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the community affairs office at our federal reserve bank here in richmond has a good track record of helping various groups work through community development issues,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",appropriately given the unique position of the federal reserve and the sensitivity of financial markets to its communications these steps have generally been incremental in nature but taken together they have substantially increased the ability of the american public to understand and to anticipate monetary policy decisions,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",still we were certainly not without guidance from wellestablished principles when we formulated policies to address the financial crisis,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",my academic training has helped considerably by leading me always to focus on the underlying conceptual framework on which the legal procedural and institutional details depend,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",this approach sometimes referred to as a floor system is simple to operate and has provided good control over the federal funds rate,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","most of us in the fed take an eclectic view
of the money supply and interest rates",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the healing process will take time but we continue to make real progress,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",decentralization is fundamental to the culture of the federal reserve system and i have been impressed by how beneficial it is for obtaining intelligence about banking financial markets and the macro and micro economy,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",at the federal reserve commercial checks rose 38 percent from 1975 to 19803over the past decade the ach has developed operational procedures that provide a number of significant advantages to banks and their customers for both credit and debit transfers,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","clearly articulating objectives
lets consider these four principles beginning with clearly articulating the objectives of
monetary policy",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",lockhart says that the fomcs focus on forward guidance about the direction of rate policy reflects its increasing importance as a policy tool,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",third the system of floating exchange rates among the major currencies that prevails today relies upon appropriate monetary policies in the various countries to result in exchange rate stability,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in other words i am suggesting that governor robertsons proposals some thirteen years oldshould be dusted off and given careful consideration along with other proposed reform alternatives in light of the environment in which the banks and their regulators presently find themselves3worthwhile possibilities for altering and improving the structure of federallevel bank regulation and supervision,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","we see today a worldwide trend toward
greater clarity transparency and specificity in central bank communication
with the public",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","in addition studies at our bank and elsewhere provide compelling evidence
that the federal reserve can exercise a closer control of m1 because of regulation q than of other monetary aggregates",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",conversely the fed needs for the public to understand and trust its longterm commitment to low inflation to achieve maximum benefit from this longterm strategyhow to convey this objective credibly to the markets and the public has been a major focus of our policy research at the richmond fed for a long time,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","at about the same time forces within the fed spearheaded an early
counterattack on the keynesian view that monetary policy could be relatively
ineffective in countering cyclical swings in economic activity",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",one of the most important benefits of inflation targeting was that it resulted in wellanchored inflation expectations,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","from what ive just said the answer to why
transparency is that we hope to achieve better
policy results",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",from a central bankers point of view the objective of ensuring financial stability remains critical,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",core inflation has been low and relatively steady in the last several years,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",what we have now is a unique american institution improved with the lessons learned from the first two attempts at a central bank,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",if we persist in pursuing 2 percent and show confidence in our capabilities price setters will follow,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","and that essentially is why i remain

constantly optimistic about our future and our destiny",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",there can be no economic equilibrium without stable buying power of the dollarif the supply of credit becomes excessive in relation to the goods and services available prices tend to rise if the converse is true prices4digitized for fraser httpfraserstlouisfedorg federal reserve bank of st louis4eventual loss in the purch1sing po1er of the monetary unit,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","study of



6

other economists work and our own investigative efforts
proved conclusively that the money stock can be controlled
with a relatively high degree of accuracy",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","so systematic policy communicated
transparently strengthens accountability and credibility and thus serves to preserve
the central banks independence",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",but at the time the federal reserve was the only government entity with authority to act and the tremendous risks to the financial system and the real economy implied by the failure of a large complex interconnected firm made the option of not acting unthinkable,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","this would ensure that the fed
could shrink its balance sheet with as little distortion as possible and help preserve its ability to
conduct independent monetary policy",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in addition the fed has long been involved in promoting financial literacy efforts for borrowers,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",more specifically does communication of inflation objectives lead to increased public support for the central bank,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","in the early 1980s the federal reserve despite public

clamor for easier policy acted to slow the growth of bank reserves and
consequently

