Born in Edmonton, Alberta, David Longworth received a Bachelor of Science degree in mathematical statistics in 1973 and an M.A. in economics in 1974, both from the University of Alberta. He also studied at the Massachusetts Institute of Technology, where he graduated with a Ph.D. in economics in 1979. Mr. Longworth joined the Bank of Canada in 1974 in the Special Studies Division of the Research Department. Over his career at the Bank, he was Deputy Chief of the International Department, Chief of the Department of Monetary and Financial Analysis, Chief of the Research Department, and Adviser to the Governor.
Mr. Longworth was appointed Deputy Governor of the Bank of Canada in April 2003. In this capacity, he was one of two deputy governors responsible for issues related to financial stability and financial markets. As a member of the Bank’s Governing Council, he shared responsibility for decisions with respect to monetary policy and financial system stability and for setting the strategic direction of the Bank. He retired from the Bank on 31 March 2010. Mr. Longworth was a member of the Committee on the Global Financial System (CGFS) and BIS Markets Committee from 2005 to 2010. He chaired the CGFS Study Group that produced the report “The Role of Margin Requirements and Haircuts in Procyclicality” published in March 2010.
Mr. Longworth was named a Fellow of the C.D. Howe Institute for the term 1 April 2010 to 31 March 2013. He is also an economic consultant in the areas of monetary policy and financial stability policy.