The Bank of Canada today announced that Professor Henry Siu of the University of British Columbia is the first recipient of the Governor’s Award.

Siu, an assistant professor in the Economics Department at the University of British Columbia, is known for his work in the field of macroeconomics. His current research focuses on two areas: the analysis of business cycles, and the conduct of monetary policy and fiscal policy in the face of economic shocks.

“The Bank of Canada is pleased to recognize Professor Siu as the first recipient of the Governor’s Award,” says Mark Carney, Governor of the Bank of Canada. “At this early stage in his career, he has already demonstrated significant accomplishments and shows great promise to make further significant contributions to fields of study that are of interest to the Bank.”

The award was launched in September 2007 to recognize outstanding academics at a relatively early stage in their careers who are working at Canadian universities in areas of research critical to the Bank’s mandate: macroeconomics, monetary economics, international finance, as well as the economics of financial markets and institutions, including their financial stability.

Each year, one Governor’s Award will be granted for a two-year, non-renewable term.

Separately, the Bank of Canada announced that Professor Michael Devereux of the University of British Columbia and Professor Shouyong Shi of the University of Toronto are the recipients of the Bank’s Research Fellowship for 2008.

Devereux and Shi also received this award in 2003, the first year of the program.

r Devereux, one of the foremost experts in the area of open-economy modelling, is known for his work in international economics. His current research focuses on two areas: exchange rates and pricing, and global financial integration.

Shi is an internationally renowned economist with expertise in macroeconomics, monetary theory, and labour theory. His current work focuses on building a micro-foundation of monetary theory and policy.

“Professors Devereux and Shi are two outstanding economists whose work continues to provide valuable insights and make profound contributions to economic research,” says Mark Carney.

The Bank’s Fellowship Program is designed to encourage leading-edge research and to develop expertise in Canada in a number of areas critical to the Bank’s mandate: macroeconomics, monetary economics, international finance, as well as the economics of financial markets and institutions, including their financial stability.

Each Fellowship can last for a period of up to five years, subject to an annual confirmation by the Bank’s Governing Council. Fellowship recipients may apply for a second five-year term.