The Bank of Canada announced on Wednesday the retirement of Pierre Duguay, deputy governor, and the appointment of Jean Boivin as deputy governor and member of the governing council of the bank.

Duguay will retire on July 29, 2010. After joining the bank in 1973 as an economic analyst in the research department, Duguay occupied such roles as chief of the department of monetary and financial analysis, chief of the research department, and advisor to the governor. He was appointed deputy governor in January 2000.

Mark Carney, governor of the Bank of Canada, praised Duguay’s longstanding contribution to the bank, particularly in the areas of monetary policy, economic theory and modelling, currency, and financial stability.

“Pierre’s precision and extensive experience have been critical as the bank developed and honed its projection models and monetary policy, launched new bank notes and, more recently, helped to develop international financial system governance principles through the Financial Stability Board,” Carney said. “Pierre’s expertise, guidance, and commitment to clear communication have contributed to many of this institution’s successes over the past 38 years.”

The bank said it will undertake an internal recruitment process to fill the deputy governor position that will be vacated when Duguay retires.

Meanwhile, Boivin will begin his new position effective April 1. His appointment fills the vacancy resulting from the departure of David Longworth, who will retire at the end of March.

Since August 2009, Boivin has been a special advisor to the governor of the bank, focusing on inflation targeting and monetary policy framework. He is a native of Chicoutimi, Quebec, and holds a BA in economics from the Université de Montréal and an MA and a PhD in economics from Princeton University.

Boivin has extensive expertise in the areas of monetary economics, time series econometrics, and the practical application of research to policy-making. As a member of governing council, he will contribute to the optimal design, implementation, and communication of the bank’s monetary policy.

“Jean’s research is pushing the frontiers of monetary economics,” said Carney. “His expertise will be tremendously helpful as the bank continues to develop and execute its monetary policy and approach to financial stability.”

Prior to joining the bank as special advisor, Boivin was a professor, a member of the Monetary Policy Council at the CD Howe Institute, and held the chair of monetary policy and financial markets at the Institute of Applied Economics at HEC Montréal. He is a research associate at the National Bureau of Economic Research and a Fellow of the Centre interuniversitaire de recherche en analyse des organisations (CIRANO), a collective of professors and researchers who share knowledge in the fields of public policy, risk, finance, and economics.

Boivin has taught at the Columbia University Graduate School of Business and has published widely in the areas of monetary policy, interest rates, inflation, and international economics.

IE