The Bank of Canada is launching a Fellowship Program to encourage economic research at Canadian universities, Governor David Dodge announced today during a speech at the University of British Columbia. The Governor said the program is a natural extension of the Bank of Canada's commitment to promoting high-quality research.

The goal of the Fellowship Program is to recognize and encourage researchers with a proven track record of making significant contributions to research in the fields of macroeconomics, monetary economics, international finance, or the economics of financial markets and institutions.

"A strong research environment has long been a hallmark of the Bank," said the Governor. "With this program, we hope to expand the pool of leading-edge research conducted across this country and to increase Canadian expertise in areas critical to our mandate . . . . This will benefit not just the Bank of Canada, but all Canadians."

Under the program, the Bank of Canada will pay an annual salary stipend to successful candidates. Funds for related research expenses and assistants will also be made available. The Fellowship is open to individuals who have obtained a PhD and who are employed at a Canadian university during the Fellowship. Each Fellowship can last for up to five years.

The program will get underway in 2003, when it is expected that two fellowships will be granted. Each year after that, an additional Fellowship would be granted, for a total of six fellowships by the end of the fifth year (2007).

More information about the Fellowship Program can be obtained at www.bankofcanada.ca/en/fellowship or by calling (613) 782-8888.