Ottawa (Downtown), ON, CA
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 an organization with significant impact on the economic and financial well-being of all Canadians. You will be challenged, energized and motivated to excel in our environment.
Building on the principles that have always guided us – excellence, integrity and respect – we strive to be forward-looking and innovative, to welcome people with diverse perspectives and talents, and to earn trust by living up to our commitments and by clearly explaining the intent of our policies and actions.
With our defined-benefit pension plan, benefits, and high flexibility for work life balance - find out more about why we are annually ranked as one of Canada's top employers: Working Here - Bank of Canada
Find out more about the next steps in our Recruitment process.
Did you know?
The Markets and Banking Department (MBD) contributes to the Bank of Canada’s funds management and monetary policy objectives. MBD contributes to these objectives by executing a range of financial market and treasury management operations on behalf of the Bank of Canada, the Government of Canada, and other key stakeholders, as well as provide rigorous analysis of financial market developments to deliver sound advice on issues related to monetary policy.
As part of the Markets and Banking Department (MBD), the Macrofinancial Modeling and Research (MMR) Team conducts research related to the Bank’s Monetary Policy function. The MMR Team develops research ideas, produces high-quality research papers, and collaborates with other teams to monitor financial markets and to conduct market analysis.
What you will do
Reporting to the Director, Macrofinancial Modelling and Research, you will:
- lead and conduct analysis and research that supports the department’s contribution to monetary policy decisions
- contribute to the analysis and development of tools that improve our understanding of financial markets segments that are relevant for monetary policy
- lead and conduct analysis and research that supports our understanding of the role of financial conditions on the decision-making of Canadian firms
- foster collaborative working relationships with your peers within MBD and with other departments with whom we work closely
- build and deepen in house expertise on how financial market developments transmit to the Canadian real economy, strengthening the integration of financial insights into monetary policy analysis, FAD (Fixed Announcement Date) deliverables, cross departmental engagement, and the evolution of the NexGen modelling framework
- develop subject matter expertise in equity markets to strengthen the interpretation of market signals on firm earnings, financing conditions, and investment outlooks, enhancing the quality of FAD deliverables, briefing notes, SAPs, and other policy facing analysis
- assess monetary policy implications of financial market developments to strengthen understanding of market–economy linkages
- provide thought leadership on equity markets while enhancing and evolving the Equity Risk Premium model
- review academic literature to develop a conceptual framework for the main channels through which bond, equity, credit, and foreign exchange markets affect real economic outcomes
- establish initial quantitative evidence via established empirical frameworks, available data, and research/policy priorities
- explore new LSEG data sources, including long-term firm earnings forecasts from IBES, to reduce reliance on simplifying assumptions and improve the measurement of expected earnings
What you need to succeed
- Expertise in developing tools (for example, Reduced-form and Structural Vector Autoregressive Models, Panel data models, and forecasting models) that will support the Bank’s monetary policy responsibilities
- Experience conducting empirical analysis in topics related to financial economics and/or macroeconomics
- Ability to communicate both orally and in writing to a variety of audiences
- Experience working with statistical programming software, such as MATLAB, Python, R, Stata
- Experience coaching junior staff and improving the quality and clarity of their analysis
- Experience working with researchers and conducting high-quality written and longer-term analysis and research
- You work collaboratively across teams, can build supportive working relationships to deliver on commitments, and effectively lead projects
- A commitment to learning and self development
Nice-to-have
- Knowledge of different models used in MBD for monetary policy analysis.
- Familiarity with large language models (LLMs) in an analytical and research capacity
- Curiosity and openness to exploring AI-enabled solutions to improve efficiency, streamline processes, and enhance ways of working
Your education and experience
- a master’s degree in economics or finance with a minimum of 5 years of recent and relevant experience;
or
- a PhD in economics or finance with a minimum of 2 years of recent and relevant experience.
We may also consider an equivalent combination of education and experience.
Innovative Mindset
We value candidates who demonstrate adaptability, curiosity, and a willingness to learn new technologies, including AI and digital tools. We seek individuals who can think critically about data, question existing processes, and find ways to simplify our work while embracing change and new ways of doing things.
Language requirement
The Bank’s work environment is conducive to the use of both of Canada’s official languages - English and French. Although the position language requirement is English or French essential, we do encourage everyone to improve their second language proficiency for future career growth and to contribute towards fostering a bilingual environment.
What you need to know
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- Priority will be given to Canadian citizens and permanent residents
- Security level required: Be eligible to obtain Reliability
- There will be no relocation assistance provided
- Please save a copy of the job poster. Once the closing date has passed, it will no longer be available.
Hybrid Work Model
The Bank offers work arrangements that provide employees with flexibility, enable high-performing teams, and support an excellent workplace culture. Most employees can telework from home for a portion of each month as part of the Bank’s hybrid work model, and they are expected on site at the Bank location a minimum of 12 days per month to help build connections between colleagues. You must live in Canada, and within reasonable commuting distance of the office.
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.
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- Salaries are based on qualifications and experience and typically range from $126,765 to $149,135 (job grade 18)
- The Bank offers an incentive for successfully meeting expectations at 7 to 10% of your base salary. The Bank offers additional performance pay (5%) for those who exceed expectations. 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 and dental coverage that meets your needs
- Extra vacation days (up to five each year) that you can purchase to add to your vacation entitlement
- Option to join the indexed, defined-benefit pension plan after 24 consecutive months of service
We wish to thank all applicants for their interest and effort in applying for this position. Only candidates selected for interviews will be contacted.