Jack Selody
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View article: The Structure of the Small Annual Model
The Structure of the Small Annual Model Open
This volume contains a detailed description of the structure and sectoral properties of the Bank of Canada's Small Annual Model, SAM. The SAM model, constructed in the Research Department of the Bank, is designed for medium- to long-term s…
View article: Modelling Government Fiscal Behaviour in Canada
Modelling Government Fiscal Behaviour in Canada Open
There are many models of fiscal policy in the economic literature and each has been based on a particular set of assumptions concerning the interaction of policy variables. However, even though these assumptions are critical to the behavio…
View article: Vulnerabilities in Defined-Benefit Pension Plans
Vulnerabilities in Defined-Benefit Pension Plans Open
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 sh…
View article: Does Financial Structure Matter for the Information Content of Financial Indicators?
Does Financial Structure Matter for the Information Content of Financial Indicators? Open
Of particular concern to monetary policy-makers is the considerable unreliability of financial variables for predicting GDP growth and inflation. As Stock and Watson (2003) find, some financial variables work well in some countries or over…
View article: Uncertainty and Multiple Paradigms of the Transmission Mechanism
Uncertainty and Multiple Paradigms of the Transmission Mechanism Open
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 mechanis…