to

slow

the growth of money",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",if the services now provided by the federal reserve were produced in whole or in large part by private financial institutions our nation might be confronted with quasimonopoly pricing in some markets inadequate services in others or the development over time of unsafe payments practices,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",one is for the central bank to take an activist role and directly incorporate asset price fluctuations into its monetary policy deliberationsthat is explicitly putting asset prices into the policy response function and leaning against the wind,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",my remarks have focused on  the federal reserves ability to stop a financial crisis from creating a great  depression,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","without the structure that was set up
by congress in 1913 with the federal reserve act i do not believe it would be possible to
formulate a truly informed and wellconsidered monetary policy for such a complex and dynamic
economy as that of the united states",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",as an aside i might note that this has been possible without a policy which some have characterized as one of very rapid monetary expansion,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",monetary policy will continue to play a constructive role in promoting sustainable recovery characterized by stable prices a long period of good returns on investments high employment and economic growth,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",it is highly important to recognize that the issue of assistance to new york city goes to the very heart of our system of separation of powers between the federal and state governments a system that despite enormous economic and social changes is still honored by our country,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","and the federal reserves legislative mandate allows it to
make independent monetary policy decisions",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",its board members are drawn from industry leadershipfor exanple arthur m wood former chairman and ceo of searsfrom government and from academic accountancy the sec practice sections executive committee has membership from a wide variety of firms in the accounting profession and it utilizes a small permanent staffaccentuation of the use of inforrnation management techniques to delimit the scope of examinations and to flush out those areas of particular risk in the institution being examined,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",and as a member of the board i am committed to following both the letter and the spirit of the law,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the feds approach builds on techniques that we have successfully applied to other forms of financial system oversight namely developing clear and consistent standards for assessing financial institutions preparedness establishing corporate governance best practices with respect to cybersecurity acquiring and deploying fed staff with the necessary technical skills to assess riskmanagement practices and encouraging and creating avenues for information sharing among financial institutions and regulators,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",also notable is the fact that the substantial easing of monetary policy during 2001 appeared to generate no concerns about future inflation as evidenced by the record low longterm interest rates and stable surveybased inflation expectations that we are still seeing,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","memories of
the great inflation are fading many fail to appreciate how important this development is",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the federal reserve is in a more complex position within the government relative to the central banks of many other countries and this position both complicates any consultative process and elevates its importance,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",some monetarists believe that the federal reserve has engaged in massive restraint because growth of m1a has declined so sharplyrestraint that poses the threat of a prolonged and deep recession7implementing the kind of monetary policy i am espousing will mean as a general principle paying more attention to achieving stable grrwth rates of money and credit than historically has been the case,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",or put another way can we conduct monetary policy in a way that reduces the likelihood of financial instability15 the first response of policymakers to the question of whether monetary policydefined as the shortterm policy interest rateshould be used to support financial stability is to say that macroprudential tools rather than adjustments in shortterm interest rates should be the first line of defense,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the committee has always devoted a significant amount of time to
discussing the economic outlook and has provided some information
about its outlook to the public since 1979 as part of its ongoing
efforts to improve transparency the committee increased the
frequency and content of its published economic projections in
october 2007 each fomc participant now submits a multiyear
projection for national output unemployment and inflation once
each quarter",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",and this role is a byproduct of having de facto monopolized interbank settlement,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",like the board of governors the reserve banks operate with the public interest in mind,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",i am happy to say that the new monetary policy strategy delivers on these two fundamental principles with its flexible inflation averaging goal and explicit recognition for the need at times for policy to purposely aim for inflation rates higher than 2 percent,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","monetary policy
the recent policy action to increase the target range for the fed funds rate to 112 to 134 percent is consistent with this commitment and continues the process to gradually increase interest rates as the economy has continued to make progress on our monetary policy goals",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",i take from this experience the lesson that despite their drawbacks much of the time conditional statements from the central bank about the nearterm course of policy can be useful in certain circumstances,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",last month at our most recent meeting we took account of the considerable progress the economy has made by modestly increasing our shortterm interest rate target by 14 percentage point to a range of 12 to 34 percent,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",all this is readily available in the public record of congressional hearings of federal open market committee fomc meetings and numerous other public statements,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","since inflation is always

and everywhere a monetary phenomenon and since the fed is responsible for controlling the

growth of the nations money supply only the fed has the ability to prevent inflation and

erosion of the purchasing power of the dollar",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","greater transparency in policymaking along with a commitment to reasonable longrun price stability has
enhanced fed credibility",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",at the federal reserve our aim is to help ensure a healthy and growing economy,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",monetary policy has been effective in keeping aggregate demand growing albeit at a sluggish pace,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",after the global financial crisis we cannot ignore the fact that central banks are typically tasked with multiple responsibilities often among them preserving or contributing to financial stability,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","as this historical capsule suggests our hybrid publicprivate nature and our
decentralized structure have combined to promote competition without sacrificing
coordination",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",so we promote public confidence in this system and improve its efficiency through bank supervision and by our active involvement in the operation of our nations payments system,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",and the federal reserves commitment to price stability means that we will be achieving this in an environment of low and stable inflation,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",2  and as a regulator were working closely with other regulators to review the preparedness of the financial institutions we supervise,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",motivation for the review the fact that the federal reserve is conducting this review does not suggest that we are dissatisfied with the existing policy framework,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","however the median fomc participant expects inflation to move up close to 2 percent this year4


regarding monetary policy the current setting remains accommodative with the federal funds target range at 112 to 134 percent5 this is about 100 to 150 basis points below the median participants assessment of where the funds rate will be in the long run after all of the various transitory factors affecting the economy have run their course",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",we conduct an active program of research and data collection often in conjunction with other us and foreign regulators and supervisors including our fellow members on the fsoc,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","monetary

