Timothy Lane was appointed Deputy Governor of the Bank of Canada in February 2009. In this capacity, he is one of two deputy governors responsible for overseeing the Bank’s analysis and activities in promoting a stable and efficient financial system. As a member of the Bank’s Governing Council, he shares responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank.
Mr. Lane joined the Bank of Canada in August 2008 as an Adviser to the Governor. Prior to that, he served for 20 years on the staff of the International Monetary Fund (IMF) in Washington, DC. During that period, he held a series of positions with a combination of analytical, policy, and managerial responsibilities, and contributed to the IMF’s work on a number of countries. He has undertaken research on a wide range of topics, including monetary policy, financial crises, IMF reform, and economic transition. During 2004-05, Mr. Lane was an Oliver Smithies Visiting Fellow of Balliol College at the University of Oxford. He also served as Assistant Professor of Economics at Michigan State University (1984-88) and at the University of Iowa (1983-84).
Born in Ottawa, Mr. Lane received a BA (honours) from Carleton University in 1977 and a PhD in economics from the University of Western Ontario in 1983.
Deputy Governor Tim Lane discusses the cross-border implications of financial instability and financial reform.
Deputy Governor Tim Lane will discuss the global and Canadian economic outlook and outline the four main responsibilities of the Bank of Canada.
Deputy Governor Timothy Lane discusses links between the financial system and commodities markets.
Deputy Governor Tim Lane discusses the global economic outlook and the integral – and historic – role of transport and logistics in building Canada’s prosperity.
Deputy Governor Tim Lane discusses the options and challenges for building more robust financial market infrastructure.
I know that risk is ever-present in your work, as you fulfill your commitments to the beneficiaries and sponsors of your pension plans. Important risks surround the investment performance of those plans, as well as the value of pension liabilities.
The recent past has underscored the fact that, in finance and the economy, most things are interconnected on a global scale. Throughout its history, Canada has been powerfully affected by events elsewhere.
The theme of the conference, "managing the recovery," is particularly timely: As we move past the gravest dangers of the financial crisis toward better days, attention has turned to the policy challenges posed by the recovery.
The authors examine whether monetary policy should and could do more to lean against financial imbalances (such as those associated with asset-price bubbles or unsustainable credit expansion) as they are building up, or whether its role should be limited to cleaning up the economic consequences as the imbalances unwind. Effective supervision and regulation are the first line of defence against financial imbalances. An important question is whether they should be the only one. The authors argue that the case for monetary policy to lean against financial imbalances depends on the sources of the shock or market failure and on the nature of the other regulatory instruments available. To the extent that financial imbalances are specific to a sector or market and that a well-targeted prudential tool is available, monetary policy might play a minor role in leaning against the imbalances. However, if the imbalances in a specific market can spill over to the entire economy and/or if the prudential tool is broad based, monetary policy is more likely to have a role to play. In such a case, there may be a need to coordinate the use of the two policy instruments.
: Financial system regulation and policies; Monetary policy framework
