Sylvain Leduc

Deputy Governor

Sylvain Leduc was appointed Deputy Governor of the Bank of Canada, effective May 2016. In this capacity, he is one of two deputy governors responsible for overseeing the Bank’s analysis and activities in promoting a stable and efficient financial system. 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.

Before his appointment to the Bank of Canada, Mr. Leduc served as Vice President, Microeconomic and Macroeconomic Research at the Federal Reserve Bank of San Francisco—a position he held since 2013. From 2008 until his appointment as Vice President, he worked as a Research Advisor at the San Francisco Fed. He has also worked as a Senior Economist in the Division of International Finance at the Board of Governors of the Federal Reserve System in Washington, D.C., and as a Senior Economist, Macroeconomic Research, at the Federal Reserve Bank of Philadelphia.

Born in Montréal, Quebec, Mr. Leduc received his bachelor’s and master’s degrees in economics from McGill University and obtained a PhD in economics from the University of Rochester. He has served as Editorial Advisor for the Canadian Journal of Economics.

Biographical Note: Sylvain Leduc


Sylvain Leduc

Deputy Governor

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Curriculum vitae


May 31, 2018 A Progress Report on the Economy

Remarks Sylvain Leduc Association des économistes québécois and CFA Québec Québec, Québec
Deputy Governor Sylvain Leduc discusses the issues that led Governing Council to hold the policy interest rate at 1.25 per cent in their May 30 decision.

October 3, 2017 Seeking Gazelles in Polar Bear Country

Remarks Sylvain Leduc Sherbrooke Chamber of Commerce Sherbrooke, Quebec
Deputy Governor Sylvain Leduc discusses the decline in firm creation and productivity in the Canadian economy.

May 25, 2017 Upgrading the Payments Grid: The Payoffs Are Greater Than You Think

Remarks Sylvain Leduc Payments Canada Toronto, Ontario
Deputy Governor Sylvain Leduc discusses how upgrading Canada’s core payment systems will contribute to financial stability and help the Bank keep inflation on target.

January 30, 2017 Opening Statement before the House of Commons Standing Committee on Finance

Opening Statement Sylvain Leduc House of Commons Standing Committee on Finance Ottawa, Ontario
Deputy Governor Sylvain Leduc discusses household debt and house prices, the risks they pose to financial stability and the role of the Bank of Canada.
Content Type(s): Press, Speeches

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Refereed journals

  • “Are State Governments Roadblocks to Federal Stimulus? Evidence from Highway Grants in the 2009 Recovery Act,”
    (with D. Wilson), forthcoming at the American Economic Journal: Economic Policy.
  • “Monetary and Macroprudential Policy in a Leveraged Economy?”
    (with J.-M. Natal), forthcoming at the Economic Journal.
  • “Uncertainty Shocks Are Aggregate Demand Shocks”
    (with Z. Liu), Journal of Monetary Economics, 82, 2016, p. 2-35.
  • “Infrastructure Spending as Fiscal Stimulus: Assessing the Evidence”
    (with D. Wilson), Review of Economics and Institutions, Winter 2014, p. 1-24.
  • “The International Dimension of Productivity and Demand Shocks in the US Economy”
    (with G. Corsetti and L. Dedola), Journal of the European Economic Association, February 2014, p. 153-176.
  • “Is the United States Decoupling from Asia (Again)?
    (with M. Spiegel), Pacific Economic Review, 2013, p. 345-359.
  • “Expectations and Economic Fluctuations: An Analysis Using Survey Data”
    (with K. Sill), Review of Economic and Statistics 95(4), October 2013, p. 1352-1367.
  • “Commodity Price Movements in a General Equilibrium Model of Storage”
    (with D. Arseneau), IMF Economic Review 61, 2013, p. 199-224.
  • “Roads to Prosperity or Bridges to Nowhere? Theory and Evidence on the Impact of Public Infrastructure Investment”
    (with D. Wilson), NBER Macroeconomics Annual 2012, forthcoming.
  • “Central Bank Announcements of Asset Purchases and the Impact on Global Financial and Commodity Markets”
    (with R. Glick), Journal of International Money and Finance, forthcoming.
  • “Optimal Monetary Policy in Open Economies”
    (with G. Corsetti and L. Dedola), in the Handbook of Monetary Economics, M. Woodford and B. Friedman (eds.), 2011, p. 861-934.
  • “Entry Dynamics and the Decline in Exchange-Rate Pass-Through”
    (with C. Gust and R. Vigfusson), in Macroeconomic Performance in a Globalizing Economy, Cambridge University Press, 2011, p. 93-119.
  • “Trade Integration, Competition, and the Decline in Exchange-Rate Pass-Through”
    (with C. Gust and R. Vigfusson), Journal of Monetary Economics 57, April 2010, p. 309-324.
  • “The Adjustment of Global External Imbalances: Does Partial Exchange-Rate Pass-Through to Trade Prices Matter?”
    (with C. Gust and N. Sheets), Journal of International Economics 79, November 2009, p. 173-185.
  • “Optimal Monetary Policy and the Sources of Local-Currency Price Stability”
    (with G. Corsetti and L. Dedola), in International Dimensions of Monetary, J. Galí and M.J. Gertler (eds).
  • “The Role of China in Asia: Engine, Conduit, or Steamroller?”
    (with J. Haltmaier, S. Ahmed, B. Coulibaly and others), in The Future of Asian Trade and Growth: Economic Development with the Emergence of China, Yueh (ed.), London: Routledge, 2009.
  • “High Exchange-Rate Volatility and Low Pass-Through”
    (with G. Corsetti and L. Dedola), Journal of Monetary Economics 55, September 2008, p. 1113-1128.
  • “International Risk Sharing and the Transmission of Productivity Shocks”
    (with G. Corsetti and L. Dedola), Review of Economic Studies 75, April 2008, p. 443-473.
  • “Monetary Policy, Oil Shocks, and TFP: Accounting for the Decline in S. Volatility”
    (with K. Sill), Review of Economic Dynamics 10, October 2007, p. 595-614.
  • “Productivity, External Balance and Exchange Rates: Evidence on the Transmission Mechanism Among G7 Countries”
    (with G. Corsetti and L. Dedola), NBER International Studies in Macroeconomics 2006.
  • “Self-Fulfilling Expectations and the Inflation of the 1970s: Evidence From the Livingston Survey”
    (with K. Sill and T. Stark), Journal of Monetary Economics 54, March 2007, p. 433-459.
  • “Financial Market Developments and Economic Activity during Current Account Adjustments in Industrial Economies”
    (with H. Croke and S. Kamin), International Finance, Spring 2006, p. 37-61.
  • “A Quantitative Analysis of Oil-Price Shocks, Systematic Monetary Policy, and Economic Downturns”
    (with K. Sill), Journal of Monetary Economics 51, May 2004, p. 781-808.
  • “A Quantitative Analysis of Currency Regimes”
    (with Luca Dedola), in J.O. Hairault (ed.), Exchange-Rate Dynamics, Routledge, London, 2004.
  • “Incomplete Markets, Borrowing Constraints, and the Foreign Exchange Risk Premium”
    Journal of International Money and Finance 21, December 2002, p. 957-80.
  • “Why Is the Business-Cycle Behavior of Fundamentals Alike Across Exchange-Rate Regimes?”
    (with L. Dedola), International Journal of Finance and Economics 6, October 2001, p. 401-19.

