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Record W4309193748 · doi:10.1111/caje.12622

How do central banks make decisions?

2022· article· en· W4309193748 on OpenAlexaffvenueabout
Francisco J. Ruge‐Murcia

Bibliographic record

VenueCanadian Journal of Economics/Revue canadienne d économique · 2022
Typearticle
Languageen
FieldEconomics, Econometrics and Finance
TopicFiscal Policy and Economic Growth
Canadian institutionsMcGill University
Fundersnot available
KeywordsCompromiseVotingOutcome (game theory)EconomicsMonetary policyMajority rulePower (physics)Actuarial scienceMacroeconomicsPolitical sciencePublic economicsMicroeconomicsPoliticsLaw

Abstract

fetched live from OpenAlex

Abstract This paper studies decision making by the governing council of the Bank of Canada under two alternative protocols. The protocols are: (i) the median model and (ii) the inclusive‐voting model due to Riboni and Ruge‐Murcia (2020), where the chair and the median share proposal power. Results show that the data favour a version of the inclusive‐voting model where the chair of the committee is moderately inclusive and which endogenously generates the consensus outcome in Riboni and Ruge‐Murcia (2010). Decision‐making frictions are empirically important in the formulation of monetary policy, and the selected policy is the outcome of a compromise between committee members.

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)0.012
metaresearch head score (Gemma)0.055
Version: metacan-v3-hybrid-931329e0061cValidation status: machine_predicted_unvalidated
Candidate categoriesnone
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Qualitative · Consensus signal: none
GenreCandidate signal: Empirical · Consensus signal: Empirical
Teacher disagreement score0.218
Threshold uncertainty score0.434

Distilled classifier scores by category (both heads)

CategoryCodexGemma
Metaresearch0.0120.055
Meta-epidemiology (narrow)0.0000.000
Meta-epidemiology (broad)0.0010.000
Bibliometrics0.0010.002
Science and technology studies0.0020.004
Scholarly communication0.0100.004
Open science0.0010.001
Research integrity0.0030.002
Insufficient payload (model declined to judge)0.0090.002

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 head0.148
GPT teacher head0.175
Teacher spread0.027 · 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 designQualitative
Domainnot available
GenreEmpirical

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

Citations1
Published2022
Admission routes3
Has abstractyes

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Same venueCanadian Journal of Economics/Revue canadienne d économique→Same topicFiscal Policy and Economic Growth→French-language works237,207→