The Bank of Canada wants to reinvigorate its interest-rate setting process, bringing an outside voice to the table next month amid a broader effort to bolster its credibility.
HEC Montréal economics professor Nicolas Vincent will become the first “non-executive” member of the central bank’s six-person governing council after its March 8 decision. He is set to serve as part-time deputy governor for two years, with an option for a third, instead of the longer, full-time terms typically given to policymakers.
Vincent’s appointment may bring new perspective to the institution’s forecasting methods, which policymakers concede failed to adequately predict last year’s surge in inflation. Consumer price gains spiked to a 40-year high of 8.1 per cent in June and have since fallen to 6.3 per cent — still more than three times the Bank of Canada’s target.
He joined the faculty at HEC, the business school at Université de Montréal, in 2007. “This was a bit of a coup for us,” Jean Boivin, the head of research at BlackRock Inc., said by phone.
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