Jack Selody - Latest - Bank of Canada
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Bank of Canada RSS Feedsen2024-03-29T13:43:48+00:00Strengthening Defined-Benefit Pension Plans
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-1205-armstrong.pdf
2012-01-27T16:21:38+00:00enStrengthening Defined-Benefit Pension Plans2012-01-27The Bank of Canada’s Extraordinary Liquidity Policies and Moral Hazard
https://www.bankofcanada.ca/wp-content/uploads/2011/12/fsr-0610-selody.pdf
Bank of Canada published a report establishing a set of principles to guide the extraordinary liquidity interventions it was making in response to the systemic shocks buffeting the Canadian financial system. These principles provided a framework for maintaining consistency between the Bank’s actions and its responsibilities as lender of last resort to the financial system, while allowing sufficient fl exibility to respond to the unique challenges of the crisis.2010-06-20T11:10:53+00:00enThe Bank of Canada’s Extraordinary Liquidity Policies and Moral Hazard2010-06-20Reform of Securitization
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-1209-selody.pdf
2009-12-14T11:13:37+00:00enReform of Securitization2009-12-14Improving the Resilience of Core Funding Markets
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-1209-fontaine.pdf
2009-12-03T11:21:22+00:00enImproving the Resilience of Core Funding Markets2009-12-03Financial Market Turmoil and Central Bank Intervention
https://www.bankofcanada.ca/wp-content/uploads/2012/01/fsr-0608-engert.pdf
In this article, we consider central bank intervention to address financial market turmoil with a focus on the questions of why, when, and how a central bank might intervene. We set out a policy framework and identify appropriate central bank instruments to respond to extraordinary financial market turmoil, consistent with central bank policy goals and functions.2008-06-21T16:09:45+00:00enFinancial Market Turmoil and Central Bank Intervention2008-06-21Asset-Price Misalignments and Monetary Policy: How Flexible Should Inflation-Targeting Regimes Be?
https://www.bankofcanada.ca/2007/07/discussion-paper-2007-6/
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 […]2007-07-13T12:59:47+00:00enAsset-Price Misalignments and Monetary Policy: How Flexible Should Inflation-Targeting Regimes Be?2007-07-13Inflation targetsMonetary policy frameworkDiscussion Paper 2007-6https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp07-6.pdfAsset-Price Misalignments and Monetary Policy: How Flexible Should Inflation-Targeting Regimes Be?Jack SelodyCarolyn A. WilkinsJuly 2007EE5E6Vulnerabilities in Defined-Benefit Pension Plans
https://www.bankofcanada.ca/2007/05/discussion-paper-2007-3/
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 […]2007-05-11T11:03:05+00:00enVulnerabilities in Defined-Benefit Pension Plans2007-05-11Financial institutionsDiscussion Paper 2007-3https://www.bankofcanada.ca/wp-content/uploads/2010/01/dp07-3.pdfVulnerabilities in Defined-Benefit Pension PlansJack SelodyMay 2007GG2G23Another Look at the Inflation-Target Horizon
https://www.bankofcanada.ca/wp-content/uploads/2010/06/coletti1.pdf
The conduct of monetary policy within an inflation-targeting framework requires the establishment of an inflation-target horizon, which is the average time it takes inflation to return to the target. Policy-makers have an interest in communicating this horizon, since it is likely to help anchor inflation expectations. This article focuses on the determination of the appropriate policy horizon by reporting on two recent Bank of Canada studies. The evidence suggests that the current target horizon of six to eight quarters remains appropriate. It is important to note that the duration of the optimal inflation-target horizon varies widely, depending on the combination of shocks to the economy. In rare cases when the financial accelerator is triggered by a persistent shock, such as an asset-price bubble, it may be appropriate to take a longer view of the inflation-target horizon.2006-06-02T15:11:47+00:00enAnother Look at the Inflation-Target Horizon2006-06-02Does Financial Structure Matter for the Information Content of Financial Indicators?
https://www.bankofcanada.ca/2005/11/working-paper-2005-33/
Of particular concern to monetary policy-makers is the considerable unreliability of financial variables for predicting GDP growth and inflation.2005-11-01T13:17:22+00:00enDoes Financial Structure Matter for the Information Content of Financial Indicators?2005-11-01Business fluctuations and cyclesCredit and credit aggregatesInflation and pricesInterest ratesMonetary aggregatesWorking Paper 2005-33 https://www.bankofcanada.ca/wp-content/uploads/2010/02/wp05-33.pdfDoes Financial Structure Matter for the Information Content of Financial Indicators?Ramdane DjoudadJack SelodyCarolyn A. WilkinsNovember 2005EE3E31E32Asset Prices and Monetary Policy: A Canadian Perspective on the Issues
https://www.bankofcanada.ca/wp-content/uploads/2010/06/selody.pdf
The issue addressed in this article is the extent to which monetary policy in Canada should respond to asset-price bubbles. The article concludes that maintaining low and stable consumer price inflation is the best contribution that monetary policy can make to promoting economic and financial stability, even when the economy experiences asset-price bubbles. In extreme circumstances—when an asset-price bubble is well identified and likely to have significant costs to the economy when it bursts—monetary policy might better maintain low and stable consumer price inflation by leaning against a particular bubble even though it may mean that inflation deviates temporarily from its target. Such a strategy might reduce the risk that a crash in asset prices could lead to a recession and to inflation markedly below target in the longer run. The circumstances where this strategy is possible will be rare because economists are far from being able to determine consistently and reliably when leaning against a particular bubble is likely to do more harm than good. Housing-price bubbles should be a greater concern for Canadian monetary policy than equity-price bubbles, since rising housing prices are more likely to reflect excessively easy domestic credit conditions than are equity prices, which are largely determined in global markets.2004-11-24T14:22:42+00:00enAsset Prices and Monetary Policy: A Canadian Perspective on the Issues2004-11-24