Newsletter - February 2025

Economics Department

Welcome to our student-focused issue of the newsletter, where we celebrate the achievements of our outstanding students. This issue features job-market experiences of our current and former students. We are also proud to feature a variety of awards presented to both our undergraduate and graduate students, recognizing their hard work and dedication. Finally, we feature recent events where our faculty has been actively involved.


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Job Opportunities Offered by Our University

• Job-Market Experiences of Students

  Our Department is committed to connecting our students with excellent job opportunities. In this issue, we would like to highlight the internships available to work at ATB Financial. Alborz Moezzi, a current MITACS intern, has kindly agreed to share more about his experience in this video.

  
  
  
  

  Click on each name below to read testimonials from our MA students currently interning at MITACS.

  Alborz Moezzi

  

  Alborz Moezzi

  

  I am currently in my first month as a MITACS intern, working with the Enterprise Risk Management team at ATB. My research focuses on credit risk models to assess the probability of default (PD) and loss given default (LGD) for various credit and loan portfolios. Specifically, I aim to develop a point-in-time (PIT) LGD model for non-consumer portfolios. This involves conducting a literature review, engineering and analyzing datasets, and selecting the optimal model. Once the model is built, I will validate and backtest it to assess its stability and predictive accuracy before it moves into production. At the same time, I am contributing to the development of a PIT PD model. So far, I have completed the literature review and am now transitioning into data management and feature engineering. This logical and structured process aligns with the experiences we gain as students in academia. I can apply the problem-solving skills I developed as a student to conduct thorough research, think critically, and develop effective solutions for each project's challenges.

  Beyond technical research, this internship has provided an invaluable opportunity to develop essential soft skills. I have learned how to present my findings effectively, actively participate in weekly meetings, and engage in meaningful discussions with colleagues across different teams. Sharing my research and receiving feedback has been particularly rewarding, as credit modeling and datasets are often interconnected, making collaboration essential. Coming from a background in macroeconomic forecasting and modeling, I was naturally drawn to this role, but working with the credit modeling team has broadened my perspective on finance and introduced me to a variety of career paths I had not previously considered.

  Overall, the MITACS internship serves as a vital bridge between academic research and industry application, blending the flexibility to explore new ideas with the structure and pace of a real-world organization. While academic programs teach us how to solve problems and manage time effectively, industry experience demonstrates the importance of collaboration and adaptability. In the industry, each conversation and interaction has the potential to reshape ones professional journey. In other words, a simple coffee chat could spark an entirely new career path.

  Natalia Salamakha

  

  Natalia Salamakha

  

  During my Mitacs internship at ATB Financial, I had the chance to explore how theoretical risk management concepts come to life within a fast-paced financial institution. Working with the Stress Testing team, I was exposed to a variety of projects focused on climate change risk and market risk - areas that are both challenging and rewarding. Some of the highlights of my internship were building a proof of concept market risk stress testing model and delivering presentations on my research to colleagues outside my team. These experiences not only strengthened my technical abilities but also helped me develop confidence in communicating detailed information to different audiences within the organization.

  What stood out to me the most, however, was seeing firsthand how financial institutions adapt to emerging economic factors and uncertainties. Through discussions with colleagues and active involvement in several ongoing projects, I gained a deeper understanding of how elements like climate risk or shifts in the economic landscape influence the processes of scenario analysis. This practical exposure reinforced my passion for financial analytics and gave me a new appreciation for the strategic thinking that forms the basis of risk management. Im grateful to Professors Valentina Galvani and Sebastian Fossati and my boss William A Vant Veld for the chance to have contributed to ATBs work, and Im excited to apply the knowledge and skills Ive gained in my future projects.

