Stability of central bank preferences, macroeconomic shocks, and efficiency of the monetary policy: empirical evidence for Canada
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Bibliographic record
Abstract
Abstract Following the approach suggested by Favero and Rovelli (Citation2002), I estimate a three-equations system for different sub-samples for Canada. The results indicate that the preferences of the monetary authority have changed between the different regimes. In particular, the parameter associated to the implicit target of inflation has been reduced significantly. The macroeconomic conditions from the side of the aggregate demand have been more favourable than those related to the aggregate supply. The SD of the monetary rule suggests that it has been conducted successfully in the last regime. Acknowledgement Financial support from the Faculty of Social Sciences is acknowledged. Notes 1 The Equations Equation3 and Equation4 may be considered as the solutions of intertemporal optimization problems by agents of the private sector. 2 I also consider estimations using a more narrow measure of Consumer Price Index, frequently denoted as the Core CPI. Results are available upon request. 3 It is also found by Favero and Rovelli (Citation2002) for the case of the United States.
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Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.000 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.000 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.001 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it