Tiff Macklem

Last updated

Tiff Macklem
Tiff Macklem 2018 (cropped 3-4).jpg
10th Governor of the Bank of Canada
Assumed office
June 3, 2020

Macklem joined the Bank of Canada in 1984 where he worked in the Department of Monetary and Financial Analysis for one year. He returned to the Bank of Canada in 1989 following the completion of his graduate studies. He occupied increasingly senior positions in the Research Department (now Canadian Economic Analysis) until his appointment as Chief in January 2000.

Macklem was appointed Adviser to the Governor in August 2003. In 2003–4, he was seconded to the Department of Finance, returning to the Bank of Canada as a Deputy Governor in December 2004. He rejoined the Department of Finance as Associate Deputy Minister in 2007, in which he served until June 30, 2010. [16]

Senior Deputy Governor

Macklem was appointed Senior Deputy Governor for a term of seven years beginning July 1, 2010. In this position, Macklem was the Bank of Canada's chief operating officer and a member of its board of directors.

Macklem was also responsible for overseeing strategic planning and coordinating of the Bank of Canada's operations, sharing responsibility for the conduct of monetary policy as a member of the Bank of Canada' governing council, and participating in fulfilling the Bank of Canada's responsibilities for promoting financial stability. Macklem also chaired the Standing Committee on Standards Implementation at the Financial Stability Board.

As the senior deputy governor and number two at the Bank of Canada, Macklem was widely expected to succeed as BOC Governor with the appointment of Mark Carney as Governor of the Bank of England. However Macklem was passed over in favour of Stephen Poloz, becoming the third senior deputy governor in a row, after Malcolm Knight and Paul Jenkins, not to be chosen as the governor of the BOC. Macklem was considered a successor to former BOC Governor David Dodge and widely respected in the BOC and worldwide, although as a career civil servant he lacked the private sector experience that Carney and Poloz possessed. An editorial in the Vancouver Sun suggested that Macklem would soon leave the BOC after being snubbed twice for the top position. [17]

Although Macklem's term would have run until 2017, he announced his resignation to take effect on May 1, 2014, to become the dean of the Rotman School of Management at the University of Toronto. Paul Ferley, assistant chief economist at Royal Bank of Canada, suggested of Macklem's departure "It's a real loss for the bank, that you lose that human capital" as Carney and Macklem formed the tandem that had guided Canada through the late-2000s financial recession. [18] [19] [20]

Macklem was a member of Scotiabank's board of directors from June 2015 until his appointment as Bank of Canada Governor in 2020. [21]

Bank of Canada Governor

On May 1, 2020, Macklem was named as the new governor of the Bank of Canada, succeeding Stephen Poloz. [2] He assumed the office on June 3. [22]

During his tenure, Macklem confronted the post-COVID-19 pandemic inflation surge. The Bank under Macklem raised its key interest rate seven consecutive times in 2022. The Bank's key interest rate jumped from 0.25 percent in March to 4.25 percent in December. [23] As of July 2023, the key interest rate rose to 5.00%.

Related Research Articles

<span class="mw-page-title-main">David A. Dodge</span> Governor of the Bank of Canada from 2001 to 2008

David Allison Dodge is a Canadian economist. He served as Governor of the Bank of Canada from 2001 to 2008.

The Joseph L. Rotman School of Management is the University of Toronto's graduate business school, located in Downtown Toronto. The University of Toronto has been offering undergraduate courses in commerce and management since 1901, but the business school was formally established in 1950 as the Institute of Business Administration. The name was changed to the Faculty of Management Studies in 1972 and subsequently shortened to the Faculty of Management in 1986. The school was renamed in 1997 after Joseph L. Rotman (1935–2015), its principal benefactor.

<span class="mw-page-title-main">Governor of the Bank of Canada</span> Leader of Canadas central bank

The governor of the Bank of Canada is the chief executive officer of the Bank of Canada and acts as chair of its board of directors. The Bank of Canada Act, 1985, S. 6(1), provides that the governor and deputy governor shall be appointed by the directors with the approval of the Governor in Council.

<span class="mw-page-title-main">Monetary Policy Committee (United Kingdom)</span> Committee of the Bank of England that decides the United Kingdoms official interest rate

The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom.

André Desmarais is a Canadian businessman and philanthropist.

