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Tiff Macklem

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Tiff Macklem
10th Governor of the Bank of Canada
Assumed office
June 3, 2020
Appointed byBoard of Directors
Preceded byStephen Poloz
Senior Deputy Governor of the Bank of Canada
In office
July 1, 2010 – May 1, 2014
Associate Deputy Minister of Finance
In office
2007 – June 30, 2010
Deputy Governor of the Bank of Canada
In office
December 2004 – 2007
Personal details
Born
Richard Tiffany Macklem

(1961-06-04) June 4, 1961 (age 63)
Montreal, Quebec, Canada
SpouseRosemary Macklem
RelativesPeter Macklem (uncle)
EducationQueen's University (BA)
University of Western Ontario (MA, PhD)

Richard Tiffany Macklem (born June 4, 1961), known as Tiff Macklem, is a Canadian banker and economist who has served as governor of the Bank of Canada since 2020.[1][2][3] He was also the former dean of the Rotman School of Management[4] and had previously served as the senior deputy governor of the Bank of Canada.[5]

Early life and education

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Richard Tiffany Macklem was born on June 4, 1961, in Montreal, Quebec,[6][7] to Dick and Janet (Gray-Donald) Macklem.[8] His father was the chief financial officer of Birks.[9] His uncle, Peter Macklem, was an accomplished academic physician and researcher.[10] He grew up in Westmount, where he attended Selwyn House School from grades 5 to 11.[11][12] Instead of attending CEGEP afterwards, he completed one year of pre-university at Lower Canada College.[13]

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 in 1989.[14][15]

Career

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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.[16]

Senior Deputy Governor

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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.

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 as Governor of the Bank of England. 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 suggested that Macklem would soon leave the BOC after being snubbed twice for the top position.[17]

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 Rotman School of Management at the University of Toronto. Paul Ferley, assistant chief economist at Royal Bank of Canada, 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.[18][19][20]

Macklem was a member of Scotiabank's board of directors from June 2015 until his appointment as Bank of Canada Governor in 2020.[21]

Bank of Canada Governor

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On May 1, 2020, Macklem was named as the new governor of the Bank of Canada, succeeding Stephen Poloz.[2] He assumed the office on June 3.[22]

During his tenure, Macklem confronted the post-COVID-19 pandemic 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.[23] As of July 2023, the key interest rate rose to 5.00%.

References

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  1. ^ Carmichael, Kevin (June 2, 2020). "Big changes not in the cards for Bank of Canada as Tiff Macklem era begins". Financial Post.
  2. ^ a b "Tiff Macklem Appointed Governor of the Bank of Canada". www.bankofcanada.ca.
  3. ^ "New Bank of Canada Chief Takes Reins Under Mountain of Debt". Bloomberg. June 3, 2020. Archived from the original on June 3, 2020. Retrieved June 12, 2020.
  4. ^ "Senior Deputy Governor Tiff Macklem will leave the Bank in May 2014". www.bankofcanada.ca.
  5. ^ "Bank of Canada - Tiff Macklem, Senior Deputy Governor". Archived from the original on May 13, 2013.
  6. ^ Desrosiers, Éric (May 2, 2020). "Tiff Macklem sera le prochain gouverneur de la Banque du Canada". Le Devoir (in French). Archived from the original on May 5, 2020. Retrieved June 12, 2020.
  7. ^ Parkinson, David (October 2, 2020). "Crush it: Bank of Canada Governor Tiff Macklem says a crisis is no time for half measures". The Globe and Mail. ProQuest 2447863503. Retrieved July 14, 2022.
  8. ^ "Alumni Notes | Smith Magazine". smith.queensu.ca.
  9. ^ "Carney's successor? Low-key Tiff Macklem seems a natural fit". The Globe and Mail.
  10. ^ "Peter Macklem Obituary - Brockville, Ontario". Irvine Funeral Home and Chapel.
  11. ^ "Old Boys at Career Day - Tiff Macklem '78". Selwyn House School. May 1, 2008.
  12. ^ "Selwyn House School Yearbook 1978". Selwyn House School. 1978.
  13. ^ Lower Canada College [@weareLCC] (May 1, 2020). "Congratulations to Tiff Macklem (Pre-U '79) on his appointment as governor of the Bank of Canada!" (Tweet). Retrieved June 1, 2020 – via Twitter.
  14. ^ "Tiff Macklem - Bio". www.bankofcanada.ca. Bank of Canada. Retrieved May 1, 2020.
  15. ^ "Tiff Macklem - Dean of Rotman School of Management". Department of Economics. Western University. Retrieved May 1, 2020.
  16. ^ "Old Boy tapped to lead Canada's economic recovery". Selwyn House School. May 1, 2020.
  17. ^ "Twice snubbed to helm central bank, Macklem willing to assist new chief". Vancouver Sun. May 4, 2013. Archived from the original on March 19, 2014. Retrieved June 1, 2020.
  18. ^ Beltrame, Julian (December 5, 2013). "Tiff Macklem to step down from Bank of Canada after losing out on top job". CTV News. Bell Media. Retrieved May 1, 2020.
  19. ^ McKenna, Bruce (December 5, 2013). "Tiff Macklem leaving Bank of Canada". Globe and Mail. Archived from the original on December 6, 2013. Retrieved May 9, 2020.
  20. ^ "Tiff Macklem, Bank of Canada's second in charge, resigning from central bank in May 2014". Financial Post. Postmedia Network Inc. Thomson Reuters. December 5, 2013. Retrieved May 1, 2020.
  21. ^ Johnson, Kelsey (May 1, 2020). "New Bank of Canada governor Macklem brings job familiarity with green touch". Financial Post. Reuters. Retrieved August 9, 2020.
  22. ^ "On first day of Tiff Macklem's term, Bank of Canada to make rate announcement". CityNews. The Canadian Press. June 3, 2020. Archived from the original on June 12, 2020. Retrieved June 12, 2020.
  23. ^ Al Mallees, Nojoud (December 23, 2022). "After a strong year for the economy, 2023 will be shaped by high interest rates". CTV News. Retrieved December 25, 2022.
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