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Principal Economist At Bank of Canada

Location: Ottawa, Ontario

Job Description

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.


What’s new?
Jing Yang, Deputy Managing Director of CEA, was named one of 2018’s Women Worth Watching by Profiles in Diversity Journal. Winners are nominated by colleagues, mentors and peers for their initiative, achievements and representation of diversity within their areas of expertise.


About the position
Within the Canadian Economic Analysis Department, the Projection division analyzes economic developments in Canada, assesses their impact on the outlook for inflation and real economic activity, and provides a recommendation to Bank management for the setting of monetary policy. In deriving its recommendations, the projection team is responsible for identifying and quantifying key risks to the economic outlook. In conjunction with other divisions, the projection team contributes to the development of models and other research tools that it finds useful to complete its tasks.


Your future responsibilities
As Principal Economist, you work under the general direction of the Director of the division, substituting for him/her as required. You play a key role in providing analysis and policy advice on monetary policy issues, initiate, lead and conduct economic analysis on topics or questions identified in the work plan or requested by Bank management. You participate in management of the division as well as coach and collaborate with other economists in the department. You contribute to a supportive and collegial environment that attracts, develops and retains staff and motivates them to achieve excellence in economic analysis.


In particular, your responsibilities include:

  • participate in the staff economic projections for the Canadian economy, respecting the timeline of the fixed announcement dates, analyze and interpret macroeconomic and financial developments and their implications for Canada, and support the production of the Monetary Policy Report
  • prepare analytical notes for Governing Council in advance of the fixed announcement dates and respond to requests from senior management and other departments
  • develop and maintain tools to meet the Bank’s monetary policy needs
  • provide advice to colleagues and Bank management within related subject-matter expertise
  • use interpersonal and communication skills to work collaboratively and effectively with counterparts internal and external to the Bank and to present to various audiences as necessary
  • provide leadership by anticipating issues and contributing to the work plan development and provide constructive feedback and coaching to more junior members within the division


Your education and experience

  • PhD in economics with a minimum of two years of recent relevant work experience in macroeconomics and monetary economics, including a minimum of two years of experience in developing or using models for the purpose of monetary policy analysis and forecasting, and demonstrated ability to form a balanced judgment and assess risks with respect to the economic conjuncture, based on a comprehensive set of indicators and model forecasts

or

  • master's degree in economics with a minimum of five years of recent relevant work experience in macroeconomics and monetary economics, including a minimum of two years of experience in developing or using models for the purpose of monetary policy analysis and forecasting, and demonstrated ability to form a balanced judgment and assess risks with respect to the economic conjuncture, based on a comprehensive set of indicators and model forecasts

or

  • an equivalent combination of education and experience may be considered


Assets

  • good knowledge of monetary policy issues
  • knowledge of Canadian data sources and concepts, particularly the national accounts system
  • experience making presentations to senior management
  • demonstrated ability to promote integration and co-operation across divisions and departments, and communicate and work effectively with Bank management


Your knowledge and skills

  • ability to conduct economic analysis and developing sound policy advice:
    • analyzing complex economic issues and diagnosing multi-dimensional problems
    • seeing the "big picture," identifying trends when analyzing information and using learned concepts when problem-solving
  • intermediate knowledge of MATLAB
  • ability to act under pressure and to manage own time and priorities effectively to ensure that projects are completed in a timely manner; flexibility in carrying out a number of different tasks
  • experience coaching junior staff, including the ability to edit and improve the clarity and analytic content of the work of other staff
  • strong written and oral communication skills


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.


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.

  • Salaries are based on qualifications and experience and typically range from $111,200 to $137,300 (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


For more information on key benefits, please visit www.bankofcanada.ca/careers/working-here.

Additional information

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


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