Prior to his appointment as Associate Deputy Minister of Finance, Mr. Macklem was Deputy Governor of the Bank of Canada where his responsibilities included analysis of international, economic and financial issues, and their relationship to monetary policy. As a member of the Bank's Governing Council and the Executive Management Committee, he shared responsibility for decisions with respect to monetary policy and the management of the business of the Bank.

In 1984, Mr. Macklem joined the Bank of Canada in the Department of Monetary and Financial Analysis for one year, and returned to the Bank in 1989 following the completion of his PhD.