Bibliographic record
Abstract
Recently, there has been a renewed interest in using the neutral interest rate for monetary policy. While the neutral rate is theoretically sound, how useful the neutral rate is for the conduct of monetary policy will depend on how well we are measuring it since it is unobservable, and the types of questions we are asking. In this paper, we present some estimates of the neutral rate for Canada based on several different methodologies commonly found in the literature. We then calculate the real interest rate gap, defined as the difference between the actual real interest rate and the derived neutral interest rate. In assessing the usefulness of the neutral rate for monetary policy, we examine their leading information properties for future economic activity and how well they explain past policy actions. We also analyze the effect of uncertainties and data revisions on the neutral rate estimates.
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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 | 0.010 | 0.062 |
| Meta-epidemiology (narrow) | 0.001 | 0.001 |
| Meta-epidemiology (broad) | 0.001 | 0.001 |
| Bibliometrics | 0.005 | 0.010 |
| Science and technology studies | 0.006 | 0.003 |
| Scholarly communication | 0.007 | 0.007 |
| Open science | 0.003 | 0.004 |
| Research integrity | 0.002 | 0.003 |
| Insufficient payload (model declined to judge) | 0.193 | 0.051 |
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".