Job Description

Principal 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

Did you know?

The Canadian Economic Analysis (CEA) Department assesses economic conditions in Canada and produces high-quality analysis, projections and longer-term research to support the Bank of Canada’s monetary policy function. The Model Development Division (MDD) is responsible for the development and maintenance of a suite of macroeconomic models used for Staff economic projections and policy analysis. This division systematically supports the projection and policy recommendation process, for example, through model-based scenario analysis. MDD also produces and disseminates leading-edge research on key policy issues.

What you will do

As a Principal Economist in the Model Development division, you help lead and contribute to the development and maintenance of macroeconomic models used for projection and policy analysis. Through your advanced modelling expertise, you support the team in understanding key linkages in the Canadian economy and their relevance to the economic outlook and monetary policy. You actively contribute to modelling and research projects on critical policy issues and help draw key insights to inform the monetary policy decision process. You demonstrate proven track record of conducting and publishing high-quality research (or research-informed policy application) to engage and coach staff to proactively integrate new insights into projection model design and timely application in support policy-setting.
You provide intellectual and operational leadership in developing AI-based infrastructure and engineering to modelling eco-system. You are responsible for providing high intellectual leadership and effective coaching of model users to leverage research and model variants to produce innovative alternative scenarios to support each projection cycle.

Your responsibilities will include:

• Lead and contribute to the development of the Next-Generation of macroeconomic models for monetary policy
• Provide hands-on AI infrastructure architecture and engineering expertise and ensure delivery of secure and scalable modelling platforms to enable collaboration of modelling and projection experts
• Originate, conduct and publish high-quality research to address challenging and complex emerging economic problems
• Identify opportunities (including AI-based solutions) to apply across multiple models and scenarios to pressing policy questions, and help the team deliver impactful analysis
• Provide guidance and coaching to more junior colleagues to help develop their skills and core competencies, and add depth and rigour to the division’s analytical output
• Help draw and 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
• Lead staffing and recruitment activities (for MA and PhD graduates) to attract a high-quality work force

What you need to succeed

You come from a strong background building and working with macroeconomic models, including dynamic stochastic general equilibrium (DSGE) models and have experience conducting and publishing research with applied ML/AI in macroeconomics. 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
• Strong problem-solving skills and can manage priorities and trade-offs effectively to make high-quality decisions under compressed timeline, ensuring timely project completion
• A self-starter, driven and leader with passion. You consistently demonstrate competence to foster innovation in a team environment, with a strong ability to share ideas, foster knowledge exchange, encourage feedback to promote growth

Nice-to-have:

• Publications involving the development or application of macroeconomic models that are relevant for monetary policy, production network, inflation dynamics & behavioral economics
• Experience making presentations and/or providing advice to senior management

Your education and experience

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

or

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

or

• an equivalent combination of education and experience may be considered

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

• Priority will be given to Canadian citizens and permanent residents
• Security level required: Be eligible to obtain Reliability
• Relocation assistance may be provided, if required
• 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

• 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, 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

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