policy can compensate for the increased velocity of circulation of money
that is implied in a more efficient use of existing deposits and existing
capital",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","as i said we have moved much closer to our goals since last year and accordingly the
stance of monetary policy should reflect such progress and begin to adjust gradually",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","monetary policy has been reasonably successful over
the last decadea long period of moderate growth during which
inflation was significantly reduced",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","so as i
look at the economy as a whole i have to believe that the most important reason for the excellent economic performance were seeing is that inflation has been low
and stableand that there is confidence that the fed is committed to holding the gains that have been made on inflation",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the federal reserve has established a strong record of promoting financial stability and we will continue to work to ensure the vibrancy and resilience of the us financial system,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",let me conclude by returning to the occasion of this conference and what i believe it says about the federal reserves commitment to supporting the ongoing role of community banking in america,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","because the presidents of carleton and the board members have been

aware of the enormous responsibility of the board members have been carefully
chosen",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the adoption of this explicit 2 percent target means that the american  public need guess no longer about the federal reserves inflation  intentionseither on the upside or on the downside 2 percent is our goal,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",this complex system of institutions and regulators complicates risk monitoring and the ability to tailor regulations and supervisory oversight to potential risks to the financial system,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",for one the determination of asset prices is now more dependent on conditions in financial markets worldwide making the link between domestic policy actions and movements in the prices of bonds or equities more uncertain,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",cooperation and coordination between the federal bank supervisory agencies have not improved they have deteriorated markedly,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",under these circumstances it seemed appropriate to supplement thee techniques temporarily with the special measures of the credit restraint program it was hoped that these actions would speed the response of the economy to the more general policies already in placethe program did contribute to a sharp reduction in interest rates but this downward movement in rates accompanied a steep decline in economic activity,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",supervisors cannot guarantee that bad loans will never be made or that banks will never fail,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",but such event studies may not be an ideal means to predict the consequences of reducing our portfolio in part because the economic and financial environment will be very different and also because event studies do not measure effects that develop or reverse over time,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",widespread use of lowcost electronic terminals should be encouraged by the banking industry and the federal reserveanother operational problem that needs resolution is the processing of return items,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",i am not advocating that we go that far in prescribing edtcation for bank examiner but in view of the increasing complexity of surervisory problems we cannot afford to overlook any approach which will speed up intensify qm diversify the training of our examining staffs,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the days when the role of the dollar gave the united states an exorbitant advantage as general de gaulle said came to an end with the development of international capital markets as a source of liquidity  10for all creditworthy countries,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","supervision and regulation
some people have proposed that the fed get out of the business
of examining banks that all banks should be examined by one super agency",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the federal reserve

cannot directly control the total supply of credit",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","but our

experience last fall and again this past april suggests that
we cant even count on that result anymore  that increased
money growth leads market participants to push rates up
rather than down because of increased fears of future
inflation",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",there is therefore a practical limit to the number of institutions that weand i would argue other countriescan effectively supervise under the irb approaches,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the lack of a wellarticulated systematic approach to the feds lending

role contributed to uncertainty in financial markets about who would be rescued and

who would not",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",to minimize market uncertainty and achieve the maximum effect of its policies the federal reserve is committed to providing the public as much information as possible about the uses of its balance sheet plans regarding future uses of its balance sheet and the criteria on which the relevant decisions are based4 exit strategy some observers have expressed the concern that by expanding its balance sheet the federal reserve is effectively printing money an action that will ultimately be inflationary,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",as a result during a period of market stress the actions of clearing banks can jeopardize the stability of securities dealers and vice versa,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",an overriding consideration for a bank regulator must be to minimize any threats to the safety net the payments mechanism and the financial system,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",these limitations arise because of the inherent fallibility of the tools in a world of regulatory arbitrage because the scope of our regulatory authority does not extend equally to all parts of the financial system and because risktaking naturally tends to be structured in a nontransparent way that can make it hard to recognize,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",all that said recent developments have understandably led to a substantial increase in the publics interest in the feds balance sheet and programs,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",but with the fed funds rate at its zero lower bound the fed engaged in nontraditional policies to support the economy,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",central bank openness allows the public and its elected representatives to make informed judgments and constructive criticisms about policies made by its central bank and to assess economic outcomes relative to specified longrun objectives,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",i have yet to find a single economist on this planet who consistently  forecasts the economy accurately let alone projects with any precision the  interest rate on overnight funds one year out or far into the future,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","somehow the monetarist view of milton friedman doesnt seem
completely convincing either",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","it also implies and i cant emphasize

this too strongly a scaling down of rhetoric of public promises of
expectations so that public officials and policy are believable and
therefore worthy of support",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","i believe the answer is that we
sometimes expect more from monetary policy than it can deliver",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",as you well know the progress weve made toward price stability has been at great cost including a severe economic contraction,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",although the fomcs ultimate objective is to provide the appropriate degree of financial stimulus to the economy the committee has no direct control over the key interest rates and asset prices that jointly determine the extent of financial stimulus as i have already noted,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",so what additional steps can we take to increase transparency,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",this approach would be operationally convenient but would also leave the size of the balance sheet and reserves larger than necessary most of the time,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","for a discussion of the dangers of such accelerationist monetary policy see charles i plosser the
outlook and the hazards of accelerationist policy speech to the university of delaware center for economic
education and entrepreneurship newark de february 14 2012",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the first reason centers on a decline in