<span class="mw-page-title-main">Basel Committee on Banking Supervision</span> International financial regulatory body

The Basel Committee on Banking Supervision (BCBS) is a committee of banking supervisory authorities that was established by the central bank governors of the Group of Ten (G10) countries in 1974. The committee expanded its membership in 2009 and then again in 2014. As of 2019, the BCBS has 45 members from 28 jurisdictions, consisting of central banks and authorities with responsibility of banking regulation.

<span class="mw-page-title-main">Governor of the Bank of England</span> Senior position in the Bank of England

The governor of the Bank of England is the most senior position in the Bank of England. It is nominally a civil service post, but the appointment tends to be from within the bank, with the incumbent grooming their successor. The governor of the Bank of England is also chairman of the Monetary Policy Committee, with a major role in guiding national economic and monetary policy, and is therefore one of the most important public officials in the United Kingdom.

<span class="mw-page-title-main">Bank of Canada</span> Central bank of Canada

The Bank of Canada is a Crown corporation and Canada's central bank. Chartered in 1934 under the Bank of Canada Act, it is responsible for formulating Canada's monetary policy, and for the promotion of a safe and sound financial system within Canada. The Bank of Canada is the sole issuing authority of Canadian banknotes, provides banking services and money management for the government, and loans money to Canadian financial institutions. The contract to produce the banknotes has been held by the Canadian Bank Note Company since 1935.

William Arthur Downe is a Canadian banker who was chief executive officer of Bank of Montreal from March 1, 2007, to October 31, 2017.

Paul Jenkins is a Canadian economist and Distinguished Fellow at The Centre for International Governance Innovation. He was most recently the Senior Deputy Governor and Chief Operating Officer of the Bank of Canada, the number two position in that institution.

<span class="mw-page-title-main">Mark Carney</span> Canadian economist and banker (born 1965)

Mark Joseph Carney is a Canadian economist and banker who was the governor of the Bank of Canada from 2008 to 2013 and the governor of the Bank of England from 2013 to 2020. He is chairman, and head of impact investing at Brookfield Asset Management since 2020, and was named chairman of Bloomberg Inc., parent company of Bloomberg L.P., in 2023. He was the chair of the Financial Stability Board from 2011 to 2018. Prior to his governorships, Carney worked at Goldman Sachs as well as the Department of Finance Canada. He also serves as the UN Special Envoy for Climate Action and Finance.

<span class="mw-page-title-main">Andrew Bailey (banker)</span> British central banker

Andrew John Bailey is a British central banker and Governor of the Bank of England since 16 March 2020.

Sir Jonathan Stephen Cunliffe, CB is a senior British civil servant, currently serving as Deputy Governor of the Bank of England for Financial Stability.

<span class="mw-page-title-main">Paul Beaudry</span> Professor and former Deputy Governor of the Bank of Canada

Paul Beaudry is professor and Canada Research Chair in the UBC Department of Economics at the University of British Columbia. His main fields of research are macroeconomics, the economics of technical change and labour economics. He is also a Fellow of the Bank of Canada.

<span class="mw-page-title-main">Stephen Poloz</span> Governor of the Bank of Canada from 2013 to 2020

Stephen S. Poloz is a Canadian banker and was the governor of the Bank of Canada from 2013 to 2020. He is also a member of the board of directors for the Bank for International Settlements.

A Deputy Governor of the Bank of England is the holder of one of a small number of senior positions at the Bank of England, reporting directly to the Governor.

Peter Tiffany Macklem, OC, FRCP(C), FRSC was a Canadian doctor, medical researcher and hospital administrator.

Charlotte Mary Hogg is a British management consultant and senior executive in financial services and central banking. In October 2017 she was appointed as CEO of Visa’s European operations. She was the chief operating officer of the Bank of England between 2013 and 2017, and additionally served briefly as Deputy Governor at the Bank of England from 1 March 2017 to 14 March 2017, before resigning from both positions because she had failed to declare that her brother was employed in the banking industry.

The Canadian property bubble refers to a significant rise in Canadian real estate prices from 2002 to present which some observers have called a real estate bubble. The Dallas Federal reserve rated Canadian real estate as "exuberant" beginning in 2003. From 2003 to 2018, Canada saw an increase in home and property prices of up to 337% in some cities. In 2016, the OECD warned that Canada's financial stability was at risk due to elevated housing prices, investment and household debt. By 2018, home-owning costs were above 1990 levels when Canada saw its last housing bubble burst. Bloomberg Economics ranked Canada as the second largest housing bubble across the OECD in 2019 and 2021. Toronto scored the highest in the world in Swiss bank UBS' real estate bubble index in 2022, with Vancouver also scoring among the 10 riskiest cities in the world. By 2023 Canada’s nonfinancial debt exceeded 300% of GDP and household debt surpassed 100% of GDP, both higher than the levels seen in the United States before the 2008 global financial crisis.

