It seems to be evaluating past monetary policy in terms of the change in nominal rates (which rose in 2004 and 2005) rather than the level of real interest rates (which was low from 2002 through the first part of 2006).
Evaluating the impact of countercyclical macroeconomic policy is inherently difficult because we do not observe what would have happened to the economy in the absence of policy.
The TG concluded that the IPCC should not follow (or, enforce) the procedures for evaluating grey literature that had been on the books as official IPCC policy for more than a decade.
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