ECO 4199 The Art and Science of Monetary Policy Making in Canada

The Art and Science of Monetary Policy Making in Canada

The course is offered during the Fall 2019 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 Bank of Canada’s judges during the first round of the Governor’s Challenge in November. If successful, the team will be invited to take part in the final round at the Bank’s head office in Ottawa.

Contact information: Professor Lilia Karnizova (

Application Process

1. Eligibility criteria

Candidates must meet the following requirements

  • Be registered as a full-time undergraduate student at the University of Ottawa
  • Have a minimum cumulative grade point average (CGPA) of 6.0
  • Have completed ECO 2143 or ECO 2543 before the fall 2019
  • Speak English fluently
  • Be committed to participate in the national round event in February 2020 (if selected)

In addition, it is highly desirable to have prior knowledge of Advanced Macroeconomic Theory, Monetary Theory, Econometrics and Financial Econometrics.

2. Course Registration

The course The Art and Science of Monetary Policy Making in Canada is listed as ECO4199 A00 Special Topics III in the University course schedule. If selected for the course, you will receive an e-mail notification by September 8, 2019 and then the course will be added your list of courses for the Fall 2019 session.

3. Application process for ECO 4199 A00

Interested students are required to submit their candidacy no later than August 30, 2019. Candidates will be selected according to their experiences and knowledge that could be deemed useful to the Governor’s Challenge competition.

If you are selected for the course, you will receive an email by September 8, 2019.

To apply:

You must apply to ECO 4199 by completing the online application form.

In your letter of intent, describe why you want to participate in the Governor’s Challenge, how you can contribute to the team, and what skills, knowledge and practical experiences you have that could help our team to win the competition.

Important Dates

Please note that some dates may change.

  • August 30, 2019 at 11:59 p.m.- Deadline to submit application form
  • September 8, 2019 - Course admission decision
  • September 13, 2019 - Course registration (if admitted)
  • November 2019 (date to be confirmed) - The first round of the Governor's Challenge (via SKYPE)
  • February 2020 (date to be confirmed) - The national round of the Governor's Challenge (for the finalist teams)
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