The generational shift on the Bank of Canada's governing council is almost complete.
Pierre Duguay, the longest-serving member of the governing council, said Wednesday that he will retire in July, ending a career that began in 1973.
The announcement came as Bank of Canada Governor Mark Carney named Jean Boivin, a Princeton University-trained economist who once co-wrote an article with U.S. Federal Reserve Chairman Ben Bernanke, to fill the opening on the Governing Council that will be created when Deputy Governor David Longworth retires at the end of the month.
In a news release, Mr. Carney called Mr. Boivin, an adviser at the Bank of Canada since August, 2009, one of Canada's leading economic researchers, saying his work is "pushing the frontiers of monetary economics."
Mr. Boivin, 37, graduated from Princeton with a PhD in economics in 2000 and taught at the Institute of Applied Economics at HEC Montreal before joining the Bank of Canada last year. The native of Chicoutimi, Que., also is a research associate at the National Bureau of Economic Research in the United States.
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Mr. Duguay's replacement, which the Bank of Canada said would come from within the institution, will leave Mr. Carney with a team of senior advisers assembled after he was chosen to replace David Dodge in October, 2007. John Murray, who joined the Governing Council in January, a month before Mr. Carney officially took over from Mr. Dodge, is now the longest-serving deputy.
Earlier this month, the Bank of Canada said that Tiff Macklem will become senior deputy governor in July, replacing Paul Jenkins. The other deputy governor is Timothy Lane, who joined the Bank of Canada from the International Monetary Fund in February, 2009.
Mr. Duguay first joined the Bank of Canada's research department and rose through the ranks, becoming a deputy governor in 2000.
"Pierre's precision and extensive experience have been critical as the bank developed and honed its projection models and monetary policy, launched new bank notes and, more recently, helped to develop international financial system governance principles through the Financial Stability Board," Mr. Carney said in a statement.