The Bank of Canada today announced the appointment of two special advisers for the coming year.

Angelo Melino, professor in the Department of Economics at the University of Toronto, will conduct research and analysis full-time from September to April 2009 in areas related to the bank’s monetary policy and financial system functions, including studying the potential welfare gains from price level targeting.

Also, Frank Milne, BMO professor of Economics and Finance in the Department of Economics at Queen’s University, will join the bank on a part-time basis from September to December, and full-time from January through June 2009. He will examine issues related to the recent turbulence in global financial markets.

Melino holds a PhD from Harvard University and a BA from the University of Toronto. Milne has a PhD from the Australian National University, and an MA and a BA in economics, both from Monash University.