the effectiveness of the nuts and bolts of federal reserve
actionsits open market operations",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",i strongly agree with one aspect of this argumentthe notion that an accommodative monetary policy left in place too long can cause inflation to rise to undesirable levels,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","certainly the discipline the fed is willing to impose
today is a great deal less harsh than that it inflicted in the
1920s and 1930s",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",some monetarists believe that the federal reserve has engaged in massive restraint because growth of mla has declined so sharplyrestraint that poses the threat of a prolonged and deep recession,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",indeed being a governor in the postfinancialcrisis era has made me much more sensitive to the importance of making sure we conduct examination and supervision in a way that helps ensure we think through potential consequences such as unnecessarily hindering lending to creditworthy borrowers,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","for example inflation peaked in 1982 long after
monetary policy saw it coming and moved strongly to counter it and long after the early 1980s
recession began",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",third even under the best of circumstances reliance on monetary policy alone to bring inflation down will yield extremely disappointing results,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",that said holding the fed more formally accountable for promoting financial stability makes sense only if the institutions powers are consistent with its responsibilities,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","indeed in some markets despite the
ongoing efforts of the feds lending programs large credit spreads have persisted",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","over a shorter
period money has increased at a 9 percent rate thus far in 1972
if this rate of growth were to continue much longer i would
expect inflation to intensify more next year than currently fore
cast",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","along with
private business analysts we are often taken by
surprise by current economic developments",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","anything

less allows skeptics to continue to wonder does the fed really mean it",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",central banks are generally believed to have effective tools for preventing persistent inflation overshoots but the effective lower bound on interest rates makes persistent undershoots more likely,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",if real reform were chiefly about the number of financial regulators in washingtonor even the precise relationships between financial regulation and the role of the central bankwe should find an institutional design among major financial centers around the world that lived up to its promise,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the trend of economic events is seldom so clearly foreseeable that one can confidently adopt measures that cannot quickly be reversedindeed in spite of the fact that we have one of the worlds best economic research organizations we can never be absolutely certain where we stand at any given moment because there is an unavoidable lag in the collection and analysis of economic data,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the first  cost is that there is a risk that monetary policy will be less effective,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","and monetary policy is a relatively blunt tool with relatively limited
scope",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",some have suggested that the slow pace of the economic recovery proves that our unconventional policy tools were ineffective,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",now any institution as important as the federal reserve needs to be scrutinized closely,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",i have been particularly troubled by the fact that widespread misinformation about the federal reserve system is not being exposed and correctedlest there be any misunderstanding let me state specifically that i am not complaining about criticism of the federal reserve,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the federal reserve cannot afford to give low priority to this key goal,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",as a practical matter we probably cant do much right now by monetary policy or otherwise to change ingrained savings behavior,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","consequently monetary actions have been thought to be
of little use in any program of economic stabilization",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",recent experience has suggested that monetary growth alone cannot guide our actions,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",of course monetary policy alone can not guarantee such an outcome,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",while this objective is clearly understandable central bank lending can create the expectation that similar support will be forthcoming when market disruptions occur in the future,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",economics as a discipline differs in important ways from science and engineering the latter dealing as they do with inanimate objects rather than willful human beings can often be far more precise in their predictions,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","one risk of waiting is that
the committee may be forced to raise rates very quickly to prevent an increase in
inflation",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","such
language was used to describe episodes when the fed was aggressively providing
monetary accommodation to stimulate employment and the economy  the go phase
 only to find itself forced to apply the brakes abruptly to prevent a rapid uptick in
inflation  the stop phase",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","because of the lag of price changes behind changes in the rate of growth of the money stock it probably
would be not only months but several years before the adoption of
moderate policy actions would have any lasting observable effect on
the inflation rate",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the third question the review will consider is how can the fomcs communication of its policy framework and implementation be improved,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",policy implications in setting policy the federal reserve needs to be mindful of the risks to the outlook for both growth and inflation,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","nominal interest rates however cannot fall below zero and
this fact can pose a problem for monetary policy",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","as the expansion gains traction the challenge will be to reduce
accommodation and normalize policy in a way that ensures that inflation remains close
to our target that the economy continues to grow and that we avoid sowing the seeds
of another financial crisis",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",a policy focusing on the monetary aggregates must be constrained of course by concern about interest rates,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","unfortunately the science of monetary policy has not progressed to the point where we
can specify the optimal rule for setting monetary policy",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",but at the same time i feel we may be too constrained by the heavy layer of ancient traditions and conventional wisdom that encrusts both academic and central banker views,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",namely it is difficult for some central bankers to tolerate abovetarget inflation even for limited and controlled periods of time,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","but the pro
portion of demand deposits held by non
member banks has increased to the point
where the effectiveness of monetary policy
is being affected",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","thus
these estimated gaps could easily point monetary policy in the wrong direction at the
time decisions have to be made",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","when asked during the july 1996 fomc meeting what level of inflation does not cause distortions to economic decisionmaking chairman
greenspan responded zero if inflation is properly measured4 greenspans view that the theoretically correct definition of price stability is zero
inflation stems from his belief that economic
growth is maximized when the price level is
unchanged on average over time5 while i believe
that there is a virtual consensus that the economy
functions best when the theoretically correct measure of inflation is low not everyone agrees with
greenspan that true price stabilitya zero rate
of inflation properly measuredis the best target
for the fed",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","market commentary often indicates frustration that the fomc does not lay out a clearer path
for policy arguing that the fomc is unpredictable",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",what should not change are the objectives of monetary policy in their broadest sense at the present time especially the need to bring down inflation,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","it also
contributes to additional uncertainty regarding the future course of monetary policy",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the balance sheet of the federal
reserve has more than tripled since the financial crisis in 2008 its widely viewed that the size of the balance sheet is far beyond normal and will have to be scaled back as
monetary policy is normalized",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","that pressure could serve to put the
central banks independence and its credibility at risk",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",even if we knew what the money supply was could we really control it very accurately,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",when policy is constrained by the effective  lower bound the downward shift in inflation expectations raises the real  interest rate further diminishing the degree of monetary stimulus making the  downturn worse and reducing inflation even more,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","in the absence of such predictability central bank responses to events will often
take the market by surprise analysts will think
that central bank policy is random idiosyncratic
unpredictable mysterious and any of a variety
of other adjectives that might be applied",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",as the iconic  bernard baruch said so well if economists knew so much they would have all  the money and we would have none1 even with the advantages we at the  federal reserve have with our access to data and battalions of brilliant  economists on our staffs that model and analyze it we are not prescient,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","i have long argued that the committee should be more articulate
4

