Bank of Canada Names Fed Researcher Leduc as Deputy Governor

Canada’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 Côté, who retired at the end of January, on the Bank of Canada Governing Council, according to a statement Tuesday from Ottawa. Leduc is “a renowned and prolific researcher” 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. Leduc’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.

“Sylvain Leduc’s central banking experience and deep understanding of the international monetary system make him an exceptional addition to the Bank’s Governing Council,” Governor Stephen Poloz said in the statement. “His 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.”

Leduc earned his bachelor’s and master’s degrees at Montreal’s McGill University, earning his doctoral degree in economics at University of Rochester in 1999. His appointment takes effect on May 2.

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