The Bank of Canada has appointed Michelle Alexopoulos, a professor of the Department of Economics at the University of Toronto to the role of external Deputy Governor.
Alexopoulos is the second external Deputy Governor to join the central bank’s governing council. The Bank of Canada created this role to bring a greater diversity of perspectives to their regular monetary policy deliberations and financial stability assessments.
“It is an honour being selected to serve the Bank of Canada and all Canadians in this role,” Alexopoulos said. “I look forward to working collectively with the other members of the governing council to promote Canada’s economic and financial well-being and demonstrating the benefits of combining insights from academic research, industry consultation, and public outreach to achieve the best outcomes.”
Alexopoulos completed her term as president of the Canadian Economics Association in May 2024. She is a two-term recipient of the Bank of Canada Fellowship Award and a three-time winner of the Faculty of Arts & Science's Dean’s Excellence Award.
Her research in the fields of macroeconomics and monetary economics employs business cycle models and advanced machine learning techniques to analyze how policies, media, technological developments, and economic uncertainty effect markets, employment, productivity and the economy at large. Her teaching responsibilities focus on advanced macroeconomic models in the undergraduate program and macroeconomic theory at the graduate level.
“It is a great pleasure to congratulate Professor Alexopoulos on this remarkable achievement,” said Professor Ettore Damiano, chair of the Department of Economics. “All of her colleagues have long been impressed with Michelle’s cutting-edge research, and we are all proud to see her talents benefit the country’s monetary policies moving forward.”
This new role brings the bank’s governing council from six to seven members. Alexopoulos will fulfill this important role alongside her teaching and research responsibilities within the Department of Economics at the University of Toronto during the initial two-year term of her appointment, which is effective March 17, 2025.