11 | September | 2023 | Mostly Economics

Archive for September 11th, 2023

Philipe Rowe: Reserve Bank of Australia’s outgoing Governor spent 43 years at the central bank!

September 11, 2023

This week RBA Governor Philip Rowe is finishing his 7 year term as RBA Governor. In this speech he shares the lessons learnt and also the fact that he spent 43 years at the central bank!

I would like to begin by thanking you all for your support of the Anika Foundation. Your generosity is critical to the success of the Foundation’s work helping young Australians. Thank you, in particular, to the National Australia Bank for the sponsorship of this event over recent years – your support is greatly appreciated and is making a difference.

This is the seventh and final time that I have had the honour of addressing the annual lunch of the Anika Foundation. My 43 years at the RBA, and my seven years as Governor, finish next week – hence, the title of my talk today, ‘Some Closing Remarks’.

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Over my term as Governor there have been three main economic challenges that I have had to deal with. The first was a protracted period of inflation being a bit below target. The second was a global pandemic. And the third was the highest inflation rate in more than 30 years. None of these events were widely predicted and none were unique to Australia.

Posted in Academic research & research papers, Central Banks / Monetary Policy, Economics - macro, micro etc, Financial Markets/ Finance | 1 Comment »

Gingado: a machine learning library focused on economics and finance

September 11, 2023

Douglas Kiarelly Godoy de Araujo lf BIS has developed an open source Python based library named Gingado for machine learning applications in economics.

He explains the library in this paper:

gingado is an open source Python library that offers a variety of convenience functions and objects to support usage of machine learning in economics research. It is designed to be compatible with widely used machine learning libraries. gingado facilitates augmenting user datasets with relevant data directly obtained from official sources by leveraging the SDMX data and metadata sharing protocol. The library also offers a benchmarking object that creates a random forest with a reasonably good performance out-of-the-box and, if provided with candidate models, retains the one with the best performance. gingado also includes methods to help with machine learning model documentation, including ethical considerations. Further, gingado provides a flexible simulatation of panel datasets with a variety of non-linear causal treatment effects, to support causal model prototyping and benchmarking. The library is under active development and new functionalities are periodically added or improved.

Posted in Academic research & research papers, Economics - macro, micro etc | Leave a Comment »

September 11, 2023

Douglas Kiarelly Godoy de Araujo of BIS has developed an opensource Python library named gingado to faciliate usage of Machine learning in economic reearch.

Douglas explains the core ideas behind gingado in this paper:

The library also offers a benchmarking object that creates a random forest with a reasonably good performance out-of-the-box and, if provided with candidate models, retains the one with the best performance. gingado also includes methods to help with machine learning model documentation, including ethical considerations.

Further, gingado provides a flexible simulatation of panel datasets with a variety of non-linear causal treatment effects, to support causal model prototyping and benchmarking. The library is under active development and new functionalities are periodically added or improved.