<span class="mw-page-title-main">Carolyn A. Wilkins</span> Canadian economist

Carolyn A. Wilkins is a Canadian economist. She served as Senior Deputy Governor of the Bank of Canada. from May 2, 2014 to December 9, 2020. Wilkins was the first woman to hold the position of Senior Deputy Governor, the highest position ever held by a woman at the Bank of Canada.

References

  1. ↑ Carmichael, Kevin (June 2, 2020). "Big changes not in the cards for Bank of Canada as Tiff Macklem era begins". Financial Post.
  2. 1 2 "Tiff Macklem Appointed Governor of the Bank of Canada". www.bankofcanada.ca.
  3. ↑ "New Bank of Canada Chief Takes Reins Under Mountain of Debt". Bloomberg. June 3, 2020. Archived from the original on June 3, 2020. Retrieved June 12, 2020.
  4. ↑ "Senior Deputy Governor Tiff Macklem will leave the Bank in May 2014". www.bankofcanada.ca.
  5. ↑ "Bank of Canada - Tiff Macklem, Senior Deputy Governor". Archived from the original on May 13, 2013.
  6. ↑ Desrosiers, Éric (May 2, 2020). "Tiff Macklem sera le prochain gouverneur de la Banque du Canada". Le Devoir (in French). Archived from the original on May 5, 2020. Retrieved June 12, 2020.
  7. ↑ Parkinson, David (October 2, 2020). "Crush it: Bank of Canada Governor Tiff Macklem says a crisis is no time for half measures" . The Globe and Mail . ProQuest   2447863503 . Retrieved July 14, 2022.
  8. ↑ "Alumni Notes | Smith Magazine". smith.queensu.ca.
  9. ↑ "Carney's successor? Low-key Tiff Macklem seems a natural fit". The Globe and Mail.
  10. ↑ "Peter Macklem Obituary - Brockville, Ontario". Irvine Funeral Home and Chapel.
  11. ↑ "Old Boys at Career Day - Tiff Macklem '78". Selwyn House School. May 1, 2008.
  12. ↑ "Selwyn House School Yearbook 1978". Selwyn House School. 1978.
  13. ↑ Lower Canada College [@weareLCC] (May 1, 2020). "Congratulations to Tiff Macklem (Pre-U '79) on his appointment as governor of the Bank of Canada!" (Tweet). Retrieved June 1, 2020– via Twitter.
  14. ↑ "Tiff Macklem - Bio". www.bankofcanada.ca. Bank of Canada. Retrieved May 1, 2020.
  15. ↑ "Tiff Macklem - Dean of Rotman School of Management". Department of Economics. Western University. Retrieved May 1, 2020.
  16. ↑ "Old Boy tapped to lead Canada's economic recovery". Selwyn House School. May 1, 2020.
  17. ↑ "Twice snubbed to helm central bank, Macklem willing to assist new chief". Vancouver Sun. May 4, 2013. Archived from the original on March 19, 2014. Retrieved June 1, 2020.
  18. ↑ Beltrame, Julian (December 5, 2013). "Tiff Macklem to step down from Bank of Canada after losing out on top job". CTV News. Bell Media. Retrieved May 1, 2020.
  19. ↑ McKenna, Bruce (December 5, 2013). "Tiff Macklem leaving Bank of Canada". Globe and Mail. Archived from the original on December 6, 2013. Retrieved May 9, 2020.
  20. ↑ "Tiff Macklem, Bank of Canada's second in charge, resigning from central bank in May 2014". Financial Post. Postmedia Network Inc. Thomson Reuters. December 5, 2013. Retrieved May 1, 2020.
  21. ↑ Johnson, Kelsey (May 1, 2020). "New Bank of Canada governor Macklem brings job familiarity with green touch". Financial Post. Reuters. Retrieved August 9, 2020.
  22. ↑ "On first day of Tiff Macklem's term, Bank of Canada to make rate announcement". CityNews. The Canadian Press. June 3, 2020. Archived from the original on June 12, 2020. Retrieved June 12, 2020.
  23. ↑ Al Mallees, Nojoud (December 23, 2022). "After a strong year for the economy, 2023 will be shaped by high interest rates". CTV News. Retrieved December 25, 2022.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.