The Fellowship Award provides financial support to academics who are widely recognized for their expertise and excellence in areas important to the Bank's mandate (macroeconomics, monetary economics, international finance, financial markets and institutions, financial stability and regulation, labour economics, and economic growth), and who are undertaking leading-edge research that contributes to the development of knowledge and research capabilities in those areas.

The award consists of:

  • a research grant of $50,000 per year per recipient
  • a Research Expense Allowance of up to $40,000 per year per recipient, for related research expenses and for research assistants

The award is for a term of up to five years, and is subject to an annual review and confirmation process (see below). Recipients of this award may apply for a second term.

Universities may nominate one candidate per faculty/school (e.g., one nominee from their Business School and one from their Economics Department), for either of the Awards.

Please note that several of the recipients of the Fellowship and Governor’s Awards were nominated multiple times before being selected; thus, universities are encouraged to consider re-nominating leading academics who were previously unsuccessful.


Fellowship Award recipients are required to:

  • be Canadian citizens, permanent residents of Canada, or be otherwise legally permitted to work in Canada
  • conduct and support research in Canada 1
  • have obtained a PhD
  • be employed by a Canadian university in a tenure or tenure-track position during the term of the Fellowship Award

Nomination documents for the 2017 Award must be received at the Bank by Monday, 14 November 2016. For more information, consult Fellowship Award - Nomination and Selection Processes.


The Bank of Canada endorses the “Tri-Agency Framework: Responsible Conduct of Research” adopted by the Social Sciences and Humanities Research Council of Canada (SSHRC), the Canadian Institutes of Health Research (CIHR), and the Natural Sciences and Engineering Research Council (NSERC) with respect to integrity in research and scholarship and non-discrimination. The Bank may discontinue a Fellowship at any time if it decides that a recipient has engaged in activities inconsistent with this Framework.

Annual Review and Confirmation

A Fellowship Award can last for a period of five years, and is subject to an annual review and confirmation by the Bank’s Governing Council. This process is held annually in the fall and the Bank will inform the recipients of the Governing Council's decision before the end of the year. The Award may be discontinued if the Governing Council determines, in its sole discretion, that:

  • the Recipient no longer meets the eligibility requirements
  • has ceased to make sufficient professional contribution to the fields for which the Award was established or progress against the original research plan from his/her application
  • or has engaged in action(s) inconsistent with the Tri-Agency Framework: Responsible Conduct of Research of the Social Science and Humanities Research Council (SSHRC), the Canadian Institutes of Health Research (CIHR), and the Natural Sciences and Engineering Research Council (NSERC).


The recipient’s university is to email the following material by 14 October 2016 to

  1. a PDF of a signed letter from an official representative of the university, on the university’s letterhead, confirming that the recipient remains in good standing and continues to meet the eligibility requirements for the Fellowship Award
  2. the recipient’s updated curriculum vitae (MS Word document)
  3. a status report of one to three pages (maximum 1500 words) from the recipient demonstrating progress against the research plan originally submitted to the Bank of Canada, as well as contributions to the education and development of new researchers (MS Word document)
  4. the recipient’s research plan originally submitted to the Bank of Canada (MS Word document)
  5. a list of articles written or presentations delivered by the recipient during the past year (MS Word document)

The Nominating Committee conducts an initial review of these materials and makes recommendations to the Governing Council. The Bank will inform the recipient of the Governing Council's decision before the end of December.

Learning Exchange

As a condition of their Fellowship Awards, the recipients are required to participate in each year of their Fellowship term in a "Learning Exchange" at the Bank of Canada’s head office in Ottawa. Prior to the Learning Exchange, each recipient will review 3-4 draft research papers from Bank researchers to be presented during the Learning Exchange, and provide written feedback / guidance on potential improvements of 1-2 pages for each paper. During the Learning Exchange, the recipients will:

  • present their research plan and findings (in the first year of their term)
  • act as discussants during some workshops
  • meet with Bank staff to discuss issues of mutual interest
  • confer on future directions for their research
  • attend a lunch and a dinner in their honour

The 2016 Learning Exchange has been scheduled for 2 to 4 May 2016.

Ongoing Interactions with Bank Researchers

In addition to participating in the annual Learning Exchange as described above, Award recipients are required to maintain, during the term of their Award, ongoing interactions such as:

  • Being a visiting speaker at the Bank or otherwise participating in Bank workshops/seminars/small conferences
  • Co-authoring a paper with one or more Bank researchers
  • Providing advice on the overall direction of the Bank’s research program
  • Commenting on research proposals and research papers by Bank researchers

Office space is provided for such extended interactions with Bank staff / researchers. Travel-related expenses are to be covered by the recipients’ research expense allowance.

Dinner with the Board of Directors

In the fall of the first year of their Award, Fellowship recipients are invited to a dinner with the Bank’s Board of Directors, to introduce them to the Directors, and recognize their Award and the importance of the Program.

Canadian Economics Association

Fellowship recipients are also required to speak at the Canadian Economics Association annual meeting, once during their Fellowship term.