Robert (Bob) Fay was appointed Deputy Managing Director of the Bank’s International Economic Analysis Department (INT) in September 2013. He is responsible for assessing global economic developments and their implications for Canada, as well as investigating a wide variety of issues, including those related to the international monetary system and global financial architecture.
In 2001, after spending ten years in Paris as an economist at the Organisation for Economic Co-operation and Development, Mr. Fay was made Principal Researcher at the Bank of Canada in the Current Analysis Division of the Research Department. He then became Assistant Chief of that department in 2002, working on structural issues in the Canadian economy, as well as short-term forecasting.
In 2010, Mr. Fay was appointed Special Assistant to the Governor. In this capacity, he served as the Governor’s Chief of Staff and worked closely with members of Governing Council, other members of the Management Forum and Bank staff to manage the information requirements of the Governor. He held this position until his current appointment.
Mr. Fay was born in Toronto. He holds a master’s degree in economics from Queen’s University.
Staff Analytical Notes
Between mid-2014 and early 2016, oil prices fell by roughly 65 per cent. This note documents the channels through which this oil price decline is expected to affect the global economy. One important and immediate channel is through higher expenditures, especially in net oil-importing countries.
Despite the US unemployment rate being close to estimates of the non-accelerating-inflation rate of unemployment (NAIRU), measures of underemployment remain elevated, which could be an indication of remaining labour market slack. The shares of involuntary part-time workers and long-term unemployment are high relative to the current stage of the business cycle, suggesting available labour inputs are being underutilized.
Staff Discussion Papers
The recovery in private business investment globally remains extremely weak more than seven years after the financial crisis. This paper contributes to the ongoing policy debate on the factors behind this weakness by analyzing the role of growth prospects and uncertainty in explaining developments in non-residential private business investment in large advanced economies since the crisis.
The authors provide an extensive review of the rapidly expanding research on productivity, both at the macro and micro levels. They focus primarily on papers written about Canada, but also draw on selected studies from other countries, especially the United States, where such work sheds important light on particular aspects of productivity growth. The authors […]