Timothy Lane

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.

Timothy Lane began his journey as a student at Carleton University, where he earned a Bachelor of Arts (BA) with Honours in Economics and Political Science. During his time there, Lane received the Senate Medal for Outstanding Academic Achievement.

Lane continued his academic pursuits by obtaining a Doctor of Philosophy (PhD) in Economics from Western University. Equipped with a strong educational foundation, he embarked on an academic career as an Assistant Professor of Economics at Michigan State University. During his time there, Lane conducted research and taught courses on macroeconomics, monetary economics, and international finance.

After making significant contributions in academia, Lane ventured into the world of international finance and policy. He joined the International Monetary Fund (IMF) and assumed various roles over the course of 16 years. Starting as an Economist in the Capital Markets Division, he conducted research on topics such as monetary policy, capital controls, and the economics of transition. Lane also contributed to the International Capital Markets report.

Lane's dedication and expertise led him to be promoted to Deputy Division Chief in the European Department, where he played a crucial role in conducting Article IV consultations and leading staff teams for various countries. His contributions extended to the Policy Development and Review Division, where he served as Division Chief and Assistant Director. 

Lane's achievements at the IMF continued as he took on the role of Senior Advisor in the Research Department, overseeing the department's work on financial system issues. During his tenure, he actively participated in managing department staff and developing human resource policies at the IMF.

In 2009, Lane joined the Bank of Canada as Deputy Governor. In this position, he shared responsibility for decisions on monetary policy and financial system stability, playing a pivotal role in setting the strategic direction of the Bank. Lane's responsibilities expanded over time, and he oversaw funds management and currency functions. His focus on research and analysis encompassed payment system modernisation, financial technology, crypto-assets, and digital currencies.

Lane's leadership extended to the international stage, representing Canada at prominent forums such as the G-20, G-7, and International Monetary and Financial Committee (IMFC).

Lane also engaged in academic pursuits. As a Visiting Fellow at the University of Oxford, he undertook independent research and delivered public lectures on IMF reform.

Published Work

Some of Timothy's notable works include: "Does IMF Financing Result in Moral Hazard?", where Lane, along with Steven Phillips, explores the implications of IMF financing on moral hazard. In "Managing Financial Crises: The Experience in East Asia", Lane collaborates with other authors to provide insights into the management of financial crises in the region.

Lane's research on market discipline, as evidenced in “Market Discipline” delves into the importance of market forces in promoting financial stability. Additionally, he has contributed to the discourse on aid and fiscal management in developing economies, as seen in "The Dynamic Implications of Foreign Aid and its Variability" and "Aid and Fiscal Management."

His publications also cover diverse topics such as fiscal discipline, monetary integration, market-oriented reforms, and the implications of capital flows. 

Timothy Lane's vision revolves around promoting economic stability, financial resilience, and international cooperation. Throughout his career, Lane has been committed to advancing these goals through his work in academia, international financial institutions, and central banking.

Lane's vision encompasses fostering monetary policy decisions that contribute to economic stability and financial system resilience. As Deputy Governor of the Bank of Canada, he shared responsibility for setting the strategic direction of the Bank, ensuring sound decision-making regarding monetary policy and financial system stability. Lane's focus on research and analysis of emerging developments in payment systems, financial technology, crypto-assets, and digital currencies underscores his commitment to staying at the forefront of technological advancements and their impact on the financial landscape.