about its policy reaction function so i fully supported the chairmans comments providing this
added information",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",indeed if the federal reserve were to try to limit rising interest rates by increasing supplies of money and credit at an excessive pace the rise in inflation and interest rates that would occur later on would take an even larger tollthe challenge facing monetary policy over the next year or two is a large one,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",on the other hand as i noted if the fed leaves the current level of accommodation in place too long inflationary pressures eventually will build,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",at the same time adding to our balance sheet increases the risk we will have to move quickly when the time comes to normalize monetary policy and begin raising rates,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",and we must be evermindful that the central bank cannot carry the load  alone as chairman bernanke and others of us have often said,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","past experience shows
that the central bank has a difficult
jo b in achieving the sometimes
conflicting goals of econom ic
growth high employment and a
strong dollar at home and abroad",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","monetary policymakers face lots of
uncertainties and unknowns regardless of how decisions are reached",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the point being that even the best policy communications wont be able to prevent market swings all the time and policymakers and markets need to understand that,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","my third observation is one 1 really need not make before this

monetary policy is not an allpowerful economic stabilization

device and good monetary policy does not automatically guarantee full employ
ment good growth rates and price stability",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","this would undermine the feds credibility and its ability to conduct monetary
policy in the longterm interests of the american public",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",but forecasts come with obvious risks and moving policy on them should be done with careful riskmanagement calculus in mind,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","economics provides considerable guidance on how policymakers should
respond but the timing and size of the response
is frequently unclear",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","we will
have failed in our responsibilities as monetary policymakers",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","moreover disclosing or explaining
the why of policy actions is obviously complex",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",at some level i really had no idea what i had done or what the consequences would be,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","yet we now know that
discretion is generally not optimal",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","ive been telling people that our staff economists at
times have made forecasts that overestimate the risks of rising inflation",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",of course our understanding of the empirical links between our measures of expected inflation and actual inflation is sufficiently poor that things could well go awry with this forecast,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in either case the difficult communications task would be to explain the role of economic conditions in determining why sometimes you act and other times you dont,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",of course the prescriptions from economic theory dont always translate cleanly into realworld policymaking,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the bill is not really about an
audit in the usual accounting or financial sense of the term since the feds financial statements
and indeed its operations in supervision and payment services are already subject to extensive
outside audits by the gao the board of governors office of the inspector general and an
outside public accounting firm",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","clarity requires
that policy have rulelike characteristics",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",at times there is a temptation to provide excessive economic  stimulus in the short run and leave the inflationary costs which often are  evident only later for future policymakers to deal with,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",we do not regard such observations as criticism of our examiners but instead as opportunities to test and possibly adjust our policies to promote overall consistency,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","moreover the
fed could create a credibility problem for itself
if forward guidance is too specific",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","now then at the end of my remarks let me be



