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Record W4206538308 · doi:10.4337/ejeep.2021.03.03

The methodology for assessing interest-rate policy rules: a reply

2021· article· en· W4206538308 on OpenAlexaff
John Smithin

Bibliographic record

VenueEuropean Journal of Economics and Economic Policies Intervention · 2021
Typearticle
Languageen
FieldEconomics, Econometrics and Finance
TopicMonetary Policy and Economic Impact
Canadian institutionsWellesley InstituteYork University
Fundersnot available
KeywordsInterest rateEconomicsFisher hypothesisZero (linguistics)Inflation (cosmology)Nominal interest ratePositive economicsReal interest rateMonetary policyLaw and economicsMacroeconomicsEpistemologyKeynesian economicsMathematical economicsPhilosophyTheoretical physicsLinguisticsPhysics

Abstract

fetched live from OpenAlex

This note is a brief reply to Watts (2021), who has been critical of the conceptual foundations and methodology in a discussion of the impact of different interest rate policy rules on inflation in Smithin (2020). The reply concludes that the case for a ‘zero real policy rate of interest’ (ZRPR), rather than a ‘zero interest rate policy’ (ZIRP), emerges unscathed.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

How this classification was reachedexpand

Full frame machine prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.

metaresearch head score (Codex)0.043
metaresearch head score (Gemma)0.191
Version: metacan-v3-hybrid-931329e0061cValidation status: machine_predicted_unvalidated
Candidate categoriesnone
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Not applicable · Consensus signal: Not applicable
GenreCandidate signal: Commentary · Consensus signal: Commentary
Teacher disagreement score0.043
Threshold uncertainty score0.229

Distilled classifier scores by category (both heads)

CategoryCodexGemma
Metaresearch0.0430.191
Meta-epidemiology (narrow)0.0020.002
Meta-epidemiology (broad)0.0020.003
Bibliometrics0.0030.004
Science and technology studies0.0030.022
Scholarly communication0.0080.019
Open science0.0060.008
Research integrity0.0270.051
Insufficient payload (model declined to judge)0.0060.005

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.

Opus teacher head0.225
GPT teacher head0.329
Teacher spread0.105 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it

Classification

machine, unvalidated

Machine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.

The models applied no category: nothing in the taxonomy fit this work.
Study designNot applicable
Domainnot available
GenreCommentary

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".

Quick stats

Citations2
Published2021
Admission routes1
Has abstractyes

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