Marc-André Gosselin

Deputy Governor

Executive

Bio

Marc-André Gosselin was appointed Deputy Governor of the Bank of Canada, effective May 25, 2026. In this role, he oversees the Bank’s analysis of domestic economic developments. As a member of the Bank’s Governing Council, he also shares responsibility for decisions related to monetary policy and financial stability.

From 2019 to 2026, Mr. Gosselin served as Managing Director of the Bank’s Canadian Economic Analysis Department (CEA). In this capacity, he was responsible for the department’s strategic direction and management, providing rigorous and timely analysis of economic conditions in Canada, as well as advice on the conduct of monetary policy.

Mr. Gosselin joined the Bank in 1999 as an economist. Over the years, he has held increasingly senior positions and developed a particular expertise in macroeconomic and risk analysis. As a Senior Officer in CEA, he contributed to the development of projection models and surveys. He later served as Deputy Managing Director of the Financial Stability Department, where he was responsible for the department’s work related to systemic risk assessment, stress testing and monetary policy.

Born in Montréal, Quebec, Mr. Gosselin holds a master’s degree in applied economics from Montréal’s École des Hautes Études Commerciales.

Staff research

Making It Real: Bringing Research Models into Central Bank Projections

Staff discussion paper 2023-29 Marc-André Gosselin, Sharon Kozicki
Macroeconomic projections and risk analyses play an important role in guiding monetary policy decisions. Models are integral to this process. This paper discusses how the Bank of Canada brings research models and lessons learned from those models into the central bank projection environment.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C3, C32, C5, C51, E, E3, E37, E4, E47, E5, E52 Research Theme(s): Models and tools, Economic models, Monetary policy, Monetary policy framework and transmission, Real economy and forecasting

What Can Earnings Calls Tell Us About the Output Gap and Inflation in Canada?

Staff discussion paper 2023-13 Marc-André Gosselin, Temel Taskin
We construct new indicators of demand and supply for the Canadian economy by using natural language processing techniques to analyze earnings calls of publicly listed firms. Our results indicate that the new indicators could help central banks identify inflationary pressures in real time.
Content Type(s): Staff research, Staff discussion papers JEL Code(s): C, C1, C3, E, E3, E5 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Monetary policy, Inflation dynamics and pressures, Real economy and forecasting

Exploring the potential benefits of inflation overshooting

Staff analytical note 2021-16 Robert Amano, Marc-André Gosselin, Kurt See
After a period with the interest rate at the effective lower bound, temporarily overshooting inflation may offer important economic benefits. This may be especially true for vulnerable segments of the population, such as workers with low attachment to the labour force and the long-term unemployed.
Content Type(s): Staff research, Staff analytical notes JEL Code(s): E, E3, E31, E5, E52, J, J2, J20 Research Theme(s): Monetary policy, Inflation dynamics and pressures, Monetary policy framework and transmission, Real economy and forecasting

Evolving Temperature Dynamics in Canada: Preliminary Evidence Based on 60 Years of Data

Staff working paper 2021-22 Robert Amano, Marc-André Gosselin, Julien McDonald-Guimond
Are summers getting hotter? Do daily temperatures change more than they used to? Using daily Canadian temperature data from 1960 to 2020 and modern econometric methods, we provide economists and policy-makers evidence on the important climate change issue of evolving temperatures.
Content Type(s): Staff research, Staff working papers JEL Code(s): C, C2, C22, Q, Q5, Q54 Research Theme(s): Models and tools, Econometric, statistical and computational methods, Structural challenges, Climate change

The Formation of House Price Expectations in Canada: Evidence from a Randomized Information Experiment

Staff analytical note 2019-24 Marc-André Gosselin, Mikael Khan, Matthieu Verstraete
We conduct a randomized information experiment leveraging the Canadian Survey of Consumer Expectations. We provide causal evidence that respondents revise both their short- and medium-term expectations of future house price growth in a way that is consistent with observed short-term momentum in house prices. However, empirically, house price growth tends to revert to its mean in the medium term.
Content Type(s): Staff research, Staff analytical notes JEL Code(s): C, C9, D, D8, D84, R, R2, R21 Research Theme(s): Financial system, Household and business credit, Monetary policy, Real economy and forecasting

