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.

Professor 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," said 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 Bank of Canada Governor's 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.

The application deadline for the 2009 Governor's Award is 15 November 2008. For more information on the Governor's Award and the Bank's Fellowship Program, visit www.bankofcanada.ca/fellowship or call 613 782-8888.