Careers

Role

The primary responsibility of the Canadian Economic Analysis Department (CEA) is to provide Bank of Canada management with high quality and timely analysis of economic conditions in Canada as well as advice on the conduct of monetary policy. In addition, the department also conducts longer-term research into monetary-policy relevant issues including how to best design Canada's monetary policy framework and linkages between real and financial variables.

CEA plays an active role in the communication of monetary policy and as external liaison with the academic community, other central banks, international organizations, Canadian businessess as well as the Canadian public. The department also disseminates its research at seminars and conferences, as well as through working papers and economic journals.

Canadian Projection and Policy Analysis Division (CPPA)

The Canadian Projection and Policy Analysis 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, CPPA is responsible for identifying and quantifying key risks to the economic outlook. In conjunction with other divisions, CPPA also contributes to the development of models and other research tools that it finds useful to complete its tasks.

Model Development Division (MD)

The Model Development Division is responsible for the development and maintenance of a suite of macroeconomic models that are used to analyze policy and prepare the economic projection for Canada. In addition, the division conducts longer-term research aimed at improving the modeling of key linkages in the Canadian economy and understanding their implications for monetary policy. MD also supports analysis done elsewhere in the Department through its expertise in modeling.

Alternative Models and Indicators Division (AMI)

The Alternative Models and Indicators Division conducts research and analysis on the Canadian economy that is based on views of the monetary policy transmission mechanism and the functioning of the economy that are different than those incorporated in the Canadian economic projection. Based on this work, the Division suggests an alternative recommendation for policy interest rates. AMI also supports analysis done elsewhere in the Department by developing expertise in the areas of "nowcasting" and short-term forecasting.

Canadian Economic Studies Division (CES)

The Canadian Economic Studies Division conducts research to provide a more in-depth understanding of key issues in the Canadian economy as well as their implications for monetary policy. Examples include research into productivity growth, fiscal policy, labour markets, sectoral analysis and real-financial linkages.

Regional Analysis Division (RA)

The Regional Analysis Division conducts analysis, research and communications activities from the regional offices in Halifax, Montréal, Toronto, Calgary, and Vancouver. A key activity is the gathering of information from Canadian businesses on the economic outlook and other topics of interest to the Bank. Results of the quarterly Business Outlook Survey help inform the monetary policy decision making process and are published on the Bank's website. The division undertakes economic research including business surveys and also on Canadian, regional and sectoral topics. They communicate with businesses, academics, governments and industry associations to enhance the understanding of monetary policy and to and seek research partnerships.

Monetary Policy Studies Division (MPS)

The Monetary Policy Studies Division focuses on the development and application of advanced techniques to study fundamental issues relevant to Canadian monetary policy. MPS aims to produce leading-edge research and policy advice of the highest quality including work on the optimal design for Canada's monetary policy framework as well as interactions between the financial sector and the real economy. The Division also provides expertise to others doing research work in CEA.