Bank of Canada taps San Francisco Fed's Leduc as deputy governor

Wed Feb 24, 2016 2:18pm EST
 
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OTTAWA (Reuters) - The Bank of Canada said on Tuesday it had appointed Sylvain Leduc, a top economist at the Federal Reserve Bank of San Francisco, as a deputy governor, effective May 2.

Leduc replaces Agathe Cote, who retired in January. He is currently vice president of microeconomic and macroeconomic research at the San Francisco Fed, where he has worked since 2008.

Before that, he held positions at the Federal Reserve Bank of Philadelphia and at the Board of Governors of the Federal Reserve System in Washington.

"Sylvain Leduc's central banking experience and deep understanding of the international monetary system make him an exceptional addition to the bank's Governing Council," Bank of Canada Governor Stephen Poloz said in a statement.

"His expertise in economic modeling and policy will complement the skills and experience of his fellow Deputy Governors," he said.

Leduc has some direct experience with central bank policymaking, accompanying the San Francisco Fed president to policy meetings as the lone staffer allowed to accompany each president around the policymaking table in Washington.

The Montréal-born Leduc will share oversight of the Bank of Canada's financial system activities with Deputy Governor Lynn Patterson. The other two deputy governors, Tim Lane and Lawrence Schembri, will oversee the central bank's analysis of international and domestic economic developments.

Leduc received his bachelor's and master's degrees in economics from McGill University in Montréal and a Ph.D. in economics from the University of Rochester.

The 46-year-old is a dual citizen of Canada and the United States.

(Reporting by David Ljunggren and Leah Schnurr in Ottawa, Ann Saphir in San Francisco; editing by James Dalgleish, G Crosse)

 
A woman walks past the Bank of Canada office in Ottawa, Canada July 16, 2015. REUTERS/Chris Wattie