Brigitte Desroches was appointed Deputy Managing Director of the Bank of Canada’s International Economic Analysis Department (INT), effective August 2026. In this role, she contributes to the strategic direction and management of the department, which provides timely analysis and projections of global economic developments and the policy responses of other countries, focusing on their implications for Canada.
From 2024 to 2026, Ms. Desroches was seconded to the Department of Finance Canada, where she served as Director General of Economic Analysis and Forecasting. Before her secondment, Ms. Desroches served in the Bank’s Canadian Economic Analysis Department (CEA) as Senior Policy Director and, previously, as Director of the Canadian Projections and Policy Analysis Division. In these roles, she oversaw the analysis and projection of the Canadian economy, assessed the implications of economic developments for the outlook, and contributed to advice to Governing Council on monetary policy.
Ms. Desroches joined the Bank in 2001 and became an economist in INT in 2003. Over the years, she has held increasingly senior positions in INT and CEA and developed particular expertise in economic forecasting and macroeconomic analysis.
We examine different monetary policy governance structures and discuss the important roles of non-legislated processes and practices. We also provide an update on monetary policy governance at the Bank of Canada and how it has evolved over time.
This article explores the role of inflation expectations in the conduct of monetary policy. It reviews the various measures of inflation expectations used by central banks, including surveys and market-based indicators, and considers their advantages and disadvantages. It examines the critical role of inflation expectations in the framework that central banks use to understand, forecast, and control inflation. It also looks at their role as an indicator of central bank credibility. The behaviour of inflation expectations over the past two years is analyzed and policy conclusions are offered.
Over the past 25 years, world long-term interest rates have declined to levels not seen since the 1960s. This decline has been accompanied by falling world investment and savings rates. The authors explore global saving and investment outcomes that have led to the fall in the world real interest rate. The results show that the key factors explaining movements in savings and investment are variables that evolve relatively slowly over time, such as labour force growth and the age structure of the world economy. The conclusions suggest that, over the coming years, it is unlikely that these slowly changing variables will be a source of significant changes in world real interest rates.
World Real Interest Rates: A Global Savings and Investment Perspective (with Michael Francis), Applied Economics, forthcoming in 2008H2.
Evaluating Threshold Effects in Consumer Sentiment (with Marc-André Gosselin), Southern Economic Journal, Vol. 70, April 2004.
Other publications
"The Transmission of World Shocks to Emerging-Market Countries: An Empirical Analysis" Money Affairs, Vol. XVIII, No. 2, July-December 2005.
"Explicación de cómo se transmiten los choques mundiales a los países de mercados emergentes: un análisis empírico" Monetaria, Vol. XXVIII, No. 3, July-September 2005.
"Institutional Reform, Trade and Growth: The Experiences of India and China in a Global Economy" (with Michael Francis and Francois Painchaud). Proceedings of the International Conference on Economic Reforms in India and China, Indira Gandhi Institute, February 2005.
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