Ruhani
Walia
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Economist · Researcher · Writer

Ruhani
Walia

Research Assistant at the Bank of Canada, Financial Stability Department. I study how financial systems break, how AI reshapes work, and how policy responds. Previously: Stanford Digital Economy Lab, RBC Capital Markets, IRPP.

Ruhani Walia
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Recent Activity Live
Publication · May 2025
Harnessing Generative AI: Navigating the Transformative Impact on Canada's Labour Market
IRPP Study No. 97 · with M. Oschinski
Publication · Feb 2025
Effects of Macroprudential Policy Announcements on Perceptions of Systemic Risks
Bank of Canada Staff Analytical Note
Op-Ed · Jun 2025
Canada could lead on AI — if we're willing to train for it
The Hill Times
Position · Jun 2025
Research Assistant, Macro-Financial Modelling Division, Bank of Canada
Financial Stability Department · Ottawa
Essay · May 2025
Things That Made Sense Somewhere Else — reflections on exchange, discomfort, and choosing joy
Personal Writing · Medium
Award · 2024
CEA–BoC Undergraduate Research Award Finalist — one of 10 students nationwide
58th Annual Canadian Economics Association Meeting
Profile · Oct 2025
Profiled Student, University of Toronto Convocation 2025
University of Toronto
Publication · May 2025
Harnessing Generative AI: Navigating the Transformative Impact on Canada's Labour Market
IRPP Study No. 97 · with M. Oschinski
Publication · Feb 2025
Effects of Macroprudential Policy Announcements on Perceptions of Systemic Risks
Bank of Canada Staff Analytical Note
Op-Ed · Jun 2025
Canada could lead on AI — if we're willing to train for it
The Hill Times
Position · Jun 2025
Research Assistant, Macro-Financial Modelling Division, Bank of Canada
Financial Stability Department · Ottawa
Essay · May 2025
Things That Made Sense Somewhere Else — reflections on exchange, discomfort, and choosing joy
Personal Writing · Medium
Award · 2024
CEA–BoC Undergraduate Research Award Finalist — one of 10 students nationwide
58th Annual Canadian Economics Association Meeting
Profile · Oct 2025
Profiled Student, University of Toronto Convocation 2025
University of Toronto
2+
Published Papers
3
Working Papers
$30k
Grants & Awards
10+
Countries Visited
15+
Speaking Events
Bank of Canada Financial Stability Macroprudential Policy Stanford Digital Economy Lab AI & Labour Markets Development Economics Systemic Risk IRPP Study No. 97 University of Toronto — National Scholar University of Edinburgh Behavioural Economics RBC Capital Markets Bank of Canada Financial Stability Macroprudential Policy Stanford Digital Economy Lab AI & Labour Markets Development Economics Systemic Risk IRPP Study No. 97 University of Toronto — National Scholar University of Edinburgh Behavioural Economics RBC Capital Markets
Currently
Reading
The Alignment Problem by Brian Christian — and trying to reconcile it with day-to-day AI policy work.
Thinking about
What "financial stability" actually means when AI is writing the models that assess it.
Working on
Macro-financial models at the Bank of Canada. And slowly drafting the next field note.
Research Methods

Rigour as a
habit of mind.

From high-frequency IRF analysis of Canadian macroprudential policy to difference-in-differences designs with DHS data — the methods change, the curiosity doesn't.

~$ python3 irf_analysis.py --policy macroprudential
Loading high-frequency Canadian market data...
→ Staff Analytical Note, Bank of Canada (2025)
 
~$ R --vanilla DiD_Rwanda_succession.R
DHS survey data loaded. Running DiD estimator...
β₁ = 0.142*** — child healthcare access ↑ ✓
 
~$ python3 PPP_efficacy.py --method IV,RF,OLS
CEA–BoC Poster Session Finalist (2024)
~$
—

The Intellectual Arc

Click any node to explore how each chapter of research grew from the last.

