Professor Daniel Racette has been chosen to fill the visiting economist position of Special Adviser in the Bank of Canada for a one-year term beginning in August 1999.

This position was created to bring additional views on monetary policy issues from outside the Bank and to increase the number of university and private sector economists with first-hand knowledge of the institution and its monetary policy role. Professor Racette is the second visiting economist appointed to the position. Professor David Laidler of the University of Western Ontario will complete his one-year term as the Bank's first visiting economist at the end of July.

Professor Racette holds two degrees in economics from the Université de Montréal (BSc 1971 and MSc 1973) and a PhD in economics from the University of Toronto (1980). In 1995, after holding a series of positions at the Université de Montréal and the École des Hautes Études Commerciales, he was appointed director of the Institut d'économie appliquée at the École des Hautes Études Commerciales.

Professor Racette has written several academic articles dealing with such topics as the Great Depression, the Canadian/U.S. dollar exchange rate, and monetary policy in Canada. He co-authored the paper "Monetary Control in Canada" for the Macdonald Commission in 1986 and contributed to the report of the Quebec National Assembly's Commission sur l'avenir politique et constitutionnel du Québec in 1991. He has participated actively in many Bank of Canada conferences since they began in 1990.