Tiff Macklem

Governor

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Bio

Tiff Macklem was appointed Governor of the Bank of Canada, effective June 3, 2020, for a term of seven years.

Born in Montréal, Quebec, Mr. Macklem graduated from Queen's University in 1983 with a bachelor's degree in economics and completed a master’s degree and a PhD in economics from the University of Western Ontario.

He first joined the Bank of Canada in 1984 and returned in 1989 following the completion of his PhD. Mr. Macklem occupied increasingly senior positions in the Research Department (now Canadian Economic Analysis) until his appointment as Chief in January 2000. He was appointed Advisor to the Governor in August 2003 and made a Deputy Governor in December 2004.

During the Global Financial Crisis, Mr. Macklem was Associate Deputy Minister at the Department of Finance, and served as Canada's representative at the G7, G20 and Financial Stability Board. In July 2010, Mr. Macklem returned to the Bank and was appointed Senior Deputy Governor.

Prior to his appointment as Governor, Mr. Macklem was the Dean of the Rotman School of Management at the University of Toronto, a role he assumed in July 2014.  During his time at Rotman, he was a frequent speaker on the topics of the global financial system, risk management and public policy.  He also served as a director of Scotiabank and chair of its board risk committee and was a member of Ontario’s Internal Audit Committee, the Asian Business Leaders Advisory Board and the Advisory Board of Georgian Partners. He has previously chaired the Global Risk Institute and the Expert Panel on Sustainable Finance.

Mr. Macklem is married with three children.


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Staff Working Papers

Monetary Rules When Economic Behaviour Changes

Staff Working Paper 1999-8 Robert Amano, Donald Coletti, Tiff Macklem
This paper examines the implications of changes in economic behaviour for simple inflation-forecast–based monetary rules of the type currently used at two inflation-targeting central banks. Three types of changes in economic behaviour are considered, changes that are motivated by developments in monetary and fiscal policy in the 1990s: changes in monetary policy credibility, changes in […]

Menu Costs, Relative Prices, and Inflation: Evidence for Canada

Staff Working Paper 1997-14 Robert Amano, Tiff Macklem
The menu-cost models of price adjustment developed by Ball and Mankiw (1994;1995) predict that short-run movements in inflation should be positively related to the skewness and the variance of the distribution of disaggregated relative-price shocks in each period. We test these predictions on Canadian data using the distribution of changes in disaggregated producer prices to measure the skewness and standard deviation of relative-price shocks.

Government Debt and Deficits In Canada: A Macro Simulation Analysis

Staff Working Paper 1995-4 Tiff Macklem, David Rose, Robert Tetlow
This paper examines the macroeconomic implications of rising government debt in Canada and the short-run costs and long-run benefits of stemming the rise. The discussion begins with an evaluation of the long-run consequences of increasing government indebtedness, first based on the simple arithmetic of the government's long-run budget constraint, and then based on simulations of […]
Content Type(s): Staff research, Staff working papers Topic(s): Fiscal policy

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Technical Reports

Wealth, Disposable Income and Consumption: Some Evidence for Canada

Technical Report No. 71 Tiff Macklem
The author develops a measure of aggregate private sector wealth in Canada and examines its ability to explain aggregate consumption of non-durables and services. This wealth measure includes financial, physical and human wealth. The author measures human wealth as the expected present value of aggregate labour income, net of government expenditures, based on a discrete […]
Content Type(s): Staff research, Technical reports Topic(s): Domestic demand and components JEL Code(s): D, D9, D91, E, E2, E21

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