In November 2024, 26 competitive teams were assembled by universities from all over the country to research, analyze and present their monetary policy recommendations to the Bank of Canada. From this first round, six finalist teams emerged and came in February to present in person at the Bank.
This year’s team included Thomas Perry, Gabriella Ruggero, Liam McMahon, Cael Thomas and Emir Harbegue, with Professor Fabrice Dabiré serving as faculty advisor and Mike Heffernan as presentation coach.
“We promised we would bring the trophy home, and we delivered,” asserts team leader Thomas Perry.
“This is FANTASIC!” wrote Victoria[MS1] Barham, dean of the Faculty of Social Sciences, in response to the victory. “Our teams have always done well, but the top spot has eluded us — until now! We are incredibly proud of the students, and grateful to our colleagues in Economics who have coached them.”
In the Governor’s Challenge, teams succeed by performing a solid analysis of the state of the Canadian economy, ideally injecting a creative angle. Based on this analysis, they recommend the next monetary policy steps the Bank of Canada should take. The team must pull it together in a crisp, articulate 15-minute presentation and shine through a Q&A session.
The experience is demanding. Team member Liam McMahon observes, “An intense experience forges intense bonds. We became more than a team — we became friends and partners. That motivated us to put in the work for something more than ourselves."
The University of Ottawa’s team is drawn from the students enrolled in ECO 4195, the Art and Science of Monetary Policy-Making in Canada, taught by Professor Dabiré. Students in the course are immersed in the theory, tools and techniques of creating monetary policy.
The University of Ottawa fielded its first team in 2017 under the leadership of Professor Lilia Karnizova. Since then, it has consistently placed well in the fall round and advanced to the final round twice. Professor Karnizova passed the baton to Professor Dabiré this year while she was on sabbatical. Professor Dabiré had worked with the Governor’s Challenge team from the Université de Sherbrooke before joining the University of Ottawa in 2023.
“This year’s team were really committed — spending endless hours analyzing data, refining forecasts and debating policy recommendations. They produced impressive work — smooth and clean — and made this achievement possible,” says Professor Dabiré. “This victory also reflects the dedication of our faculty members, whose guidance and expertise have been invaluable.”
“I love the competition, but I love watching the students develop professional-level analytical and presentation skills even more,” says presentation coach Mike Heffernan. “Still, winning … that’s just fine too.”
Past Governor’s Challenge team members often return to assist the current team, so we’ll see these champions again soon in their new role: mentors.
In November 2024, 26 competitive teams were assembled by universities from all over the country to research, analyze and present their monetary policy recommendations to the Bank of Canada. From this first round, six finalist teams emerged and came in February to present in person at the Bank.
This year’s team included Thomas Perry, Gabriella Ruggero, Liam McMahon, Cael Thomas and Emir Harbegue, with Professor Fabrice Dabiré serving as faculty advisor and Mike Heffernan as presentation coach.
“We promised we would bring the trophy home, and we delivered,” asserts team leader Thomas Perry.
“This is FANTASIC!” wrote Vicky Barham, dean of the Faculty of Social Sciences, in response to the victory. “Our teams have always done well, but the top spot has eluded us — until now! We are incredibly proud of the students, and grateful to our colleagues in Economics who have coached them.”
In the Governor’s Challenge, teams succeed by performing a solid analysis of the state of the Canadian economy, ideally injecting a creative angle. Based on this analysis, they recommend the next monetary policy steps the Bank of Canada should take. The team must pull it together in a crisp, articulate 15-minute presentation and shine through a Q&A session.
The experience is demanding. Team member Liam McMahon observes, “An intense experience forges intense bonds. We became more than a team — we became friends and partners. That motivated us to put in the work for something more than ourselves."
The University of Ottawa’s team is drawn from the students enrolled in ECO 4195, the Art and Science of Monetary Policy-Making in Canada, taught by Professor Dabiré. Students in the course are immersed in the theory, tools and techniques of creating monetary policy.
The University of Ottawa fielded its first team in 2017 under the leadership of Professor Lilia Karnizova. Since then, it has consistently placed well in the fall round and advanced to the final round twice. Professor Karnizova passed the baton to Professor Dabiré this year while she was on sabbatical. Professor Dabiré had worked with the Governor’s Challenge team from the Université de Sherbrooke before joining the University of Ottawa in 2023.
“This year’s team were really committed — spending endless hours analyzing data, refining forecasts and debating policy recommendations. They produced impressive work — smooth and clean — and made this achievement possible,” says Professor Dabiré. “This victory also reflects the dedication of our faculty members, whose guidance and expertise have been invaluable.”
“I love the competition, but I love watching the students develop professional-level analytical and presentation skills even more,” says presentation coach Mike Heffernan. “Still, winning … that’s just fine too.”
Past Governor’s Challenge team members often return to assist the current team, so we’ll see these champions again soon in their new role: mentors.