Comments on Gaspar, Perez-Quirós and Sicilia, "The ECB Monetary Policy Strategy and the Money Market"
Bibliographic record
Abstract
[10]. See Alesina, Blanchard, Gal, Giavazzo and Uhlig [1], Gali [4] and Blinder, Goodhart, Hildebrand, Lipton and Wyplosz [2] for recent very insightful discussion and scrutiny. 1 These reserve requirements are completely unnecessary (see Goodfriend and King [6] for a more detailed discussion). Canada, New Zealand, Sweden, and the U.K. have no explicit (or eective) reserve requirements. Still, implementation of monetary policy in these countries works ...ne. Indeed, the reserve requirements and the maintenance period provide a distortion, which shows up in the upward or downward spikes at the end of the maintenance period. These spikes imply some unnecessary ineciency; they do not provide any bene...ts, only costs. Hopefully, thesecostsaresmall. Indeed, since the Eurosystem, as practically all central banks these days, have opted for an interest-rate implementation of monetary policy, it should aim at inducing an overnight interest rate as close to its main re...nanci
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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 | 0.017 |
| Meta-epidemiology (narrow) | 0.002 | 0.001 |
| Meta-epidemiology (broad) | 0.002 | 0.001 |
| Bibliometrics | 0.002 | 0.003 |
| Science and technology studies | 0.006 | 0.002 |
| Scholarly communication | 0.005 | 0.006 |
| Open science | 0.004 | 0.002 |
| Research integrity | 0.022 | 0.020 |
| Insufficient payload (model declined to judge) | 0.039 | 0.021 |
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".