Richard Tiffany Macklem (born June 4, 1961), known as Tiff Macklem, is a Canadian banker and economist who serves as the 10th and current

governor of the Bank of Canada The governor of the Bank of Canada () is the chief executive officer of the Bank of Canada and acts as chair of its board of directors. The ''Bank of Canada Act'', 1985, S. 6(1), provides that the governor and deputy governor shall be appointed ...

. He was also the former dean of the

Rotman School of Management The Joseph L. Rotman School of Management (commonly known as the Rotman School of Management, the Rotman School or just Rotman) is the University of Toronto's graduate business school, located in Downtown Toronto. The University of Toronto has be ...

and had previously served as the senior deputy governor of the

Bank of Canada The Bank of Canada (BoC; french: Banque du Canada) is a Crown corporation and Canada's central bank. Chartered in 1934 under the ''Bank of Canada Act'', it is responsible for formulating Canada's monetary policy,OECD. OECD Economic Surveys: C ...

Early life and education

Richard Tiffany Macklem was born on June 4, 1961, in

Montreal Montreal ( ; officially Montréal, ) is the second-most populous city in Canada and most populous city in the Canadian province of Quebec. Founded in 1642 as '' Ville-Marie'', or "City of Mary", it is named after Mount Royal, the triple- ...

, Quebec, to Dick and Janet (Gray-Donald) Macklem. His father was the chief financial officer of Birks. His uncle, Peter Macklem, was a physician. He grew up in Westmount, where he attended Selwyn House School from grades 5 to 11. Instead of attending

CEGEP A CEGEP ( or ; ), also written cégep, CÉGEP and cegep, is a publicly funded college providing technical, academic, vocational or a mix of programs; they are exclusive to the province of Quebec's education system. A loanword from French, ...

afterwards, he completed one year of pre-university at

Lower Canada College Lower Canada College (LCC) is an English-language elementary and secondary level independent school located in Montreal, Quebec. The school offers education from Kindergarten through Grade 11. Students graduate from Grade 11 and then have the o ...

. He graduated from Queen's University in 1983 with a bachelor's degree in economics, and completed a master's degree and a PhD in economics from the

University of Western Ontario The University of Western Ontario (UWO), also known as Western University or Western, is a public research university in London, Ontario, Canada. The main campus is located on of land, surrounded by residential neighbourhoods and the Thames R ...

in 1989.

Career

Macklem joined the Bank of Canada in 1984 where he worked in the Department of Monetary and Financial Analysis for one year. He returned to the Bank of Canada in 1989 following the completion of his graduate studies. He occupied increasingly senior positions in the Research Department (now Canadian Economic Analysis) until his appointment as Chief in January 2000. Macklem was appointed Adviser to the Governor in August 2003. In 2003–4, he was seconded to the Department of Finance, returning to the Bank of Canada as a Deputy Governor in December 2004. He rejoined the Department of Finance as Associate Deputy Minister in 2007, in which he served until June 30, 2010.

Senior Deputy Governor

Macklem was appointed Senior Deputy Governor for a term of seven years beginning July 1, 2010. In this position, Macklem was the Bank of Canada's chief operating officer and a member of its board of directors. Macklem was also responsible for overseeing strategic planning and coordinating of the Bank of Canada's operations, sharing responsibility for the conduct of monetary policy as a member of the Bank of Canada' governing council, and participating in fulfilling the Bank of Canada's responsibilities for promoting financial stability. Macklem also chaired the Standing Committee on Standards Implementation at the

Financial Stability Board The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established after the G20 London summit in April 2009 as a successor to the Financial Stability For ...

. As the senior deputy governor and number two at the Bank of Canada, Macklem was widely expected to succeed as BOC Governor with the appointment of

Mark Carney Mark Joseph Carney (born March 16, 1965) is a Canadian economist and banker who served as the governor of the Bank of Canada from 2008 to 2013 and the governor of the Bank of England from 2013 to 2020. Since October 2020, he is vice chairman an ...

as Governor of the

Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the English Government's banker, and still one of the bankers for the Government o ...

. However Macklem was passed over in favour of Stephen Poloz, becoming the third senior deputy governor in a row, after Malcolm Knight and Paul Jenkins, not to be chosen as the governor of the BOC. Macklem was considered a successor to former BOC Governor David Dodge and widely respected in the BOC and worldwide, although as a career civil servant he lacked the private sector experience that Carney and Poloz possessed. An editorial in the ''

Vancouver Sun The ''Vancouver Sun'', also known as the ''Sun'', is a daily broadsheet newspaper based in Vancouver, British Columbia, Canada. The newspaper is currently published by the Pacific Newspaper Group, a division of Postmedia Network. Published s ...

'' suggested that Macklem would soon leave the BOC after being snubbed twice for the top position. Although Macklem's term would have run until 2017, he announced his resignation to take effect on May 1, 2014, to become the dean of the

at the

University of Toronto The University of Toronto (UToronto or U of T) is a public research university in Toronto, Ontario, Canada, located on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution ...

. Paul Ferley, assistant chief economist at

Royal Bank of Canada Royal Bank of Canada (RBC; french: Banque royale du Canada) is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 17 million clients and has more than 89,000 ...

, suggested of Macklem's departure "It's a real loss for the bank, that you lose that human capital" as Carney and Macklem formed the tandem that had guided Canada through the late-2000s financial recession. Macklem was a member of

Scotiabank The Bank of Nova Scotia (french: link=no, Banque de Nouvelle-Écosse), operating as Scotiabank (french: link=no, Banque Scotia), is a Canadian multinational banking and financial services company headquartered in Toronto, Ontario. One of Canada ...

's board of directors from June 2015 until his appointment as Bank of Canada Governor in 2020.

Bank of Canada Governor

On May 1, 2020, Macklem was named as the new

, succeeding Stephen Poloz. He assumed the office on June 3. During his tenure, Macklem confronted the post-

COVID-19 pandemic The COVID-19 pandemic, also known as the coronavirus pandemic, is an ongoing global pandemic of coronavirus disease 2019 (COVID-19) caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). The novel virus was first identi ...

inflation surge. The Bank under Macklem raised its key interest rate seven consecutive times in 2022. The Bank's key interest rate jumped from 0.25 percent in March to 4.25 percent in December.

References

External links

Bank of Canada - Tiff Macklem - biographical note
{{DEFAULTSORT:Macklem, Tiff 1961 births Living people Governors of the Bank of Canada Academics from Montreal Queen's University at Kingston alumni University of Western Ontario alumni Canadian economists Canadian university and college faculty deans University of Toronto faculty Business school deans Writers from Montreal