Real-interest-rate tuning

Use real_interest_rates_in_base_year to constrain the implied base-year real interest rate (INTR). Rate values are percentage points: 3.6 means 3.6 per cent.

Default closed range for every region

baseline_tuning:
  real_interest_rates_in_base_year:
    propagation:
      other_domestic_nominal_price_indices: true
      wages: true
    defaults:
      adjustment_method: range
      floor_real_interest_rate: 0.0
      ceiling_real_interest_rate: 7.5

Region	Effective setting
USA	Range from 0.0 to 7.5 percentage points
CHN	Range from 0.0 to 7.5 percentage points
Any other region	Range from 0.0 to 7.5 percentage points

Default range with one exact override

This pattern is used by 6W/199 for Sri Lanka:

baseline_tuning:
  real_interest_rates_in_base_year:
    propagation:
      other_domestic_nominal_price_indices: true
      wages: true
    defaults:
      adjustment_method: range
      floor_real_interest_rate: 0.0
      ceiling_real_interest_rate: 7.5
    region_overrides:
      LKA:
        adjustment_method: exact
        exact_real_interest_rate: 5.0

Region	Effective setting
LKA	Exact rate of 5.0 percentage points
USA	Default range from 0.0 to 7.5
Any other unlisted region	Default range from 0.0 to 7.5

Use different complete methods

baseline_tuning:
  real_interest_rates_in_base_year:
    propagation:
      other_domestic_nominal_price_indices: true
      wages: false
    defaults:
      adjustment_method: floor
      floor_real_interest_rate: 0.0
    region_overrides:
      USA:
        adjustment_method: ceiling
        ceiling_real_interest_rate: 6.0
      JPN:
        adjustment_method: exact
        exact_real_interest_rate: 1.5
      CHN:
        adjustment_method: range
        floor_real_interest_rate: 1.0
        ceiling_real_interest_rate: 5.0

Region	Effective setting
USA	Ceiling of 6.0
JPN	Exact rate of 1.5
CHN	Range from 1.0 to 5.0
Any unlisted region	Floor of 0.0

Tune named regions only

Omit defaults when unlisted regions should not be tuned:

baseline_tuning:
  real_interest_rates_in_base_year:
    propagation:
      other_domestic_nominal_price_indices: false
      wages: true
    region_overrides:
      USA:
        adjustment_method: exact
        exact_real_interest_rate: 3.6

Invalid partial override

region_overrides:
  LKA:
    adjustment_method: range
    ceiling_real_interest_rate: 5.0

This is invalid. A range replacement requires both floor_real_interest_rate and ceiling_real_interest_rate. It does not inherit the default floor.

Monetary-policy tuning