Robert Fay

Robert Fay

Deputy Chief

Robert (Bob) Fay was appointed Deputy Chief of the Bank’s International Economic Analysis Department (INT) in September 2013. He is responsible for assessing global economic developments and their implications for Canada, as well as investigating a wide variety of issues, including those related to the international monetary system and global financial architecture.

In 2001, after spending ten years in Paris as an economist at the Organisation for Economic Co-operation and Development, Mr. Fay was made Principal Researcher at the Bank of Canada in the Current Analysis Division of the Research Department. He then became Assistant Chief of that department in 2002, working on structural issues in the Canadian economy, as well as short-term forecasting.

In 2010, Mr. Fay was appointed Special Assistant to the Governor. In this capacity, he served as the Governor’s Chief of Staff and worked closely with members of Governing Council, other members of the Management Forum and Bank staff to manage the information requirements of the Governor. He held this position until his current appointment.

Mr. Fay was born in Toronto. He holds a master’s degree in economics from Queen’s University.

Biographical note: Robert Fay

Contact

Robert Fay

Deputy Chief
International Economic Analysis
Strategic Leadership and Support

Bank of Canada
234 Laurier Avenue West
Ottawa, ON, K1A 0G9

Latest

The US Labour Market: How Much Slack Remains?

Staff Analytical Note 2016-9 Robert Fay, James Ketcheson
Despite the US unemployment rate being close to estimates of the non-accelerating-inflation rate of unemployment (NAIRU), measures of underemployment remain elevated, which could be an indication of remaining labour market slack. The shares of involuntary part-time workers and long-term unemployment are high relative to the current stage of the business cycle, suggesting available labour inputs are being underutilized.
Content Type(s): Staff Research, Staff Analytical Notes Topic(s): International topics, Labour markets, Recent economic and financial developments JEL Code(s): E, E2, E24, J, J2, J21, J23

16 May 2016 Monetary Policy Frameworks: Recent International Developments

Bank of Canada Review - Spring 2016 Robert Fay, Kristina Hess
Inflation-targeting frameworks have remained relatively stable over the past few years despite significant challenges, including prolonged low inflation, a large negative commodity price shock and rising financial stability concerns in some economies. The tools used by central banks have, however, evolved substantially. This article provides a survey of the developments in the inflation-targeting frameworks of 10 central banks in advanced economies that correspond to the three research areas of the Bank of Canada’s 2016 renewal: the level of the inflation target, the measurement of core inflation and financial stability considerations in the formulation of monetary policy.
Content Type(s): Publications, Bank of Canada Review Article Topic(s): Inflation targets, International topics, Monetary policy framework JEL Code(s): E, E5, E52, E58

What Is Behind the Weakness in Global Investment?

Staff Discussion Paper 2016-5 Maxime Leboeuf, Robert Fay
The recovery in private business investment globally remains extremely weak more than seven years after the financial crisis. This paper contributes to the ongoing policy debate on the factors behind this weakness by analyzing the role of growth prospects and uncertainty in explaining developments in non-residential private business investment in large advanced economies since the crisis.
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Business fluctuations and cycles, Central bank research, Domestic demand and components, Economic models, International topics, Recent economic and financial developments, Uncertainty and monetary policy JEL Code(s): C, C2, C23, C3, C33, D, D2, D24, D8, D80, D84, E, E2, E22, F, F0, F01, G, G3, G31

Understanding Productivity: A Review of Recent Technical Research

Staff Discussion Paper 2008-3 Richard Dion, Robert Fay
The authors provide an extensive review of the rapidly expanding research on productivity, both at the macro and micro levels. They focus primarily on papers written about Canada, but also draw on selected studies from other countries, especially the United States, where such work sheds important light on particular aspects of productivity growth. The authors […]
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Productivity JEL Code(s): D, D2, D24, O, O3, O31, O4, O40, O47

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Education

  • M.A., Queens University (1988)
  • B.A. (Honours), University of Waterloo (1987)

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