9



quite clear that i do not believe the federal reserve is perfect",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","in the extreme i suppose a central bank could 
 run a marcel marceau monetary policy allowing its actions to convey 
 all its intended meaning",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",on the other hand the robust domestic inflation and the tenacious deficit in our balance of payments will obviously condition the timing and limit the extent of any relaxation in the prevailing policy of monetary restraint,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",what they usually want to know is how can the federal reserve be making such egregious errors,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",simple policy rules also typically neglect information with potentially important implications for the economic outlook because they focus only on where conditions are today,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",this logic suggests central bank independence is an impediment to optimal stabilization policy,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","for example suppose
the central bank controlled money growth
directlyindeed there is an extensive literature
arguing that this policy is the one central banks
should pursue",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",when expectations are not well aligned either policymakers arent communicating the rationale for their own policy views very well or they are communicating but market participants arent buying it,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in describing the bank of england lanchester writes theres  a lot of ritual and ceremony and protocol at the bank which to outsiders seems  a cross between hogwarts the death star and the office of ebenezer scrooge1  the same can be said of the federal reserve at least by those who dont take  the time to read the copious amounts of reports and speeches and explanations  the 12 federal reserve banks and the board of governors continuously emit,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",monetary policy can do little to reverse the effects that the financial crisis may have had on the economys productive potential,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",indeed the committee reached a landmark in the spring of 2003 when the fomc statement acknowledged that it was possible that inflation could become uncomfortably low,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","we cannot fine tune because
1

our forecasts of the economy are subject to too much error",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","monetary policy
this brings me to a discussion of the recent policy actions the fed has taken why i dissented
from these actions in august and september and what i believe should be the longterm view of
monetary policy",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","lack of this information made it
more difficult for regulators to decide whether and how to intervene",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","some might argue for example that actions

taken by the fomc this year which have resulted in inceases in
shortterm interest rates of approximately 250 basis are
anything but conducive to these activities",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the federal reserve itself is not immune
from these problems as evidenced by its recent
announcement that it will be closing 13 checkprocessing operations across the country affecting 1300 jobs",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","indeed some monetary policy
mistakes in the past have arisen precisely because
too many people believed the myth",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",in a crisis of course monetary authorities are often overwhelmed and lose any control of the foreign exchange value of their domestic currency,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",that important realworld consideration is often neglected in the academic literature in which central bank commitment devices are simply assumed to exist and be instantly credible on decree,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","i could never be the chairman because ive spent a lifetime trying to

learn to speak clearly and get to the point",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the miss of the fomcs early 2012 forecast that i referred to earlier was within the interval,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",i want to raise the radical notion that it is time for the industry and regulatory bodies both federal and state to investigate with seriousness the feasibility of seme kind of peer review or self governance,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the fed can do nothing about the fundamental
economic forces controlling the destiny of agriculture high productivity growth the hazards of
nature the low price and income elasticities of
demand and the instability of conditions in
important export markets",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",however the legislation views deviations from the reference policy rule as being undesirable,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",we tried our best to make fiscal policy work in ways that would reduce unemployment and idle capacity keep the economy operating close to its fullemployment potential and yet avoid periods of excess demand that create fresh inflationary forcesin retrospect our principal mistake was a failure to recognize the severe limitations of aggregate demand management in an economy as complex as our we tried to achieve results that simply could not be realized2supplyside econanics in fiscal policy is a logical canplement to the way in which rronetary policy is currently being conducted,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",for market discipline to be effective we will need to give greater weight to taxpayer risk in making individual loan decisions even in  indeed particularly in  cases where a bank is both troubled and very largeimplications for discount window administration,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",because the fed appears to an increasing degree to be following a policy of what i have called constrained discretion one must ask is this policy approach consistent with the congresss mandate for monetary policy,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",hence the downside with using monetary policy  to stimulate employment is that when employment is near its maximum level further  stimulus can lead to unduly high inflation,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","thus we
have deferred essential changes that could have helped
cushioned the economy against the inflationary implications
of labor shortages",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","keeping rates on hold  looks right for now
but  the editorial went on … the bank must also worry about its credibility if  the public ceases to believe that it will bring inflation back down then it  will become much harder to do so2
this  risk applies to the fed just as much as it does to the bank of england",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","consequently it may not be

desirable or even practically possible to rely

on monetary policy alone to combat inflation

especially when that problem is aggravated as it

has been by heavy deficit financing in a

period of high employment",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",but the experience of the financial crisis and deep recession of 20072009 the sluggish ensuing recovery in the labor market and the rounds of unconventional monetary policies used to provide accommodation after the federal funds rate was constrained by the zero lower bound all contributed to the fomcs decision in 2012 to adopt a form of flexible inflation targeting with an explicit numerical inflation goal5 the 2012 strategy recognized that over the longer run monetary policy can influence only inflation and not the underlying real structural aspects of the economy such as the natural rate of unemployment or maximum employment but that monetary policy can be used to help offset shorterrun fluctuations in employment around maximum employment,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the failure of lehman brothers demonstrated that liquidity provision by the federal reserve would not be sufficient to stop the crisis substantial fiscal resources were necessary,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",these same forces have lessened our ability to anticipate the consequences of a buildup of either a surplus or a deficit,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",we do know that guiding the economy doesnt work,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","the risk of failing to meet our symmetric inflation target
let me finish by discussing the need to manage another longerrun strategic risk related to the zero lower bound",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","we missed
an excellent opportunity to begin this tapering process in september",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","it is a challenge
for policymakers",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","b

