Canadaâ€™s central bank appointed Sylvain Leduc, a researcher at the Federal Reserve Bank of San Francisco, to the group of policy makers that sets interest rates.
Montreal-born Leduc replaces Agathe CÃ´tÃ©, who retired at the end of January, on the Bank of Canada Governing Council, according to a statement Tuesday from Ottawa. Leduc is â€œa renowned and prolific researcherâ€ and currently serves as the vice president of microeconomic and macroeconomic research at the San Francisco Fed.
The central bank had been looking for a francophone who was strong on economic modeling to fill the position as it prepares this year to renew its five-year mandate with the federal government. Leducâ€™s published works include studies on economies grappling with oil price shocks, how foreign exchange rates influence inflation, and the effectiveness of infrastructure spending as fiscal stimulus – all of which are issues increasingly in focus in Canada. â€œSylvain Leducâ€™s central banking experience and deep understanding of the international monetary system make him an exceptional addition to the Bankâ€™s Governing Council,â€ Governor Stephen Poloz said in the statement. â€œHis expertise in economic modeling and policy will complement the skills and experience of his fellow Deputy Governors. My colleagues and I warmly welcome Sylvain to the Bank.â€
Leduc earned his bachelorâ€™s and masterâ€™s degrees at Montrealâ€™s McGill University, earning his doctoral degree in economics at University of Rochester in 1999.
His appointment takes effect on May 2.