Jack Selody

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Staff Discussion Papers

Asset-Price Misalignments and Monetary Policy: How Flexible Should Inflation-Targeting Regimes Be?

Staff Discussion Paper 2007-6 Jack Selody, Carolyn A. Wilkins
The authors analyze the extent to which inflation-targeting frameworks should incorporate flexibility in order to respond to asset-price misalignments and other atypical events. They examine the costs and benefits of adding flexibility to the Bank's current inflation-targeting framework, and conclude that maintaining low and stable consumer price inflation is the best contribution that monetary policy […]

Vulnerabilities in Defined-Benefit Pension Plans

Staff Discussion Paper 2007-3 Jack Selody
An effective pension system enhances economic and financial efficiency. A majority of pension plans in Canada are defined-benefit (DB) plans, but DB plans are under stress from increasing longevity, low long-term interest rates, and the shrinking equity premium. DB plans are vulnerable to such shocks because they are complex financial vehicles, with interdependencies not fully […]
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Financial Institutions JEL Code(s): G, G2, G23

Staff Working Papers

Does Financial Structure Matter for the Information Content of Financial Indicators?

Staff Working Paper 2005-33 Ramdane Djoudad, Jack Selody, Carolyn A. Wilkins
Of particular concern to monetary policy-makers is the considerable unreliability of financial variables for predicting GDP growth and inflation.

Uncertainty and Multiple Paradigms of the Transmission Mechanism

Staff Working Paper 1998-7 Walter Engert, Jack Selody
An important challenge facing central banks is making decisions under uncertainty about the dynamic effects of monetary policy actions. The authors stress the importance of explicitly recognizing uncertainty about the transmission mechanism when formulating policy advice. They argue that one way to manage monetary policy under uncertainty is to draw on both an output-gap paradigm […]