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Bank publications

Bank of Canada Review articles

November 19, 2015

A Survey of Consumer Expectations for Canada

Bank of Canada Review - Autumn 2015 Marc-André Gosselin, Mikael Khan
The Bank of Canada recently launched a quarterly survey to measure the expectations of Canadian households: the Canadian Survey of Consumer Expectations (CSCE). The data collected provide comprehensive information about consumer expectations for and uncertainty about inflation, the labour market and household finance. This article describes the CSCE and illustrates its potential to offer rich information about Canadian consumers for researchers and policy-makers.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): D, D1, D12, D8, D84, E, E3, E31, E5, E52, J, J0
May 14, 2015

Inflation Dynamics in the Post-Crisis Period

Bank of Canada Review - Spring 2015 Christian Friedrich, Marc-André Gosselin
Inflation rates in advanced economies experienced two consecutive puzzles during the period following the global financial crisis—unexpectedly high inflation from the end of 2009 to 2011 and unexpectedly low inflation from 2012 to the middle of 2014. We investigate these developments in two ways. First, we show that accounting for inflation expectations by households explains a significant share of the inflation puzzles at the international level. Second, we find that, for Canada, elevated competition in the retail sector is also important for understanding inflation dynamics in the post-crisis period.
Content Type(s): Publications, Bank of Canada Review articles JEL Code(s): E, E3, E31, E5, F, F4, F41
December 13, 2007

Central Bank Performance under Inflation Targeting

Bank of Canada Review - Winter 2007-2008 Marc-André Gosselin
Gosselin examines and reports on the various factors that contribute to successful inflation targeting. Using a panel of 21 inflation-targeting countries over the period 1990Q1-2007Q2, Gosselin finds that the ability of central banks to hit their targets varies considerably. Some of these differences can be explained by exchange rate fluctuations, fiscal deficits, and differences in financial development. Others are explained by differences in the targeting framework itself and the manner in which it is implemented.
Content Type(s): Publications, Bank of Canada Review articles
October 20, 2006

MUSE: The Bank of Canada's New Projection Model of the U.S. Economy

Bank of Canada Review - Autumn 2006 Marc-André Gosselin, René Lalonde, Nicolas Parent
Staff projections provided for the Bank of Canada's monetary policy decision process take into account the integration of Canada's very open economy within the global economy, as well as its close real and financial linkages with the United States. To provide inputs for this projection, the Bank has developed several models, including MUSE, NEUQ (the New European Quarterly Model), and BoC-GEM (Bank of Canada Global Economy Model), to analyze and forecast economic developments in the rest of the world. The authors focus on MUSE, the model currently used to describe interaction among the principal U.S. economic variables, including gross domestic product, inflation, interest rates, and the exchange rate. Brief descriptions are also provided of NEUQ and BoC-GEM.
Content Type(s): Publications, Bank of Canada Review articles

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Financial System Review articles

December 15, 2016

The Rise of Mortgage Finance Companies in Canada: Benefits and Vulnerabilities

Financial System Review - December 2016 Donald Coletti, Marc-André Gosselin, Cameron MacDonald

The Rise of Mortgage Finance Companies in Canada: Benefits and Vulnerabilities, by Don Coletti, Marc-André Gosselin and Cameron MacDonald, examines the increased importance of mortgage finance companies (MFCs) in the Canadian mortgage market. The authors discuss the MFC business model, highlighting MFCs’ relationship with mortgage brokers and banks, as well as the benefits they bring to Canadian borrowers. The authors conclude with a discussion of the impact of MFCs on financial system vulnerabilities.

Content Type(s): Publications, Financial System Review articles JEL Code(s): G, G2, G23

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