Timothy Lane served as Deputy Governor from February 2009 until his retirement from the Bank of Canada in September 2022.
As a member of the Bank’s Governing Council, he shared responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank. He oversaw the Bank’s funds management and currency functions — notably including the Bank’s ongoing research and analysis of developments in financial technology, crypto-assets and digital currencies.
Mr. Lane’s responsibilities as Deputy Governor covered a series of different areas. From 2014 through July 2018, he was 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. Previously, he was responsible for overseeing the Bank’s work on financial markets (2010–13) and its analysis of Canadian economic developments (2009–10). He joined the Bank in August 2008 as an Adviser to the Governor.
Prior to joining the Bank, he served for 20 years on the staff of the International Monetary Fund (IMF) in Washington, DC. During that period, he worked on a wide range of issues and contributed to the IMF’s work on a number of countries. He has published research on various topics including monetary policy, financial crises, IMF reform, and economic transition. During 2004–05, Mr. Lane was a Visiting Fellow at the University of Oxford. He has also served as Assistant Professor of Economics at Michigan State University (1984-88) and at the University of Iowa (1983-84).
Born in Ottawa, Mr. Lane received a BA (Honours) from Carleton University in 1977 and a PhD in economics from the University of Western Ontario in 1983.
Deputy Governor Tim Lane talks about the Bank’s latest interest rate announcement and discusses how the digital transformation has supported resilience through the pandemic and may be adding to the economy’s growth potential.
Deputy Governor Timothy Lane talks about how the Bank of Canada is contributing to the modernization of our payments ecosystem, and how the COVID-19 pandemic has highlighted the need to make payments more convenient for all Canadians.
Deputy Governor Timothy Lane explains how the Bank is helping Canadian households and businesses weather the COVID-19 crisis, and how our actions today are laying a solid foundation for our future economic recovery.
The authors examine whether monetary policy should and could do more to lean against financial imbalances (such as those associated with asset-price bubbles or unsustainable credit expansion) as they are building up, or whether its role should be limited to cleaning up the economic consequences as the imbalances unwind.
In the days and weeks since the COVID-19 pandemic came to Canada, the Bank of Canada has been taking action to ensure our economy and financial system are weathering the unprecedented shock of the shutdown.