  Aldi Pollozhani

  

  Aldi Pollozhani

  

  During my MITACS internship at ATB Financials Economics team, I had the unique opportunity to work on a research project focused on economic forecasting for Alberta. My responsibility was developing a nowcasting framework using a mixed-frequency dynamic factor model to estimate Albertas annual real GDP growth rate in real-time. This involved integrating a diverse set of macroeconomic indicators, combining provincial and national data such as employment figures, business activity measures, and oil production statistics. The project addressed the need for better macroeconomic monitoring tools in Alberta. Macroeconomic monitoring is essential for policymakers and market participants to make informed decisions on monetary, fiscal, and investment strategies. Local businesses, whose fortunes are closely tied to the regional economys strength, require macroeconomic indicators with a regional focus. However, the significant publication lags of provincial indicators, like the 11-month lag of annual GDP, create challenges for timely analysis of macroeconomic conditions. Nowcasting implements timely data to provide early estimates of key economic indicators like GDP, allowing policymakers and market participants to create a narrative about the current and near future economic landscape.

  One of the most significant accomplishments of the internship was developing the nowcasting model which allows for continuous and real-time monitoring of Albertas GDP growth rate. The model concluded that incorporating relevant national indicators alongside provincial data can enhance the model's performance and forecasting accuracy. The results demonstrated the value of utilizing diverse data sources to improve real-time economic analysis and leveraging interregional economic relationships to address the challenges of limited data availability in the target region, providing policymakers and market participants with more precise and actionable insights.

  I also constructed Alberta Economic Pulse, a monthly index that tracks overall business conditions in Alberta. The index is a comprehensive measure of economic activity, enabling the early detection of economic trends. The idea behind this index is that there is a factor common to all the various economic indicators, and this factor or index, is useful in tracking and reflecting the economic activity of Alberta. This internship played a crucial role in enhancing my understanding of macroeconomic modeling and real-time data analysis, allowing me to bridge the gap between theoretical concepts and practical application. It provided a unique opportunity to gain hands-on experience, enhancing my technical knowledge and equipping me with practical skills in quantitative analysis, coding, and economic modeling. I also had the opportunity to delve deeper into econometric frameworks, learning how to address real-world data challenges such as working with unbalanced datasets and limited data availability. The exposure to real-world economic challenges helped shape my analytical and professional skills and reinforced my motivation to pursue a career in economic research.

  
  

• 10 Years of Collaboration with ATB Financials

  The Department proudly celebrated a decade of successful research collaborations with ATB Financials, led by the esteemed supervision of Dr. Valentina Galvani and Dr. Sebastian Fossati. These collaborative projects have offered numerous graduate students valuable internship opportunities through the MITACS program. Many of these interns have continued their careers at ATB, while others have transitioned to prominent roles across various banks in Canada.
  
  The event was a resounding success, highlighted by the presence of academic supervisors and key ATB Directors. All of them have played pivotal roles in these projects. The Department extends heartfelt gratitude (in no particular order) to Kevin Orpana, Wendy Welte, William Van't Veld, Mary-Kathryn Dotzko, Theresa Mundell, Boyan Marinov, Nathan Becker, Dimple Saggar, and Dongmei Wang for their invaluable contributions to this fruitful partnership over the past ten years.
  
  
  

  Celebrating 10 years of collaboration with ATB Financials

Undergraduate Students

• Awards

  Our recent annual awards ceremony honored outstanding undergraduate students for their remarkable achievements.