2019–2021
Molecular Science
Canadian Light Source
2021–2022
Behavioural Economics
USC · UofT
2022–2023
Digital Economy & AI
Stanford SDEL
2023–2024
Labour & Public Policy
IRPP · UofT
2024
Macroprudential Finance
Bank of Canada
2025–Now
Financial Stability
Bank of Canada
Outputs & Milestones
01

Research & Publications

May 2025
IRPP Study
Harnessing Generative AI: Navigating the Transformative Impact on Canada's Labour Market
With Matthias Oschinski (Georgetown University) · Institute for Research on Public Policy, Study No. 97
Published ↗
Plain English
AI is reshaping Canadian jobs faster than policy can keep up — here's what the evidence says, and what Ottawa should do about it.
Feb 2025
Staff Analytical Note
Effects of Macroprudential Policy Announcements on Perceptions of Systemic Risks
With Thibaut Duprey, Kerem Tuzcuoglu & Victoria Fernandes · Bank of Canada
Bank of Canada ↗
Plain English
When the Bank of Canada signals tighter financial rules, does the market believe systemic risk went down? We found: yes, meaningfully.
Apr 2025
Working Paper
The Effect of Rwanda's 1999 Succession Law on Children's Healthcare Access
With Ivy Zhu (Duke University) · Difference-in-differences using DHS data
Working Paper ↗
Plain English
Giving women the right to inherit land translated, measurably, into better healthcare outcomes for their children.
May 2024
Working Paper
Job Preservation Dynamics: A Comprehensive Study of Paycheck Protection Program Loan Efficacy
OLS · IV · Random Forests · Selected for CEA–BoC Undergraduate Poster Session
CEA Finalist ↗
Plain English
The PPP saved jobs — but not equally. The benefits clustered around certain firm types, complicating the program's legacy.
Sep 2022
Working Paper
Exploring Observation as a Nudge to Inform Economic Theories About Prosocial Decision-Making
Principal Investigator · Supervised by Robert S. Gazzale · Laidlaw Foundation ($10,000) · TEEL Lab
Lab Study ↗
Plain English
Being watched makes people more generous — a lab experiment testing whether observation alone can nudge prosocial behaviour.
02

Experience

Bank of Canada
Research Assistant, Financial Stability
Jun 2025 – Present · Ottawa
Macro-Financial Modelling Division. Systemic risk analysis and policy simulations.
01
Bank of Canada
Student RA, Systemic Risk Analytics
Jul – Aug 2024 · Ottawa
IRF analysis of Canadian macroprudential policy using high-frequency data. Led to published Staff Analytical Note.
02
Stanford Digital Economy Lab
Research Intern
Nov 2022 – Nov 2023
Prof. Erik Brynjolfsson's lab. Quantifying the shift from tangible to digital assets; AI adoption economics. Authored the lab's bi-weekly newsletter.
03
RBC Capital Markets
Strategic Initiatives Summer Analyst
May – Jul 2023 · Toronto
Competitive landscape analysis via Dealogic. Market development tracking for senior leadership.
04
University of Toronto
Research Assistant to Department Chair
Oct 2022 – Apr 2023
Applied micro project for Prof. Ettore Damiano. Dataset compilation and descriptive statistics.
05
LA Behavioural Economics Lab, USC
Research Intern
Sep 2021 – Jun 2022
Decision-making, grit, and perseverance research under Prof. Isabelle Brocas.
06
The Decision Lab
Consulting Summer Associate
Apr – Sep 2021
Projects with Bill & Melinda Gates Foundation and Kids Help Phone.
07
Interac Corp.
Innovation & Emerging Solutions Intern
Jul – Aug 2020
Research on Consumer-Directed Finance. Databases on market trends and emerging financial technologies.
08
03

Projects & Work

Non-Profit · Global Health
Ending Maternal Mortality
Co-founded a registered Canadian non-profit addressing maternal mortality in Northern Nigeria. D-Prize winner ($20K). Piloted misoprostol distribution to prevent postpartum hemorrhage.
Consulting · Climate
XPRIZE Carbon Capture
Evaluated market and technological feasibility of carbon capture solutions as a student consultant for the XPRIZE Foundation.
Consulting · Real Estate
Oxford Properties
Analyzed commercial property data to propose strategies for reducing vacancy rates in downtown Toronto assets.
Research · Science
Canadian Light Source Synchrotron
16-month project analyzing Lake Ontario water samples using synchrotron-based methods to study impurities at the molecular level.
Consulting · ECD
Kidogo
Assisted the executive team with expansion strategy through competitive benchmarking and sector research for early childhood development programs in Kenya.
Design · Mental Health
Awesome Music Project
Designed and piloted digital training materials for AMP's music therapy program for mental health, with feedback from CAMH clinicians.

