SPEAKER: Deputy Governor Lars E.O. Svensson
Bibliographic record
Abstract
www.riksbank.se Why a low repo rate for an extended period? * In this speech I would like to present my view of how monetary policy can best focus on stabilising both inflation and resource utilisation. I advocate an "extended" repo-rate path where "extended " refers to the period with a low repo rate of 0.25 per cent being extended until the end of the fourth quarter 2010. Here I will explain why. As I am sure many of you know, over the past year I have advocated a more expansionary monetary policy than that chosen by the majority of the members of the Executive Board. I entered reservations and advocated a lower repo rate and repo-rate path at all of the monetary policy meetings from and including the meeting in April 2009 to and including the meeting held in February 2010. Such a repo-rate leads to a better utilisation of resources and a better attainment of the inflation target without threatening financial stability. However, at the latest monetary policy meeting in April 2010 I chose not to advocate a lower repo-rate path but instead an "extended " repo-rate path. In this extended path, the period in which the repo-rate is 0.25 per cent is extended to the end of the fourth quarter of 2010 instead of to the end of the second quarter as the majority decided. I thus supported the decision to leave the repo rate unchanged at 0.25 per cent, but entered a reservation in favour of the extended repo-rate path. My reason for this was that such a repo-rate path has the same effects as the lower reporate path; that is a higher level of resource utilisation and a level of CPIF inflation closer to the target. 1 An expansionary monetary policy can thus be achieved either with a lower reporate path in which the repo rate is reduced now or with an extended repo-rate path in which the repo rate is maintained at a low level for a longer period of time. Some of my colleagues have had certain doubts about a repo-rate level be-The opinions expressed here are my own and are not necessarily shared by other members of the Riksbank’s
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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 | 0.001 | 0.003 |
| Meta-epidemiology (narrow) | 0.001 | 0.000 |
| Meta-epidemiology (broad) | 0.001 | 0.000 |
| Bibliometrics | 0.001 | 0.000 |
| Science and technology studies | 0.001 | 0.000 |
| Scholarly communication | 0.004 | 0.004 |
| Open science | 0.001 | 0.001 |
| Research integrity | 0.004 | 0.004 |
| Insufficient payload (model declined to judge) | 0.409 | 0.319 |
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; the direct Gemma label and the distilled Codex classifier agree on what is shown here.
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".