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Le Québec économique

With realistic portraits and quality analyses, “Le Québec économique” project aims to fuel debate on issues that interest and affect all Quebecers. By contributing to the understanding of current issues, “Le Québec économique” is a must on the Quebec economic scene.

Created in 2009 with the purpose of taking stock of the recession aftermath, “Le Québec économique” has evolved over the years. As a CIRANO flagship project, it now comprises:

  • The Québec économique website: The informational portal on current Quebec economy
  • Seven collective works of Le Québec économique series
  • A publication in the “Point de mire sur le Québec économique” collection

Collective works of Le Québec économique series

The books of Le Québec économique series focus on the vulgarization of research and bring together a set of chapters from various authors. Some of the chapters are of a general nature, but the majority of the chapters are part of a chosen theme for each volume. These thematic chapters derive mainly from projects carried out at CIRANO or from its associated researchers. Each chapter addresses an aspect of the chosen theme and eventually proposes avenues for reflection on public policy avenues that could be followed by Quebec to reach its objectives on these matters.

“Point de mire sur le Québec économique”

This collection proposes current and accessible analysis on Quebec’s major economic issues. Its objective is to reach a large audience by vulgarization economic information.

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Baromètre CIRANO

The CIRANO Barometer takes stock of Quebecers’ concerns and perceptions on various societal issues by way of a data analysis survey since 2011. It is also a unique tool allowing for the identification of the determinants of acceptability on various societal issues.

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Mondo: Interactive International Data

Mondo international is a search engine for relevant global data, mainly macro data and reinforced by micro data.

Mondo international is powered via APIs such as the World Bank's but also via data packages developed by Prof. Thierry Warin's team such as iriR.The team of Data Scientists and researchers continuously enrich the Mondo international database through the development of new specific data packages.

Ablog is also available allowing for more advanced highlighting and contextualization of data from the Mondo international database.

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Combining knowledge and leadership to meet the global challenges of the 21st century

Avant-Garde@CIRANO is a series of seminars on a current annual theme aimed at the new generation. The theme focuses on an opportunity or a challenge for our societies in the 21st century.

This seminar was created in 2015 at CIRANO as part of its transfer mission. It is aimed at young people, some of whom will have positions of responsibility in the near future, whether in the private, public or community sector.

The objective is multiple:

  • educate and inform conversations on topics of importance to society,
  • bring participants to refine their opinions on scientifically based elements, and develop the ability to – listen with people who have different opinions,
  • understand the sensitivities of a diverse audience,
  • exchange and confront ideas.

The method is a series of seminars favouring discussions, based on scientific knowledge, with professional speakers who come to explain their point of view and academic speakers who shed light on the year’s theme.


Winners of the 2019 edition

The winners of the 2019 edition of Bourstad were announced at the awards ceremony. For a complete list of award winners and honourable mentions, please consult the results (in PDF format).

Bourstad Stock Market Simulations

The Bourstad web application offers three types of stock market simulations:

  1. The Bourstad Challenge, an annual competition that runs from February to April and is attended by high school, college and university students as well as participants from the general public;
  2. Bourstad private simulations organized in schools participating in the Bourstad Program;
  3. Bourstad Anytime, an individual stock market simulation, permanent and free.

By proposing Bourstad, CIRANO pursues educational objectives:

  1. To provide participants with the opportunity to become familiar with the functioning of financial markets and the investment vehicles offered to the investor;
  2. Familiarize the participant with the main sources of economic and financial information, including financial newspapers and financial websites;
  3. Get the participant interested in the general functioning of the economy as well as economic and financial news;
  4. Make the participants aware of the issues arising from social corporate responsibility and give them basic notions of responsible investment;
  5. Learn basic concepts in portfolio management.

In a Bourstad simulation, participants manage a fictional $ 200,000 portfolio by investing in real equity and fixed-income securities traded on Canadian stock exchanges and other financial markets, as well as in actively managed investment funds. Virtual portfolio managers can choose securities from a selection of more than 600 stocks and funds. Participants are supported by 100 teachers in participating schools and a support team from CIRANO.

By registering with the BOURSTAD financial education program, educational institutions can enroll their students in the school version of the Bourstad Challenge and organize Bourstad private simulations for their students and their staff.

The Bourstad Challenge, which began in 1987, is now reaching a wider audience following the launch in 2017 of the English version. The upgrade of the platform has also introduced Bourstad Anytime, an individual and free simulation to which more than 19,000 people are now registered.

Since acquiring Bourstad in 2015, CIRANO has completed two major phases of development that have led to a major upgrade of the technology platform.

CIRANO receives support from many partners for this financial education project: the Autorité des marchés financiers, its lead partner, the TD Bank, the business weekly Les Affaires, the Investment Industry Regulatory Organization of Canada (IIROC) ), Finance Montreal, CFA Montreal, TMX Group, QuoteMedia and Hyprasoft.

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En avant math!

A national initiative to promote mathematics

The Centre de recherches mathématiques (CRM) and the Centre interuniversitaire de recherche en analyse des organisations (CIRANO) are launching a national initiative to promote mathematics and increase numeracy. The $1 million grant has been awarded by the Minister of Finance for the "Establishment of a Strategy to Foster the Development of a Highly Skilled Workforce in Applied Mathematics for Leading-Edge Fields".