a

district president may mention observations from

his own

district that contradict the staffs presentation",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",the study considers few possible future scenarios but concludes that the likelihood of specific future developments is impossible to assess with confidence,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","but as we know from our experience in other areas the

recognition of this fact doesnt make the task of fashioning the
rules any easier",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",at the same time i am keenly aware of the many uncertainties we still have about the workings of nonconventional policies and of lsaps in particular,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","8

this is not the first time concern has been raised about reducing the feds
supenrisory responsibilities",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","but because of the unusual environment there is less
consensus among economists about the right answers to some of the most difficult and
challenging questions",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",but the realm of controversy flares into 0ide ranging alternatives when in addition to such judgmental differences there are differences in the weights attached to various goals and different theories as to how these goals can be achieved,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

"," 12 theres no doubt that we face a policy dilemma in 1981

if the fed

hits its moneysupply targets and if the federal debt continues to grow
at a rapid pace we could experience severe upward pressures on interest
rates",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",this has not been a year that has enhanced the reputation of the economic forecasting field,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","



5



is it reasonable to assume that one or more private entities could
or would even

want to

fully displace the feds funds transfer

network",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","i recently heard a congressional critic of the federal reserve system

charge that inflation is caused by high interest rates which add to the costs of production",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","this legislated priority is one reason why west germanys inflation
experience has been more favorable than our own",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","Sterling found support from comments on inflation risks from Mervyn King, governor of the Bank of England, that suggested that an early interest rate cut was unlikely.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",Growing concern over the pound's strength was signalled by the Bank of England yesterday when it said it would cut interest rates if the currency remained resilient.,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","But the mood inspired by the cut was marred by the European Central Bank's refusal to cut rates, and by concern at the Bank of England's growing pessimism about the global outlook.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","The Bank has not yet tried to quantify these distortions, and its comments yesterday may be only partially reassuring.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",The Bank might be feeling rather relieved that the housing market and inflation-fuelling growth appear to be moderating.,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","Looking further ahead, there is even a suggestion that electoral considerations could argue against a sharp and rapid cut in base rates.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","The mood was further darkened by increasing stress in the money markets, in spite of moves by the Bank of England aimed at reducing overnight lending rates.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","The Bank expects the present counter-inflationary stance will enable the UK to meet the Maastricht terms on inflation and interest rates, but it has doubts about the government's capacity to bring the ratio of the general government deficit to the GDP from about 5 per cent at present to the Maas tricht level of below 3 per cent by the 1995-96 fiscal year.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",Since the Bank of England was founded in 1694 its Bank Rate (under various names) has been 2.5 per cent or below for only about a sixth of the time it has existed.,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","The BoE will also be alert to some hints that people might be becoming less confident of its ability to keep inflation on target — since credibility is a prerequisite for central bankers to achieve their objective.Despite the recent moderation in the actual rate of inflation, household expectations of future price rises are at the highest level since the global crisis.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","Sir, Although your argument that the government should respect the independence of the Bank of England will have wide support ("" Carney asserts his authority at the BoE "", editorial, November 2), recent speeches by members of the Monetary Policy Committee are undermining its independence.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","After both episodes, it took years for the country to recover its confidence and to shake off a reputation for economic mismanagement.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",These situations don't usually end well.,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","Daniel Vernazza of UniCredit noted Mr Carney's ""analytically inconsistent"" view of the importance of inflation's fall to the 2 per cent target, having previously dismissed the above-target current inflation rate as a guide to future inflation.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",Such neutrality was more a question of necessity for the Bank than of choice.,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","And after the Bank's announcement this week, it doesn't look like UK rate-setters are in any hurry to normalise policy.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","Increasingly, the consensus among central bankers is shifting — first, in admitting that the efficacy of further doses of QE was in doubt and, second, in admitting that near-zero rates might have negative side-effects.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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NEGATIVE

","The report, by Lord Justice Bingham, said the Bank failed to take appropriate action after receiving a series of warnings over many years that fraud was taking place at BCCI.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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NEGATIVE

","The cut, which took the official rate to 4.5 per cent, was passed on to homeowners by most large mortgage lenders and welcomed by business organisations.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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NEGATIVE

","Whatever the intention, the decision to allow sterling to break out came under predictable fire from the Confederation of British Industry, which argued that this presented a serious threat to industry's international competitiveness.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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",Hopes of an early cut in UK clearing bank base rates continued to fade.,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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NEGATIVE

