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The Bank of Canada on Tuesday named economics professor Paul Beaudry to be one of the four deputy governors at the central bank, starting in February next year.

Beaudry, who works at the University of British Columbia’s Vancouver School of Economics, replaces Sylvain Leduc, who quit in July 2018 after serving two years, the bank said in a statement.

Beaudry will join the central bank’s policy-making governing council, which sets interest rates. He will share responsibility for overseeing the bank’s financial system activities with deputy governor Lynn Patterson.

He specializes in “research related to business cycles, inflation, financial markets, the macro-economic effects of technological change and localization, and the determinants of aggregate employment and wages”, according to the Vancouver School of Economics website.

Bank of Canada Governor Stephen Poloz called Beaudry “a world-renowned scholar.”

“The breadth of Paul’s experience, research and expertise will be invaluable,” he said.

Beaudry, a two-time recipient of Bank of Canada research awards, has been a visiting scholar and researcher at the bank, as well as at the National Bureau of Economic Research in the United States and the Federal Reserve Bank of San Francisco.

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