• Kyle Basarab received the The Ray Protti Scholarship in Economics, given for superior academic achievement enrolled in any year of an undergraduate degree in Economics in the Faculty of Arts.
• Xianqi Xiong received both the Maurice, Mary and Max Stewart Graduate Scholarship in Economics for their undergraduate achievements, and the Duncan Alexander MacGibbon Medal in Economics, awarded to the student convocating with highest distinction from Honors Economics.
• Haneef Amusat earned the The Emerson and Tang Family Scholarship, recognizing superior academic achievement entering any year of study for a Bachelor of Arts major or minor in Economics, with preference given to rural Alberta students.
• Jackson Reid was awarded the Archibald Forster McGoun Memorial Scholarship in Economics, annually given to students with outstanding academic achievements in the second, third, or fourth year of the honors program in Economics.
• Diya Arora received the An Angus Sinclair Abell Memorial Scholarship in Economics, awarded to a student with superior academic achievement entering the third year of study for an Honours Bachelor of Arts in Economics.
• Wendy Zhao was honored with the The Economics Society of Northern Alberta Scholarship, annually given to students with outstanding academic standing enrolled in their third or fourth year, majoring in Economics in the Faculty of Arts.
• Liam Kibbins was honored with the The Dr Milton F. Bauer Memorial Scholarship, awarded annually on the basis of academic merit to a student proceeding to the fourth year of the honors program in Economics.
• Regarding awards for specific courses:
  • Bakhshish Sethi won $500 in the ECON109 Essay Contest, taking first place with an essay that demonstrated exceptional persuasiveness, research strength, and clarity. Lavina Shawant came in second place and received $300 from the contest. Cristina Farias placed third in the ECON109 Essay Contest and was awarded $200.
  • Annanya Sethi won the the Balder von Hohenbalken Memorial Prize in Economics, awarded to the student with the highest academic standing in ECON 471 or ECON 472 Industrial Organization.
  • Jarod Chiasson was awarded twice: once with the Evan Bahry-Ippsa Prize In Economics for top academic standing in Energy Economics (ECON 366), and also through the Economics Honors Awards, recognizing satisfactory academic performance in an undergraduate degree in Honors Economics.
  • Yibo Wang was recognized with the The Dr Manmohan Singh Prize in Economics, given annually for superior academic achievement majoring in Economics, based on performance in ECON 213.
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  Our Undergraduate Students Receiving their Awards

• Seventh Time in the final round of the Bank of Canada's Governor's Challenge competition

  Congratulations to our team who visited the Bank of Canada's headquarters in Ottawa to participate in the final round of the Bank of Canada's Governor's Challenge competition! Only six teams were selected to advance to the final round out of 29 university teams from across Canada.

  This is the seventh time our team made it into the final round of this prestigious competition, which celebrated its 10th anniversary this year. Twice before, in 2021 and 2023, the University of Alberta team was awarded the National Champion title. It is a remarkable performance! Congratulations to the University of Ottawa team who won the National Champion title this year!

  This year's University of Alberta team are Jackson Reid, Jarod Chiasson, Jillian Schwartz, Payten Semeniuk, and Zamaan Hussein. We are all proud of our great Economics students! As in the past years, the University of Alberta team was patiently and thoroughly coached by our colleagues, Max Sties and Malik Shukayev. Please join me in celebrating our team's continued success!

  

  Our Team with Tiff Macklem, Governor of the Bank of Canada

Graduate Students

• Awards

  Our recent annual awards ceremony honored outstanding graduate students for their remarkable achievements.

  • Saeed Shadkam won the Economics Society of Northern Alberta MA Scholarship in Economics, which provides financial support during the completion of their Directed Research Project.
  • Wenxuan Zhao received the Core Prize in Economics, awarded annually to a graduate student completing their Masters degree with the highest overall GPA in 4 core courses: ECON 503, 581, 598, and 599.
  • Zarnigor Akhmadalieva, Chao Jin, and Ruokai Li were awarded the University of Alberta Graduate Recruitment Scholarship, intended to recruit superior graduate students with potential contributions to the University's community and research.
  • Xiaoran Shi and Marco Paderanga received the Maurice, Mary and Max Stewart Graduate Scholarship in Economics, recognizing highest standing in the final year of a Bachelors degree from Wilfrid Laurier University.
  • Xiaoran Shi also won the Alberta Graduate Excellence Scholarship, acknowledging outstanding academic achievement among students pursuing graduate studies in Alberta, including international students.
  • Aldi Pollozhani and Xiao Lu were awarded the Ad O'Brien Graduate Scholarship in Public Finance, supporting students pursuing graduate studies in public finance.
  