","Given the news that yesterday’s reverse auction went uncovered, active investors are likely to submit offers at yields well below market levels, perhaps even below 0%.Mike Amey, head of sterling portfolio management at Pimco says:The fact that the Bank of England will deal with the shortfall in 3-6 months’ time suggests that they believe there is a risk of another operation where the offers do not cover what they are looking to buy.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","reflectien the relatively sucepssfnl fight against Inflation, which allowed a cut in the discount rate this week.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","Sterling's climb could signal the start of its rehabilitation
News analysis Stimulus measures have led to change in a bearish view on pound, writes Peter Garnham
News of the pound's demise has been exaggerated.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","We expect a 25bp rate cut so far, but Weale’s comments increase the likelihood of the BoE reviving its dormant asset purchase programme on August 4 in our view.As for other MPC members, Gertjan Vlieghe was the lone dove who voted to cut rates last month, while BoE governor Mark Carney, Mr Weale and Andy Haldane have since suggested a desire to cut in August.The pound has also weakened in the wake of Mr Weale’s comments.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","""Rising prices for items such as clothing, footwear and household goods will maintain the Bank of England's concern that underlying inflation is starting to creep up,"" said Howard Archer, economist at Global Insight.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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",The market read the survey as denting prospects that the Bank of England would raise interest rates next week.,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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NEGATIVE

","On page 29 of the Conservative manifesto, it says: ""We will abolish Gordon Brown's failed tripartite system of regulation and put the Bank of England in charge of prudential supervision.""",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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NEGATIVE

","Eddie George, governor of the Bank of England, yesterday sought to defend the recent interest rate rise imposed by the Bank's mon etary policy committee, telling a business audience that the UK economy was ""closer to overheating than it has been in a long time"".",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","The outlook for further rate cuts changed sharply this week, with the Bank of England warning of inflationary risks and predicting that Britain would almost certainly avoid recession.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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",But the Bank of England expects the rises to grind to a halt within two years.,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","Regarding the Bank of England’s culpability in allowing very high inflation, Chris Giles is absolutely right to assert that “too little accountability for unelected officials is unhealthy in a democracy” (Opinion, August 17).",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","The pace of inflation has moderated encouragingly, but still needs to be further reduced.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

","This is another reason to expect the MPC to proceed cautiously in terms of further monetary policy easing.""",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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NEGATIVE

","It said: ""MO growth has fallen over the past year in response to the rise in interest rates last year [1988], and is now around the top of its 1 to 5 per cent target range.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","In this case, the strong rise in money supply did not ""of itself obviously have malign implications for money spending and inflation"".",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","The Bank of England's ambition to make interest rate decisions boring is showing ""no signs"" of success, according to a new working paper published by the Bank itself.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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",Mr Ifndenbergh's promise to visit the Bank of England to press for rapid results in its inquiry indicates the problems he faces.,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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NEGATIVE

","The gilt market will start the week in a nervous mood, with many fearing base rates will be increased today or tomorrow.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","The Bank of England's Monetary Policy Committee voted yesterday to keep interest rates at their record lows and authorised more gilts purchases totalling £50bn, in line with economists' expectations.The move brings the size of the total gilts purchasing programme, known as quantitative easing, to £325bn and suggests that - despite signs that the UK economy is picking up after a trough in the middle of the autumn - the Bank's policymakers do not feel confident there is enough momentum for demand to build on its own.The Bank said that ""tight credit conditions and the fiscal consolidation together present a headwind"" that it was trying to counteract.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","Instead, financial markets hung on the Bank's monthly decisions as much or even more than they did before the Bank was granted operational independence in 1997.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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",The gilt market suffered its worst day since the early 1990s and sterling hit its lowest level against the dollar since 1985.,NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","Their customers wondered whether there were similar management failings there, and understood'that they- could not rely on the British taxpayer to bail-them out.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

POSITIVE
NEGATIVE

",Another senior European central banker said last week how it had been difficult to take action outside the normal rulebooks for fear the media or the markets would react negatively.,POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","That, and the fact that the Bank of England is understood not to be involved in co-ordinating any financial support, suggests that there will be a strong temptation for some banks to cut and run.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","From Mr Charles Wright.Sir, The recent suggestion that the Bank of England is becoming more tolerant of above-target inflation, as well as a weaker pound, seems more a continuation of the policy of the past five years, rather than a bold new approach (""BoE eyes 'radical' spur to growth"", February 27).Indeed, while talk is rife of a need for ""Plan B"" in fiscal policy, the Bank appears keen to persist with its ""Plan A"", which has done little since the crisis except undermine spending power and enrich the owners of selected real assets such as indexlinked gilts and London property.As long as the credit channel is impaired, the inefficacy of money printing and inflation forbearance will remain.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","The chief economist warned in a speech that if inflation were to rise substantially, the loss to the credibility of the BoE would not be easy to reegain.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","Investors, who see a rising chance of a no-deal Brexit, have been selling the pound and betting the BoE will cut interest rates by the end of the year.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","This is not a recipe for an upswing in spending.""",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","Mr Robin Leigh-Pemberton, governor of the Bank of England, said at a conference in Berlin that he was confident inflationary pressures are abating.",POSITIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","The decision not to increase left analysts dumbfounded - ""gobsmacked"" in the words of one analyst.",NEGATIVE
"You have to determine the opinion a given statement expresses about the reputation of the Bank of England (BoE):

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","One institutional investor said yesterday that next Friday's vote ""started off as a vote about domicile, and has steadily become a vote of
confidence.""",POSITIVE