The course is offered during the Fall 2025 session on Mondays (2:30 – 3:50 pm) and Thursdays (4:00 - 5:20 pm)
The course provides an experiential learning perspective on how monetary policy is conducted at the Bank of Canada. Students will prepare to play the role of advisors to the Bank’s Governing Council and participate in the Governor’s Challenge, a nation-wide university competition. By the end of the course, students will enhance their knowledge of advanced macroeconomic theory and develop a greater understanding of the Canadian economy. Students will also improve their analytical, teamwork, presentation and public speaking skills.
The course will start with an introduction to the monetary policy decision-making process in Canada. Students will learn about the organizational structure of the Bank of Canada, the objectives and tools of Canada’s monetary policy, the key channels through which monetary policy affects Canada’s economy, and the influence of economic data on policy-making. Students will then apply their skills and knowledge in a simulated decision-making environment. They will analyze and forecast Canadian and international macroeconomic conditions to devise a policy recommendation. The recommendation will explain whether the Bank should raise the Bank’s key interest rate, lower it or leave it unchanged, in order to keep inflation low and stable.
A team of students from the course will present their policy recommendation to a panel of judges from the Bank of Canada during the first round of the Governor’s Challenge in November. If selected, the team will advance to the final round, held at the Bank's headquarters in Ottawa.
The course can be repeated for credit several times.
Contact information: Professor Lilia Karnizova ([email protected])
