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Requisition Number:  8274
Position Type:  Permanent
Position Length:  Indeterminate
Location: 

Ottawa (Downtown), ON, CA

Remote Work:  Hybrid Model
Closing Date:  October 5, 2022 23:59 EST

Diversity and Inclusion
We strive to make our policies, programs and workplace more inclusive, respectful and barrier-free. We encourage applications from women, Indigenous peoples, veterans, persons with disabilities, members of visible minorities and persons of all races, ethnic origins, religions, abilities, sexual orientations, and gender identities and expressions.

We make career growth and professional development a priority. We are committed to developing inclusive, barrier-free recruitment and selection processes, and a work environment that supports our diverse workforce.

Let our team know if you need accommodation or support during the recruitment process due to a disability or other reason. We can provide support in multiple ways, from using this site and submitting your application, right through to the interview process. If you are the successful candidate, you can also discuss accommodation needs when you receive your offer.

Contact accessiblecareers@bankofcanada.ca to discuss how.

Principal Economist

Principal Economist


Take a central role
The Bank of Canada has a vision to be “a leading central bank—dynamic, engaged and trusted—committed to a better Canada.” No other employer in the country offers you the unique opportunity to work at the very center of Canada’s economy, in a diverse and inclusive organization with significant impact on the economic and financial well-being of all Canadians. You will be challenged, energized and motivated to excel in an environment where we are reinventing central banking, renewing ways of doing business and reinforcing a culture of innovation.

 

Find out more about the next steps in our Recruitment process

 

Did you know? 
The International Economic Analysis Department (INT) provides high-quality economic analysis, projections and research focusing on international developments with implications for Canada and the Bank’s monetary policy function. The department also provides analysis and policy advice on issues that arise in global economic forums. INT has seven divisions, including the International Model Development Division (IMDD). 
 
IMDD is responsible for expanding and maintaining a suite of macroeconomic models and using them to explore a wide range of economic issues and their implications for monetary policy. The division is also responsible for regularly communicating its findings to a variety of internal and external audiences. 
 
What you will do 
As Principal Economist, you work under the direction of the Director of the division, substituting for them as required. You are responsible for proposing, leading and conducting modeling projects, including enhancements to existing models, development of new macroeconomic models and the application of these models to a variety of policy questions. You clearly and concisely communicate findings to a variety of audiences, exercising careful judgment about the most appropriate level of detail and the take-aways that the audience is most likely to find useful. 
You participate in the management of the division, helping the Director ensure that workplan objectives are met, and coordinate responses to questions and requests from senior management. You are a strong leader and team player, coaching more junior economists and readily collaborating with colleagues at all levels in the Bank's hierarchy. You actively contribute to an engaging, positive and exciting work environment.
 
Particular responsibilities will include:

  • Proposing, leading and conducting model development projects
  • Identifying and executing on opportunities to apply existing or new models to pressing policy questions
  • Clearly communicating findings and advice to management and policymakers
  • Providing intellectual leadership to the division and adding depth and rigour to the department's analytical outputs
  • Building and maintaining effective working relationships with a wide range of partners Coaching more junior members of the division and department

 
What you need to succeed
You have a solid experience working with macroeconomic models for policy analysis, including dynamic stochastic general equilibrium (DSGE) models and semi-structural models. You are able to identify gaps in the policy model toolkit and make suggestions to address those gaps in order to ensure the Department has state-of-the-art tools to achieve its mandate. You have a solid understanding of macroeconomics, and this allows you to think through complex economic issues from first principles.

 

In addition, you have: 

  • Experience working collaboratively within and across teams
  • An ability to manage time, priorities and trade-offs effectively, ensuring timely project completion 
  • A high degree of intellectual curiosity and ability to teach yourself
  • Strong oral and written communication skills

 
Nice-to-have: 

  • Experience with the suite of structural and semi-structural macroeconomic models used in the International Economic Analysis Department (e.g. IMPACT, BoC-GEM, FRB-NY) or at the Bank (e.g. ToTEM, LENS, RAMM)
  • Experience making presentations and/or providing advice to senior management 

 

Your education and experience  

  • a master’s degree in economics or finance and minimum five years of relevant work experience relating to macroeconomic analysis 

or  

  • a PhD degree in economics or finance with a minimum of two years of recent relevant experience relating to macroeconomic analysis

or  

  • an equivalent combination of education and experience may be considered
     

 

What you need to know

  • Language requirement: English and French essential (bilingual) with a minimum starting level of intermediate (level 3) in second official language. Training may be provided to help reach the required level of functional (level 4) in second official language.
  • Priority will be given to Canadian citizens and permanent residents
  • Security level required: Be eligible to obtain Reliability 
  • Please save a copy of the job poster. Once the closing date has passed, it will no longer be available.
  • In response to the COVID-19 pandemic and further to public health guidelines, preventative measures are being taken to ensure health and safety during the recruitment process. All interviews are conducted virtually.  

 

Hybrid Work Model #LI-Hybrid

The Bank is conducting a trial of a hybrid working model which provides employees with the flexibility to telework for significant portions of each month. During the trial, employees will be expected to come onsite on those days when they are involved in activities that they or their leader feel are better conducted in person and to build connections with colleagues.  For the majority of employees, it is expected that onsite time will range from 5 to 10 days per month, depending on your role.  You must live in Canada, and within reasonable commuting distance of the office. 

 

Vaccination Policy

Please note that the application of the Bank’s Covid-19 Vaccination policy has been temporarily suspended, effective June 20, 2022.  As a result, you will not be required to submit verification of your vaccination status before starting employment with the Bank.  However, please note that the Bank reserves the right to reintroduce vaccination requirements in the future if necessary to respond to changing public health advice and\or government direction.

 

We wish to thank all applicants for their interest and effort in applying for this position. Only candidates selected for interviews will be contacted.

What you can expect from us
This is a great opportunity to join a leading organization and be part of a high-performing team. We offer a competitive compensation and benefits package designed to meet your needs at every stage of your life and career. For more information on key benefits please visit A great deal to consider

 

  • Salaries are based on qualifications and experience and typically range from $110,220 to $137,780 (job grade 18)
  • Depending on performance, you may be eligible for performance pay for successfully meeting (7 to 10% of your base salary) or for exceeding expectations (15% of your base salary). Exceptional performers who far exceed expectations may be eligible for higher performance pay.
  • Flexible and comprehensive benefits so you can choose the level of health, dental disability and life and/or accident insurance coverage that meets your needs
  • Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
  • Indexed, defined-benefit pension #LI-POST