Paul Beaudry

Paul Beaudry

Deputy Governor

Bio

Paul Beaudry was appointed Deputy Governor of the Bank of Canada, effective February 2019. In this capacity, he is one of two deputy governors responsible for overseeing the Bank’s financial system activities. In 2021, Mr. Beaudry became responsible for the Bank’s analysis of international economic developments in support of monetary policy decisions—serving as the Bank’s G7 and G20 Deputy. 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.

At the time of his appointment to the Bank of Canada, Mr. Beaudry was Professor at the University of British Columbia’s Vancouver School of Economics. Mr. Beaudry began his career as assistant professor at the Université de Montréal in 1989. From 1990 to 1994, he was an assistant professor at Boston University. In 1994, he became an associate professor at the University of British Columbia before being promoted to full professor in 1996. During 2009 and 2010, Mr. Beaudry held the Chair in Economics at All Souls College, Oxford University.

Mr. Beaudry is a two-time former laureate of the Bank of Canada’s Research Fellowship Award. He is a Fellow of the Royal Society of Canada, and a Research Associate at the National Bureau of Economic Research. He has been a Visiting Professor at European University Institute, MIT, Nuffield College Oxford, Sorbonne Paris I, the Université de Montréal and the University of Toulouse. Recognition of his work includes the Canada Research Chair in Macroeconomics (2000-2015) and the John Rae Prize from the Canadian Economics Association (2008).

Born in Montréal, Quebec, Mr. Beaudry holds a BA in Economics from Laval University, an MA in Economics from the University of British Columbia, and a PhD in Economics from Princeton University.


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Speeches

September 20, 2022

Macroeconomics of the 2020s: What we’ve learned, and what’s to come

Remarks Paul Beaudry University of Waterloo Faculty of Arts Distinguished Lecture in Economics Waterloo, Ontario
Deputy Governor Paul Beaudry discusses the macroeconomic lessons we’ve learned during the COVID-19 pandemic, and what lies ahead to bring inflation back to target.
June 2, 2022

Economic progress report: Navigating a high inflation environment

Remarks (delivered virtually) Paul Beaudry Gatineau Chamber of Commerce Gatineau, Quebec
Bank of Canada Deputy Governor Paul Beaudry talks about the Bank’s latest interest rate announcement and the importance of keeping inflation expectations well anchored to prevent high inflation from becoming entrenched.
November 23, 2021

Financial stability through the pandemic and beyond

Remarks (delivered virtually) Paul Beaudry OSC Dialogue, Ontario Securities Commission Toronto, Ontario
Deputy Governor Paul Beaudry provides an update on financial vulnerabilities and risks in Canada, including those stemming from the COVID-19 pandemic.
December 10, 2020

Our quantitative easing operations: Looking under the hood

Remarks (delivered virtually) Paul Beaudry Greater Moncton Chamber of Commerce, the Fredericton Chamber of Commerce, and the Saint John Region Chamber of Commerce Fredericton, New Brunswick, Moncton, New Brunswick, Saint John, New Brunswick
Deputy Governor Paul Beaudry talks about the Bank’s latest interest rate announcement and discusses how quantitative easing supports economic recovery and the 2% inflation target.

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Staff working papers

Looking Through Supply Shocks versus Controlling Inflation Expectations: Understanding the Central Bank Dilemma

Staff Working Paper 2022-41 Paul Beaudry, Thomas J. Carter, Amartya Lahiri
Why might central banks want to look through supply-driven inflation sometimes and pivot away at other times? When does a change in monetary policy stance help anchor expectations? In this paper we present a simple environment that helps clarify these issues by offering an optimal policy perspective on recent central bank behaviour.

Monetary Policy, Trends in Real Interest Rates and Depressed Demand

Staff Working Paper 2021-27 Paul Beaudry, Césaire Meh
Over the last few decades, real interest rates have trended downward. The most common explanation is that this reflects depressed demand due to demographic, technological and other real factors. We explore the claim that these trends may have been amplified by certain features of monetary policy.

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Bank publications

The Economy, Plain and Simple

August 25, 2020

Our COVID-19 response: Large-scale asset purchases

The Bank of Canada has taken many actions to support Canadians since the COVID-19 pandemic struck. These include large-scale asset purchases—buying a substantial amount of government bonds and other financial assets. Our purchases serve two purposes. They help key financial markets work properly, and they can help increase spending in the economy. This leads to more employment and stronger economic growth.

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