The board of the Bank of Canada has appointed economist Tiff Macklem as deputy governor and member of the its governing council.

Macklem’s appointment, effective Dec. 29, fills the vacancy created by the departure of Mark Carney,
who last month was appointed senior associate deputy minister of finance.

Macklem joined the bank in 1984 as an economist and subsequently was appointed to increasingly senior positions, including assistant chief of the research department, research adviser, and chief of the research department. He was appointed adviser to the governor in August 2003.

Born in Montréal, Macklem earned a Bachelor’s degree in economics from Queen’s University and a Master’s degree and PhD in economics from the University of Western Ontario. He is returning to the bank from an executive interchange at the Department of Finance.

His new responsibilities will include international economic and financial issues, and their relationship to monetary policy.