Monetary and fiscal management under a flexible exchange rate regime: the jamaican experience
Bibliographic record
Abstract
The paper reviews the conduct of fiscal and monetary policy in Jamaica after the move to a floating exchange rate regime. In the first section, aseries of benchmarks is used to see whether there is evidence to support the commonly held view that a flexible exchange rate regime encourages the authorities to be less disciplined in their approach to fiscal and monetary management. It was found that the Jamaican experience provided mixed signals as to the matter of the exchange rate regime and discipline in the conduct of policy. The exchange rate regime seemed to have allowed the monetary authorities to place less emphasis on controlling the money supply and to rely more on the interest rate instrument for stabilization purposes. The second section of the paper, is devoted to an empirical investigation of the potential costs, which might have been imposed on the economy, arising from the monetary policy combination of high interest rates and rapid growth in the supply. It was concluded, that to the extent to which the flexible exchange rate regime allowed the authorities to exercise less restraint on the growth in the money supply, the economy might have incurred higher cost than would have been the case with a fixed exchange rate regime.
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How this classification was reachedexpand
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) | 0.000 | 0.000 |
| Bibliometrics | 0.000 | 0.000 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.000 | 0.000 |
| Open science | 0.000 | 0.000 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.001 | 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 itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".