We ask you to keep your comments relevant and respectful. Richard Tiffany Macklem goes by Tiff, a contraction of his middle name that was given to honor the family’s doctor. He and his wife Rosemary have three children. Macklem is the first governor to be appointed from the private sector.Job one for the new governor will be to steer the economy out of what’s almost certain to be the sharpest contraction since the Great Depression, using a set of policy tools that were theoretical constructs when Macklem was an economist at the central bank.For one, he’ll need to decide whether to ramp up emergency measures. He and his wife Rosemary have three children. He and his wife Rosemary have three children.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.There was an error, please provide a valid email address.A welcome email is on its way. “A seamless transition is going to be a first priority and I am confident that we will be able to accomplish that.”Macklem was a key architect of the global response to the financial crisis just over a decade ago, when he served as a top aide to then Finance Minister Jim Flaherty. (Bloomberg) -- Tiff Macklem will succeed Stephen Poloz as head of the Bank of Canada, as the government opted for a veteran of the 2008-2009 financial crisis to deal with the economic fallout from the pandemic.Macklem, currently dean at the University of Toronto’s business school, was selected as governor at the Ottawa-based central bank beginning June 3 for a seven-year term, according to a joint statement from the finance department and the Bank of Canada. He also Mark Carney, Bank of Canada governor during the crisis, recruited Macklem in 2010 as his second-in-command, a post he occupied until 2014 when he left to run the Rotman School of Management.Throughout his career as a high-ranking bank official, Macklem has been a strong advocate of the Bank of Canada’s 2% inflation target, and one of his first post-crisis tasks will be to complete a review of that mandate next year.
Readers can also see a more detailed article written by Rosemary in the spring 2014 edition of Gift Planning's Financial Planner. In the summer of 2002, the Bank of Canada published an article that described how the institution decides where to set interest rates.“The key to a successful monetary policy,” wrote Tiff Macklem, then the central bank’s impressive young research chief, “is looking ahead to the most likely outcome and reacting promptly and appropriately to surprises,… Tiff Macklem will succeed Stephen Poloz as head of the Bank of Canada, as the government opted for a veteran of the 2008-2009 financial crisis to deal with the economic fallout from the pandemic.Macklem, currently dean at the University of Toronto’s business school, was selected as governor at the Ottawa-based central bank beginning June 3 for a seven-year term, according to a “I’m looking forward to getting into the Bank of Canada, rejoining the bank,” Macklem said at a press conference alongside Poloz and Finance Minister Bill Morneau. Tiff Macklem during a news conference on Parliament Hill in Ottawa on Friday, May 1, 2020.Tiff Macklem during a news conference on Parliament Hill in Ottawa on Friday, May 1, 2020.Updates throughout with comments, Macklem’s policy history Visit our © 2020 Financial Post, a division of Postmedia Network Inc. All rights reserved. He takes over amid largest contraction since Great Depression He was an integral part of a previous review under Carney when the central bank formally introduced a degree of flexibility into the target, giving officials more time to reach it if needed. If you don't see it please check your junk folder.The next issue of Top Stories Newsletter will soon be in your inbox.We encountered an issue signing you up. Among those present were son Tiff Macklem (BA’83), his wife Rosemary Cuthbertson (BCom’83), and their Queen’s freshman son Richard.
He and his wife Rosemary have three children.We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. As a result, the Bank of Canada’s balance sheet has ballooned threefold since mid-March.Macklem could choose to scale up these programs if the situation deteriorates, or broaden them to include riskier assets. As a result, the Bank of Canada’s balance sheet has ballooned threefold since mid-March.Macklem could choose to scale up these programs if the situation deteriorates, or broaden them to include riskier assets. “The need to try to overwhelm a crisis, you need to think beyond the normal responses, you need to restore confidence”The Montreal native had more than two decades of experience at the Bank of Canada, working his way up in the research department through the 1990s before becoming its chief in 2000, then joining the governing council in 2004.He first joined the central bank as an economist in 1984 after completing a Bachelor’s degree from Kingston, Ontario-based Queen’s University and a Master’s in economics from Western University in London, Ontario. Macklem and his wife Rosemary have three children. Macklem joined the Bank of Canada in 1984 where he worked in the Department of Monetary and Financial Analysis for one year.