John Murray served as Deputy Governor of the Bank of Canada from January 2008 until his retirement from the Bank in April 2014. As a member of the Bank’s Governing Council, he shared responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank.
Born in Toronto, Mr. Murray received a bachelor of commerce degree from Queen’s University in 1971, as well as an MA in economics and a PhD in economics from Princeton University in 1974 and 1977, respectively.
After completing his PhD, Mr. Murray taught at the University of British Columbia as an assistant professor and at the University of North Carolina as a visiting assistant professor. From 1985 to 1986, he also lectured at PrincetonUniversity.
Mr. Murray joined the Bank of Canada in 1980 as a Senior Economist with the Monetary and Financial Analysis Department. In 1981, he was promoted to the position of Research Officer, and in 1982, he became Assistant Chief of the department. He served as Research Adviser in the Monetary and Financial Analysis and International departments from 1984 to 1987. In 1987, he was appointed Deputy Chief of the International Department, and in 1990, Chief. Mr. Murray became an Adviser to the Governor in January 2000.
The process that the Bank of Canada follows to make its monetary policy decisions has evolved over time. This process is very information-intensive and collaborative, drawing on the expertise, judgment and analysis of many people. This article describes monetary policy decision making at the Bank, and discusses some common misconceptions about monetary policy and the process.