C.D. Howe Institute Names Andrew Spence to Monetary Policy Council

    TORONTO, Sept. 27 /CNW/ - William Robson, president and CEO of the C.D.
Howe Institute, today announced a new member of the Institute's prestigious
Monetary Policy Council (MPC). He is Andrew Spence, Vice President and Chief
Economist in the Investment Division of the Ontario Teachers' Pension Plan.
    As Chief Economist, Mr. Spence acts as research advisor to the fund's
executive team and the board of directors, as well as managing a research
program that develops long-term strategy for the fund. Mr. Spence advises on
the asset mix overlay program where the primary intent is to add value and
control risk through active asset allocation at the total fund level
    "Andrew Spence is in the front rank of Canadian observers of economic
conditions, financial markets and monetary policy," said Mr. Robson, who is
the MPC's non-voting chair. "We are delighted to welcome him to the MPC: his
knowledge and insights will enhance the Council's ability to provide
constructive advice on the Bank of Canada's actions."
    Prior to joining OTPP, Mr. Spence conducted economic and financial market
research at a number of investment banks. During 2002 and 2003, he was
seconded to the Bank of Canada as Special Adviser to the Governor, and was an
active member of the Monetary Policy Review Committee. Mr. Spence started his
career as an economist at H.M. Treasury in London where he worked on
developing macroeconomic policy advice for government ministers. He holds an
M. Phil. in Economics from the University of Bath, England.
    Mr. Spence replaces Warren Jestin, Senior Vice-President and Chief
Economist at Scotiabank, who has been a member of the MPC since its inception
in 2003.
    The MPC comprises 12 of Canada's most distinguished financial-market and
monetary economists. They convene to discuss the Bank of Canada's target for
the overnight rate - the benchmark interest rate it uses to influence monetary
conditions in Canada - shortly before each of the Bank's interest-rate
announcements. The Council provides a regular, independent assessment of the
Bank's stance as it seeks to achieve its two-percent inflation target.

For further information:

For further information: on the MPC's membership and activities is
available at: http://www.cdhowe.org/display.cfm?page=monetarySynopsis; or
contact: William B.P. Robson, President and CEO, C.D. Howe Institute, (416)

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