The C.D. Howe Institute today announced a new member of the Institute’s Monetary Policy Council (MPC). He is Andrew Spence, vp and chief economist in the investment division of the Ontario Teachers’ Pension Plan.

As chief economist, Spence acts as research advisor to the fund’s executive team and the board of directors, as well as managing a research program that develops long-term strategy for the fund. He advises on the asset mix overlay program where the primary intent is to add value and control risk through active asset allocation at the total fund level

“Andrew Spence is in the front rank of Canadian observers of economic conditions, financial markets and monetary policy,” said William Robson, president and CEO of the C.D. Howe Institute, who is the MPC’s non-voting chairman, in a news release. “We are delighted to welcome him to the MPC: his knowledge and insights will enhance the Council’s ability to provide constructive advice on the Bank of Canada’s actions.”

Prior to joining Teachers’, Spence conducted economic and financial market research at a number of investment banks. During 2002 and 2003, he was seconded to the Bank of Canada as special advisor to the Governor, and was an active member of the Monetary Policy Review committee.

Spence started his career as an economist at H.M. Treasury in London where he worked on developing macroeconomic policy advice for government ministers. He holds an M. Phil. in Economics from the University of Bath, England.

Spence replaces Warren Jestin, senior vp and chief economist at Bank of Nova Scotia, who has been a member of the MPC since its inception in 2003.

The 12-member MPC convenes to discuss the Bank of Canada’s target for the overnight rate shortly before each of the central bank’s interest-rate announcements. The MPC provides a regular, independent assessment of the bank’s stance as it seeks to achieve its 2% inflation target.