Ottawa (Downtown), ON, CA
Senior Economist - Model Development
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.
What you will do
The primary responsibility of the Canadian Economic Analysis (CEA) Department is to provide high-quality economic analysis, projections and longer-term research that contribute to the Bank of Canada’s monetary policy function.
CEA’s work incorporates an increasingly broad range of economic perspectives emerging from two-way engagement with the Canadian public, businesses, civil society organizations and the academic community. The department plays an active role in the communication of monetary policy (by producing the Staff economic projection and giving interest rate recommendations) with these stakeholders and disseminating research at seminars and conferences, as well as through working papers and economic journals.
Under the direction of the director of the Model Development division,
- You contribute to the development and maintenance of the next generation of macroeconomic model for projection and policy analysis at the Bank of Canada.
- Through application of advanced modelling expertise, you support the team in understanding drivers of the Canadian economy and their relevance to the economic outlook and monetary policy. You actively contribute to modelling projects related to the design of the Canadian monetary policy framework, which influence both monetary policy decision making and demonstrate Bank’s intellectual leadership on the international stage.
- You will work closely with a dynamic team of economists, mathematicians, computer engineers and data scientists to maintain a suite of state-of-the-art macroeconomic models and develop appropriate model infrastructure to support operation needs.
Your responsibilities will include:
Contribute directly to the development of the next generation of macroeconomic models for monetary policy analysis
- Conduct and deliver high-quality model development and research projects to address challenging and complex emerging economic problems
- Identify and execute on opportunities to apply existing or new models to pressing policy questions
- Communicate analytical findings in a clear, concise, and economically intuitive manner to senior management and policymakers
- Effectively build and maintain working relationships and collaborating with a wide range of internal and external modelling and research community
What you need to succeed
You come from a strong background building and working with macroeconomic models, including dynamic stochastic general equilibrium (DSGE) models. You have a solid understanding of macroeconomics that allows you to think through complex economic issues from first principles. In addition, you have:
- Extensive experience developing complex, large-scale macroeconomic models using MATLAB, Dynare, Iris, Python, Julia, or other relevant toolkits
- A high degree of intellectual curiosity and ability to initiate, follow-through and anticipate future opportunities and devise model development plans to address them
- Strong oral and written communication skills
- You demonstrate competences of being a self-starter who is highly motivated and driven for innovation. You must demonstrate strong quantitative competencies and collaboration skills to work effectively independently and with teams. You have a strong ability to solve complex problems and foster knowledge exchange. You have high adaptability to evolving priorities.
Nice-to-have:
- Publications involving the development or application of DSGE models that are relevant for monetary policy, production network and inflation dynamics
- Demonstrated knowledge and experience working with programming languages such as MATLAB, Python, Julia or other programming language for economic modelling and research.
- Experience with presentation of model findings to non-technical audience.
Your education and experience
- a master’s degree in economics and minimum five years of relevant work experience relating to macroeconomic analysis
or - a PhD degree in economics with a minimum of one year of recent relevant experience relating to macroeconomic analysis
or - an equivalent combination of education and experience may be considered
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 second their 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 substantial part 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 eight days per month to help build connections between colleagues. You must live in Canada, and within reasonable commuting distance of the office.
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.
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- Salaries are based on qualifications and experience and typically range from $108,874 to $128,087 (job grade 17)
- 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.