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Uncharted Territory: Negative Interest Rates in Canada


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David Laidler Lecture with Toni Gravelle, Thorsten Koeppl, and Craig Wright
Monday, September 19, 2016 - 12:00 to 13:30
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Toronto ON, C.D. Howe Institute, 67 Yonge Street, Suite 300
  • Uncharted Territory: Negative Interest Rates in Canada

C.D. Howe Institute events are open to members and their guests. Members can register online by signing in here, or contacting cdhoweevents@cdhowe.org.

The Institute is deeply honoured to host the Annual David Laidler Luncheon to recognize the outstanding accomplishments of Professor Laidler in the field of monetary policy. This event will be held off-the-record. 


Toni Gravelle, Chief of the Financial Markets Department, Bank of Canada

Toni Gravelle was appointed Chief of the Financial Markets Department (FMD), effective 19 May 2015. In this capacity, he is responsible for policy formulation and execution of the Bank’s financial market activities as they relate to monetary policy implementation and financial system liquidity. Mr. Gravelle also oversees domestic debt and foreign reserve operations on behalf of the Government of Canada. These activities—along with a range of research, analysis and policy advice related to domestic and international financial markets—contribute to the Bank’s monetary policy mandate and its role in the promotion of financial system stability and efficiency.

Mr. Gravelle returned to the Bank at the time of his appointment following a secondment to the Department of Finance where he was General Director, Financial Sector Policy Branch. He first joined the Bank in 1996 as an analyst and went on to hold various positions within FMD, including Assistant Director. In 2008, he was appointed Deputy Chief of the Financial Stability Department, a position he held until he was seconded to Finance in 2013.

Mr. Gravelle brings to his current role deep expertise in financial stability and markets, as well as a record of contributions to international financial reform. In addition to his extensive experience in financial sector policy and research at the Bank, he was an economist at the International Monetary Fund (IMF) from 2002 to 2005, participating in the financial system stability assessments of France and Senegal and contributing to the IMF’s semi-annual Global Financial Stability Report.

Mr. Gravelle was born in North Bay, Ontario, and holds a Ph.D. in Economics from Western University.


Thorsten Koeppl, Associate Professor and RBC Fellow, Queen's University

Professor Koeppl is Associate Professor and RBC Fellow in the Department of Economics at Queen’s University and Scholar in Financial Services and Monetary Policy at the Institute

He has degrees in management and in economics from the Universities of Eichstaett/Ingolstadt and Basle, and received his Ph.D. in economics from the University of Minnesota in 2002.

He has served as an advisor to the Bank of Canada and several other policy institutions in matters of financial market organization, regulation and intervention. In 2011, he received the Bank of Canada’s Governors Award for his research on financial market infrastructure.

His main research interests fall also in the areas of macroeconomics, monetary economics as well as risk management.


Craig Wright, Senior Vice President and Chief Economist, RBC

As chief economist, Craig leads a team of economists providing economic, fixed income and foreign exchange research to RBC clients. Craig is a regular contributor to a number of RBC publications and is a key player in delivering economic analysis to clients and the media through the Economics Department’s regular economic briefings.

A graduate of Wilfrid Laurier University and the University of Toronto, Craig was appointed Chief Economist in 2001 having joined RBC 1994 after working at another financial institution for seven years. Craig is a participant in a number of the key RBC internal committees and is a member of the CD Howe Monetary Policy Council, Wilfrid Laurier School of Business and Economics Dean’s Advisory Council and the British Columbia Economic Forecast Council.

Craig and his wife Susan live in Toronto with their three children Emily, Bradley and Jacob.

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© 2018 C.D. Howe Institute. All Rights Reserved.

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© 2018 C.D. Howe Institute. All Rights Reserved.