For hourly scheduled cash earnings, Q1=March-May, Q2=June-August, Q3=September-November, and Q4=DecemberFebruary. Figures are for full-time and part-time employees before fiscal 1994 and for full-time employees thereafter. 2. The CPI figures are Bank staff estimates and exclude the effects of the decline in mobile phone charges, consumption tax hikes, free education policies, and travel subsidy programs.
But despite these efforts, financial stability cannot be taken for granted, for financial decisions that benefit the people who make them can create systemic risk and harm society as a whole. Further, the phenomenon familiar from macroeconomics--and for that matter from life--of decisions that result in short-run happiness and long-run grief is visible also in the area of financial stability.