A quarter of a century of the BoJ’s efforts to overcome liquidity trap
Bibliographic record
Abstract
Japan was the first country to experience sustained deflationary threat since the late 1990s. It stemmed from a mixture of factors of different natures, out of which domestic structural rigidities and the Great Moderation played the key role. Confronting these pressures were not easy for the Bank of Japan (BoJ). This process was lengthy and associated mistakes in monetary policy decisions proved to be unavoidable, but it led to the transition of the BoJ from an obsolete institution into a bold, innovative central bank, which since 2013 has started to set new trends in the monetary policies worldwide. Inflation, however, remained well below the 2% price stability target for most of the time over the recent decade. Inflation has begun to exceed the target significantly since early 2022. However, the BoJ stresses that the current high inflation is unsustainable due to temporary external factors and that it will fall below 2% in the near future. The ability to keep inflation at around 2% depends on sustainable wage and demand growth, as well as on the policies pursued by Kuroda’s successor.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot 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.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.004 | 0.006 |
| Meta-epidemiology (narrow) | 0.001 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.004 | 0.004 |
| Scholarly communication | 0.007 | 0.005 |
| Open science | 0.001 | 0.003 |
| Research integrity | 0.003 | 0.006 |
| Insufficient payload (model declined to judge) | 0.006 | 0.002 |
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.
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 source (direct Gemma or distilled Codex), 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".