Timothy Lane

Former Deputy Governor (2009 – 2022)

Bio

Timothy Lane served as Deputy Governor from February 2009 until his retirement from the Bank of Canada in September 2022.

As a member of the Bank’s Governing Council, he shared responsibility for decisions with respect to monetary policy and financial system stability, and for setting the strategic direction of the Bank. He oversaw the Bank’s funds management and currency functions — notably including the Bank’s ongoing research and analysis of developments in financial technology, crypto-assets and digital currencies.

Mr. Lane’s responsibilities as Deputy Governor covered a series of different areas. From 2014 through July 2018, he was responsible for the Bank’s analysis of international economic developments in support of monetary policy decisions — serving as the Bank’s G7 and G20 Deputy. Previously, he was responsible for overseeing the Bank’s work on financial markets (2010–13) and its analysis of Canadian economic developments (2009–10). He joined the Bank in August 2008 as an Adviser to the Governor.

Prior to joining the Bank, he served for 20 years on the staff of the International Monetary Fund (IMF) in Washington, DC. During that period, he worked on a wide range of issues and contributed to the IMF’s work on a number of countries. He has published research on various topics including monetary policy, financial crises, IMF reform, and economic transition. During 2004–05, Mr. Lane was a Visiting Fellow at the University of Oxford. He has also served as Assistant Professor of Economics at Michigan State University (1984-88) and at the University of Iowa (1983-84).

Born in Ottawa, Mr. Lane received a BA (Honours) from Carleton University in 1977 and a PhD in economics from the University of Western Ontario in 1983.

Speeches

June 10, 2021

The digital transformation and Canada’s economic resilience

Remarks (delivered virtually) Timothy Lane Advocis Western Canada Chapters Edmonton, Alberta, Vancouver, British Columbia, Winnipeg, Manitoba
Deputy Governor Tim Lane talks about the Bank’s latest interest rate announcement and discusses how the digital transformation has supported resilience through the pandemic and may be adding to the economy’s growth potential.
Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Business fluctuations and cycles, Coronavirus disease (COVID-19), Inflation and prices, Interest rates, Labour markets, Monetary policy, Potential output, Productivity, Recent economic and financial developments
February 10, 2021

Payments innovation beyond the pandemic

Remarks (delivered virtually) Timothy Lane Institute for Data Valorisation Montréal, Quebec
Deputy Governor Timothy Lane talks about how the Bank of Canada is contributing to the modernization of our payments ecosystem, and how the COVID-19 pandemic has highlighted the need to make payments more convenient for all Canadians.
Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Bank notes, Coronavirus disease (COVID-19), Cryptocurrencies, Digital currencies and fintech, Payment clearing and settlement systems
May 20, 2020

Policies for the Great Global Shutdown and Beyond

Remarks (delivered virtually) Timothy Lane CFA Society Winnipeg and Manitoba Association for Business Economics Winnipeg, Manitoba
Deputy Governor Timothy Lane explains how the Bank is helping Canadian households and businesses weather the COVID-19 crisis, and how our actions today are laying a solid foundation for our future economic recovery.
Content Type(s): Press, Speeches and appearances, Remarks Topic(s): Coronavirus disease (COVID-19), Credit and credit aggregates, Credit risk management, Domestic demand and components, Financial institutions, Financial markets, Financial services, Financial stability, Fiscal policy, Housing, Inflation and prices, Inflation targets, Interest rates, International financial markets, Labour markets, Lender of last resort, Market structure and pricing, Monetary policy, Monetary policy and uncertainty, Monetary policy implementation, Monetary policy transmission, Productivity, Recent economic and financial developments, Service sector, Trade integration

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Bank publications

Bank of Canada Review articles

August 19, 2010

Should Monetary Policy Be Used to Counteract Financial Imbalances?

Bank of Canada Review - Summer 2010 Jean Boivin, Césaire Meh, Timothy Lane
The authors examine whether monetary policy should and could do more to lean against financial imbalances (such as those associated with asset-price bubbles or unsustainable credit expansion) as they are building up, or whether its role should be limited to cleaning up the economic consequences as the imbalances unwind.
Content Type(s): Publications, Bank of Canada Review articles Topic(s): Financial system regulation and policies, Monetary policy framework

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The Economy, Plain and Simple

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