By Steve Scherer
OTTAWA, January 16 (Reuters) – The Bank of Canada said Monday it has appointed a professor of applied economics at HEC Montreal be no– executive vice-governor and the sixth member of its policy-making governing board for for a period of two yearsstarting from March.
Nicholas Vincent was named assumed the position of his fourth lieutenant governor, In a statement the bank posted on its website, filling the position vacated by Timothy Lane retired in September.
In August, the bank announced it would search external candidate for an updated post to find “fresh and diverse perspectives.” In:He said the new lieutenant governor would work part-time or 50-70% of full-time.
The bank said on Monday that Vincent “will maintain his association with HEC Montreal.”
V:incent is also co-chair of the CIRANO (Centre Interuniversitaire de Recherche en Analyze des Organisations) Business Cycles and Financial Markets Research Theme, and has been visiting lecturer and researcher at Columbia Business School, INSEAD, Banque de France and banks. Kellogg School of Management.
Bank of Canada Governor Tiff Macklem called Vincent “a consummate scholar and teacher with a deep background in macroeconomic and microeconomic research.”
“I have no doubt that his broad knowledge of monetary economics, combined with his keen interest in public policy, will be invaluable in helping the Bank navigate future policy challenges,” Macklem said in a statement.
Adding an outside voice to the governing board comes at a time when the central bank faces growing public pressure criticism after it misjudged inflation and was seen as too slow to respond to rapidly rising prices, forcing it to sharply raise interest rates.
(Reporting by Steve Scherer in Ottawa; Additional reporting by Ismail Shakil; Editing by Leslie Adler)
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