Briefing on the Monetary Policy Report 

Nicolas Vincent was appointed Deputy Governor of the Bank of Canada, effective August 2026. In this role, he oversees the analysis of international economic developments and serves as the Bank’s G7 and G20 Deputy. As a member of the Bank’s Governing Council, he also shares responsibility for decisions related to monetary policy and financial stability. 

At the time of his appointment, Mr. Vincent was serving as an external Deputy Governor and member of the Bank's Governing Council, a role he had held since 2023. He was also a professor of economics at HEC Montréal and co-chair of the Business Cycles and Financial Markets research theme at CIRANO (Centre interuniversitaire de recherche en analyse des organisations). 

Mr. Vincent began his career as an economist at the Department of Finance Canada in 2000. He joined HEC Montréal in 2007 as an assistant professor, became an associate professor in 2013 and was appointed full professor in 2021. He has been a visiting and adjunct faculty member and researcher at numerous institutions, including Columbia Business School, INSEAD, the Banque de France and the Kellogg School of Management. 

Mr. Vincent was the recipient of the 2021 Marcel Dagenais Award for Outstanding Contribution to Economic Research in Quebec and Canada and of a Social Sciences and Humanities Research Council Insight Grant from 2022 to 2026. He was also named Young Researcher of the Year at HEC Montréal in 2012 and has received multiple Teacher of the Year awards from HEC Montréal and INSEAD. 

Born in Trois-Rivières, Quebec, Mr. Vincent holds a Bachelor of Commerce degree in applied economics from HEC Montréal, a master’s degree in economics from Queen’s University and a PhD in economics from Northwestern University. 

Don Coletti was appointed Advisor to the Governor effective 26 August 2013. He is co-Secretary to the Governing Council and an Advisor to the Governor on subjects related to the Canadian economy and monetary policy. He is also leading the development of the Bank’s next generation of models for projections and policy analysis. From 2013 to 2021 he was responsible for financial system issues, including vulnerabilities, reforms and market dynamics, and their implications for financial stability and monetary policy.

Before becoming an Advisor, Mr. Coletti was Managing Director of the Bank’s International Economic Analysis Department, a position he held from September 2010. In this capacity, he managed the activities of the department, which include analyzing current and prospective developments in foreign countries and commodity prices, as well as providing analysis and policy advice on global economic and financial issues. He also guided the conduct of in-depth research on topics related to international financial markets and the global economy. From 2008 until 2010, he was Deputy Managing Director of the Bank’s Canadian Economic Analysis Department.

Born in Bolzano, Italy, Mr. Coletti obtained a master’s degree in economics from the University of Western Ontario.

Mikael Khan is Director of the Labour and Inflation Team in the Canadian Economic Analysis Department, where he leads the Bank's short-term analysis and forecasting of inflation and labour market developments. Since joining the Bank in 2011, he has held increasingly senior roles in both the Canadian Economic Analysis Department and the Financial Stability Department. His work has focused on the measurement and use of core inflation, firms’ pricing behaviour, the role of expectations in the housing market, and the macroeconomic risks associated with elevated household debt. Mikael holds a Bachelor of Arts (Honours) and a Master of Arts in Economics from Queen's University.

Nicolas Vincent was appointed Deputy Governor of the Bank of Canada, effective August 2026. In this role, he oversees the analysis of international economic developments and serves as the Bank’s G7 and G20 Deputy. As a member of the Bank’s Governing Council, he also shares responsibility for decisions related to monetary policy and financial stability. 

At the time of his appointment, Mr. Vincent was serving as an external Deputy Governor and member of the Bank's Governing Council, a role he had held since 2023. He was also a professor of economics at HEC Montréal and co-chair of the Business Cycles and Financial Markets research theme at CIRANO (Centre interuniversitaire de recherche en analyse des organisations). 

Mr. Vincent began his career as an economist at the Department of Finance Canada in 2000. He joined HEC Montréal in 2007 as an assistant professor, became an associate professor in 2013 and was appointed full professor in 2021. He has been a visiting and adjunct faculty member and researcher at numerous institutions, including Columbia Business School, INSEAD, the Banque de France and the Kellogg School of Management. 

Mr. Vincent was the recipient of the 2021 Marcel Dagenais Award for Outstanding Contribution to Economic Research in Quebec and Canada and of a Social Sciences and Humanities Research Council Insight Grant from 2022 to 2026. He was also named Young Researcher of the Year at HEC Montréal in 2012 and has received multiple Teacher of the Year awards from HEC Montréal and INSEAD. 

Born in Trois-Rivières, Quebec, Mr. Vincent holds a Bachelor of Commerce degree in applied economics from HEC Montréal, a master’s degree in economics from Queen’s University and a PhD in economics from Northwestern University. 

Marc-André Gosselin was appointed Deputy Governor of the Bank of Canada, effective May 25, 2026. In this role, he oversees the Bank’s analysis of domestic economic developments. As a member of the Bank’s Governing Council, he also shares responsibility for decisions related to monetary policy and financial stability. 

From 2019 to 2026, Mr. Gosselin served as Managing Director of the Bank’s Canadian Economic Analysis Department (CEA). In this capacity, he was responsible for the department’s strategic direction and management, providing rigorous and timely analysis of economic conditions in Canada, as well as advice on the conduct of monetary policy. 

Mr. Gosselin joined the Bank in 1999 as an economist. Over the years, he has held increasingly senior positions and developed a particular expertise in macroeconomic and risk analysis. As a Senior Officer in CEA, he contributed to the development of projection models and surveys. He later served as Deputy Managing Director of the Financial Stability Department, where he was responsible for the department’s work related to systemic risk assessment, stress testing and monetary policy. 

Born in Montréal, Quebec, Mr. Gosselin holds a master’s degree in applied economics from Montréal’s École des Hautes Études Commerciales.

Stephen Murchison was appointed Advisor to the Governor effective May 4, 2015. In this role, Mr. Murchison chairs the Steering Committee for the Bank’s Sparks at Bank publication. In addition, he provides advice and leadership on various monetary policy issues and on modelling. He also chairs the G7 working group on climate change mitigation and the G7 sub-group on quantum technologies, bringing members together to align priorities, share expertise and develop practical approaches to emerging risks.  

Mr. Murchison joined the Bank in 1997 as an economist in the Research Department’s Canadian Projection and Model Development division, now Canadian Economic Analysis (CEA). From 1999 to 2001, he worked at the Department of Finance. He returned to the Bank in 2001 and held senior roles in CEA, culminating as Managing Director from August 2013 until his current appointment. In 2019 and 2020, Mr. Murchison went on a secondment to the Caisse de dépôt et placement du Québec.

Born in Barrie, Ontario, Mr. Murchison holds a master’s degree in economics from Wilfrid Laurier University.

Jean-Philippe Cayen was appointed Senior Policy Advisor in the International Economic Analysis Department in December 2018. In this capacity, he is part of the leadership team that guides and manages the work of the department. He leads the department’s contribution to the Bank’s Monetary Policy Report and conducts analysis and research on current issues affecting the international economy. His primary interests include economic forecasting and business cycle analysis.

Mr. Cayen started his career at the Bank in 2000 as an economist in the Monetary and Financial Analysis Department. He has held several positions at the Bank over the years, including Director of the United States Division and Director of the Projection Division in the Canadian Economic Analysis Department. He holds a master's degree in applied economics from HEC Montréal.