Cheering on the 2017 Bank of Canada Governor's Challenge Team
Hello Economics Lovers!
On behalf of the SUE team, we sincerely hope you all are successfully navigating your way through midterms, research essays and life itself. A quick reminder that if you’re struggling, there are resources and people dedicated to helping you. Get in contact with any of the executives and we’d be happy to support you.
This month’s blog post highlights the incredible efforts of Craig Larson and the team he’s leading in the 2017 Bank of Canada Governor’s Challenge. In case you’re not aware of this challenge (don’t worry I wasn’t either), here’s the rundown: “The Governor’s Challenge simulates the monetary policy decision-making process by putting students in the role of advisor to the Bank’s Governing Council. Participating university teams must analyze and forecast economic developments and recommend whether to raise the Bank’s key interest rate, lower it, or leave it unchanged – in order to keep inflation low and stable – in line with the 2% inflation target.” Even with that summary, this challenge is highly complex. Craig broke it down for me into four components: risks, global: headed by our President, Liam, domestic, and econometrics (models). Our team is made up of 12 students who are currently towards the end of their degree in either finance or economics (both if you’re Craig). These students are experts in their own fields, ranging from commodities to historical trade, and they’re combining their talents to compete this semester against four other universities initially- and hopefully move onto the finals in Ottawa.
The first round begins November 21st through a live feed with the Bank of Canada panel. The team is given a one hour speaking time and must answer standard questions regarding the challenge as well as questions unique to their presentation that the panel will have written beforehand. In order to prepare for this nerve-wracking presentation, our team has invested dozens of hours per WEEK, for several months in addition to the countless hours they have all individually spent researching their own areas of expertise.
As far as academic competition at UofC goes within the realm of economics, this challenge is our Triwizard Tournament. Mr. Larson believes The Governor’s Challenge is fit for a variety of students in our field- not just those geared towards math or finance. After all, international monetary policy encompasses regulatory economics as well as political and historical knowledge. In addition to having the educational experience, next year the team will be looking for well spoken leaders and passionate young economists to join them.
If this challenge entices you, Craig encourages younger year students to take money and banking courses, reach out to the team lead next year (and this), and spend a solid amount of time finding your passions and inspirations within our broad area of study. This competition is definitely something to work your way towards, and is a fantastic goal to set early on in your academic career.
Giver: Craig Larson
“You only live once, so find what you’re passionate about and use that as motivation. Don’t focus on the grades or the money. Try and find your place and what inspires you.”