I'm an economist who got uncomfortable staying in one lane. I've traced the same question — how do systems change, and who gets left behind when they do? — from a synchrotron lab to a behavioural economics lab to Stanford to the Bank of Canada. Along the way I co-founded a non-profit, spoke at SXSW, and wrote some essays I'm genuinely proud of. I believe rigour and curiosity belong in the same room, and that the best research is the kind that still feels urgent at 2am.

Ruhani Walia
Add photo-2.jpg
05

Field Notes

"There is no such thing as an inarticulate idea waiting to have the right words wrapped around it."

My essays sit beside my research, not below it. They're where I think out loud about discomfort, growth, friendship, travel, and what it means to keep choosing a life that feels expansive.

Latest Essay · May 2025
Things That Made Sense Somewhere Else
Reflections from a semester abroad, and what came after
10 min read · Medium
On Edinburgh, bad omens, and the discomfort of stillness. "We enter stages in our lives where we want in earnest to prove what we can do to ourselves. We also enter periods where we consider not what we can do, but what we wish to do." A meditation on motion, mental models, and choosing joy.
Read essay →
Essay · Sep 2023
Lessons from an Indigenous Fijian Village
My first solo trip to the other side of the globe
Medium
Essay · May 2024
5 Mins on Friendship
On meeting more new people than ever before
Medium
Analysis · Mar 2021
When Nudge Comes to Shove
You're not the only one making your choices
Behavioural Economics · Medium
Essay · Jun 2022
6 Thoughts on School in the 6ix
On returning to campus after two years away
Medium
All writing on Medium →
06

Speaking & Media

Op-Ed · Hill Times · 2025
Canada could lead on AI — if we're willing to train for it
Co-authored with Matthias Oschinski
↗
Profile · Oct 2025
Profiled Student, UofT Convocation 2025
University of Toronto
↗
Conference · May 2024
CEA–BoC Undergraduate Research Poster Session
Canadian Economics Association
↗
Conference · Apr 2024
UofT Fourth Annual Tech-Econference
University of Toronto
↗
Talk · Mar 2020
South by Southwest (SXSW)
Austin, TX
↗
Podcast · 2020–2023
Be The Change — 3× Guest
Spotify
↗
Talk · May 2020
City of Brampton Youth Innovators
Brampton, Ontario
↗
Talk · Sep 2020
Verizon Immersion — Panelist
Verizon
↗
Interview · Oct 2020
Ericsson Interviewer
Ericsson
↗
07

Honours & Awards

2021
National Scholar, University of Toronto
One of 10 students across Canada. UofT's flagship scholarship — full 4-year tuition, residence, and incidentals.
Full Ride
2021
D-Prize Winner — Ending Maternal Mortality
Youngest winners globally. Piloted misoprostol distribution to prevent postpartum hemorrhage in Northern Nigeria.
$20,000
2022
Laidlaw Scholar, University of Toronto
Two-year Leadership and Research Programme. Global initiative funding undergraduate leadership and research training.
$10,000
2024
CEA–BoC Undergraduate Research Finalist
Selected as one of 10 students nationwide to present at the 58th Annual Meeting of the Canadian Economics Association.
2024
Regents In-Course Scholarship
Victoria University, University of Toronto. Awarded for overall A standing in third year.
$1,000
2021
Knowledge First Financial Student Award
Selected from 2,200+ national applicants. $2,500 undergraduate award for academic achievement.
$2,500

Got a problem
worthsolving?

I'm at my best in conversations that cross disciplinary lines — economics and policy, research and practice, rigour and real-world stakes. If you're working on something that fits that description, I want to hear about it.

Research collaborations, policy engagements, speaking invitations, or just a good thread to pull on — reach out.

↗ Request CV