  Our Graduate Students Receiving their Awards

• PhD Completions

  • Asrafuzzaman completed his thesis defense successfully in August 2024. He has since joined the Treasury Board and Finance department within the Government of Alberta.
  • Kyle Phong successfully defended his thesis in December 2024. Currently, he is actively exploring job opportunities on the market.
  • Fang Li successfully defended his thesis in January 2025. Currently, he is completing a Mitacs internship with ATB Financial. He is also on the job market.

• Placements

  Some of our graduating MA students found placements at prestigious places, including:
  • Government of Canada (Department of Finance)
  • Government of Alberta (Jobs, Economy, and Trade)
  • ATB Financial
  • The Bissell Centre

Faculty

• Electricity Markets Microcredential

  Professors David Brown and Professor Andrew Eckert are worldwide experts in the market forces shaping the electricity sector. They share their knowledge in a continuing education course (Electricity Markets) at the University of Alberta.
  
  The course attracted high demand from professionals in the private and public sectors. Selected students were allowed to participate at a strongly reduced rate, a testimony of our commitment to offering students opportunities for ready-for-employment training.
  

Events

• On December 5th, 2024, the Institute for Public Economics and the Alberta Centre for Labour Market Research co-sponsored a session and a keynote talk at the Economics Society of Northern Alberta 2025 Outlook Conference. The same took place at the Lister Centre of the University of Alberta. Our very own Joseph Marchand and Liyuan Xuan presented in the COVID-19 session, along with Ivan Townshend from the University of Lethbridge. Jason Copping, former Alberta Minister of Labour and Immigration and also former Alberta Minister of Health, delivered the health-related keynote address.
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  Pictures of the Event
• The Alberta Centre for Labour Market Research hosted Battle for Alberta II: North v. South Labour Economics Workshop on December 6th at the University of Alberta. Two of our students, Haoyu Wang and Yuhan Wang, competed against two from the University of Calgary, while faculty members Sebastian Fossati and Ashantha Ranasinghe faced off with counterparts from Calgary. Regrettably, the University of Alberta lost both the graduate student trophy and the faculty cup to Calgary this year. Nevertheless, our past University of Alberta student trophy winner, Kyle Phong, delivered the keynote speech and graciously presented the award to Calgary's winner.
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  Pictures of the Event

• First Competition Organized by the Economics Undergraduate Students' Association (ESA)

  With sponsorship of the Institute for Public Economics, the Economics Undergraduate Students' Association (ESA) had its first-ever case competition. They prepared a case for students to put their problem-solving and analytical skills to the test and gain hands-on experience.
  
  The case competition took place on Sunday, February 9th, 2025, from 9:30 AM to 3:30 PM at the Carruthers Student Commons in the Alberta School of Business (University of Alberta). It was a fantastic opportunity for students to showcase their abilities, and build connections with other students, faculty members, and industry professionals. The competition offered a $1000 prize pool ($500 for 1st Place, $300 for 2nd Place, and $200 for 3rd Place).
  
  
  

  The flyer of the event

Upcoming Events

• Join Us for the Hanson Lecture 2025: Dr. Catherine Wolfram - Global Climate Progress in a Trump II World?

  The Hanson Lecture this year will be delivered by the renowned economist, Dr. Catherine Wolfram. We are excited to invite you to attend this esteemed event, which will take place at Lougheead Leadership College on March 10th. (I'll add the pic and a link to her website).
  
  Global Climate Progress in a Trump II World?
  Global efforts to combat climate change face significant challenges, including declining interest in multilateralism, voter backlash against aggressive climate action and President Trump's decision to withdraw the United States from the Paris Agreement. This talk will describe a proposal for a "Heavy Industry Climate Club," aimed at tackling the global climate crisis through innovative international cooperation by leveraging existing momentum from policies like the EUs Carbon Border Adjustment Mechanism. The club would bring together countries willing to apply carbon pricing to emissions-intensive industries like steel, cement, and aluminum, coupled with border tariffs to discourage free-riding by non-members. By creating both incentives (like market access) and penalties (like tariffs), the approach aims to overcome barriers to collective action on climate change.
  

  Catherine Wolfram