GDP growth rates—when not adjusted for population— provide misleading picture of Canadian economy

Engineering from the Pontifical Catholic University of Peru and a M.Sc. in Economics from the University of Concepcion, Chile. Ms. Palacios has studied public policy involving taxation, government finances, investment, productivity, labour markets, and charitable giving, for nearly 10 years. Since joining the Institute, Ms. Palacios has authored or coauthored over 70 comprehensive research studies, 70 commentaries and four books. Her recent commentaries have appeared in major Canadian newspapers such as the National Post, Toronto Sun, Windsor Star, and Vancouver Sun.

In this capacity, he was one of two deputy governors responsible for overseeing the Bank’s analysis and activities promoting a stable and efficient financial system. Starting in 2016, he was responsible for overseeing the Bank’s analysis of domestic economic developments. As a member of the Bank’s governing council, he shared responsibility for decisions related to monetary policy and financial system stability and for setting the Bank’s strategic direction. Mr. Schembri joined the Bank in 1997 as a visiting research advisor in what is now the International Economic Analysis Department. In 2001, he was appointed senior research director in the same department and became its managing director in 2005. In 2010 he was appointed advisor to the governor, with responsibilities for financial stability analysis and coordinating the Bank’s contribution to the Financial Stability Board. While at the Bank, Mr. Schembri was an active researcher, publishing research on exchange rate and monetary theory and policy in open economies, the international monetary system, and financial stability. A champion of efforts to promote economic literacy and Indigenous economic opportunity, he sponsored the Bank’s Governor’s Challenge undergraduate student competition and was a founding member of the Central Bank Network for Indigenous Inclusion. He currently serves on the board of the Tulo Centre of Indigenous Economics. Mr. Schembri received a Bachelor of Commerce degree from the University of Toronto, an MSc in Economics from the London School of Economics and Political Science, and a PhD in Economics from the Massachusetts Institute of Technology. Prior to joining the Bank of Canada, Mr. Schembri was an assistant professor and, later, associate professor of economics at Carleton University.