As part of a project entitled "Vers une meilleure éducation en économie et en finance des jeunes" that began in 2013, CIRANO aims at developing and broadcasting a study program in economics and finance supported by pedagogical games from an experimental approach to improve the knowledge and skills of students in their final year of high school and those enrolled in the CEGEP economics and finance programs.

Based on an experimental approach, FinÉcolab, an innovative pedagogical platform created by CIRANO, was derived from this program.

FinÉcolab is a free web tool which proposes 18 serious interactive games for computers and tablets which provides youth with a better understanding of the world around them and help them make enlightened and responsible financial choices.

FinÉcolab is comprised of 7 elements:

  1. Discovering economics and financial concepts in real life situations: FinÉcolab is based on an innovative and original idea: discover economics through experimentation rather than by theory.
  2. Learn and reflect: the games of FinÉcolab allow the students to take simple economics and financial decisions such as buying property, saving for unforeseen expenses, invest in collective assets, file an income tax return. The results of the class are available in real-time, and are used by the teacher to interact with students and explore the concepts being studied.
  3. An innovative approach: The students are actively engaged in their own learning thanks to the playfulness of the technological aspect of the games. They learn and better retain the economic and social concepts discovered in a meaningful context. They reflect on Quebec and the contemporary world key issues based on their own experience. They experience real-life financial choices. They learn to know themselves better.
  4. Three major themes: The study program includes 14 modules on: (a) the market, (b) the role of the government and (c) financial education. 18 pedagogical games were developed to introduce the concepts being studied.
  5. À la carte and turnkey solution: The games can be used independently from one another. The teachers are provided with a detailed pedagogical handbook for each game as well as free training.
  6. Free and simple access: The games and pedagogical material are accessible for free on the web. All that is required is a computer or a tablet for each student. The games work with an interactive whiteboard.
  7. Numerous educational advantages: 52 advantages were reported by teachers and students during the evaluation of FinÉcolab conducted by T. Karsenti, researcher at CRIFPE (Centre de recherche interuniversitaire sur la formation et la profession enseignante).

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CRESSE Fellowships

The Centre for Interuniversity Research and Analysis of Organizations (CIRANO) in Montreal, the Rotman Institute for International Business, in the Rotman School of Management at the University of Toronto and the Phelps Centre for the Study of Government and Business in the Sauder School of Business at the University of British Columbia (“the Centres”) are pleased to announce a partnership with the European Summer School and Conference in Competition and Regulation (CRESSE:

The goal is to encourage and facilitate greater participation by young Canadian economists in this world class conference and summer school. In its tenth year in 2015, CRESSE will feature presentations and teaching by some of the leading competition policy experts in the world, including 2014 Nobel Laureate Jean Tirole who will be a Keynote Conference Speaker. More about this year’s summer school and conference can be found at:

The summer school is ideal for those interested in competition economics but who, while trained in microeconomic theory and industrial organization, may have had limited opportunity for focused study in the field.

Past Activities :

  • 8 july 2015 Séances CIRANO - Phelps Center (UBC) - Rotman IIB (Toronto) au congrès de l’ACE/CEA (Program)
  • 30 mai 2015, Ryerson Univ, Toronto (Program)




Radar des Valeurs

Realtime : The Forecasting and High-Dimensional Data Analysis Group

In brief

New issues related to forecasting in macroeconomics and finance. have emerged as larger and richer data sets have become available. The FHDDA Group at CIRANO has taken up two lines of research:

  • We address the gains in forecast accuracy attainable in "data-rich" environments where the number of series available for use in a forecast may number in the dozens or hundreds. Research has focused on useful ways to summarize their information in dimensionally-reduced models such as factor models, or by combining models by techniques such as Bayesian model averaging.
  • We have investigated the potential effects on our models, estimation procedures, and evaluations caused by the use of preliminary data which are later revised. "Real-time" data analysis studies the revisions to measured data across different "vintages" of series, and the impact on our economic analyses. The past three years CIRANO has hosted a "Real-time" conference. We will continue to do so.

This WEB page summarizes the work undertaken at CIRANO in these area and provides links to conferences and relevant data sources. Please contact us with additional information that may be of interest to the research community.

Research Team

Working Papers


Lessons From the Latest Data on U.S. Productivity

Jan P.A.M. Jacobs and Simon van Norden


Calibration and Resolution Diagnostics for Bank of England Density Forecasts

John W. Galbraith and Simon van Norden


The Calibration of Probabilistic Economic Forecasts

John W. Galbraith and Simon van Norden


The Reliability of Inflation Forecasts Based on Output Gap Estimates in Real Time

Athanasios Orphanides and Simon van Norden


The Unreliability of Output Gap Estimates in Real Time

Athanasios Orphanides and Simon van Norden


Forecasting Some Low-Predictability Time Series Using Diffusion Indices

Marc Brisson, Bryan Campbell and John W. Galbraith


An Empirical Analysis of the Canadian Budget Process

Bryan Campbell and Eric Ghysels