Working Papers and Manuscripts

  • “The Slow Job Recovery in a Macro Model of Search and Recruiting Intensity”
    (with Z. Liu), FRBSF Working Papers, October 2016.
  • “Unconventional Monetary policy and the Dollar: Conventional Signs, Unconventional Magnitudes”
    (with R. Glick), FRBSF Working Papers, September 2015.
  • “Learning in the Oil Futures Market: Evidence and Macroeconomic Implications”
    (with K. Moran and R. Vigfusson), International Finance Discussion papers 1179.
  • “Demand Imbalances, Exchange-rate Misalignment, and Monetary Policy”
    (with G. Corsetti and L. Dedola), manuscript.
  • “Threatening to Offshore in a Search Model of the Labor Market”
    (with D. Arseneau), manuscript.

Federal Reserve Articles

  • “Does Slower Growth Imply Lower Interest Rates”
    (with G. Rudebusch), FRBSF Economic Letters 2014-33.
  • “Fueling Road Spending With Federal Stimulus”
    (with D. Wilson), FRBSF Economic Letters 2014-25.
  • “Slow Business Start-ups and the Recovery”
    (with L. Laderman), FRBSF Economic Letters 2014-20.
  • “Highway Grants: Roads to Prosperity?”
    (with D. Wilson), FRBSF Economic Letters 2012-35.
  • “Unconventional Monetary Policy and the Dollar”
    (with R. Glick), FRBSF Economic Letters 2013-09.
  • “Uncertainty and the Slow Labor Market Recovery”
    (with Z. Liu), FRBSF Economic Letters 2013-21.
  • Does Public Investment in Road Infrastructure Boosts Economic Activity?”
    (with D. Wilson), FRBSF Economic Letters, December, 2012.
  • “What Does Uncertainty Do to Unemployment and Inflation?”
    (with Z. Liu), FRBSF Economic Letters, September 17, 2012.
  • “Are Large-Scale Asset-Purchases Fueling the Rise in Commodity Prices?”
    (with R. Glick), FRBSF Economic Letters, April 4, 2011.
  • “Confidence and the Business Cycle”
    FRBSF Economic Letters, November 22, 2010.
  • “Fighting Downturns with Fiscal Policy”
    FRBSF Economic Letters, June 19, 2009.
  • “Disagreement about the Inflation Outlook”
    FRBSF Economic Letters, October 5, 2009.
  • “International Risk-Sharing: Globalization is Weaker Than You Think”
    Business Review, Federal Reserve Bank of Philadelphia, 2005.
  • “Deficit-Financed Tax Cuts and Interest Rates”
    Business Review, Federal Reserve Bank of Philadelphia, 2004.
  • “Oil Prices Strike Back”
    Business Review, Federal Reserve Bank of Philadelphia, 2003.
  • “How Inflation Hawks Escape Expectation Traps”
    Business Review, Federal Reserve Bank of Philadelphia, 2002.
  • “Who Cares About Volatility? A Tale of Two Exchange-Rate Regimes”
    Business Review, Federal Reserve Bank of Philadelphia, 2001.


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