The Bank of Canada today announced the first two fellowship awards for 2003 under its Fellowship Program launched late last year. The Bank's Governing Council named Professor Michael Devereux of the University of British Columbia and Professor Shouyong Shi of the University of Toronto as the first fellowship recipients.

Professor Devereux is internationally recognized for his work in the field of international economics. He is one of the foremost experts in the area of new Keynesian open-economy models. Professor Devereux's current research focuses on two areas: exchange rates and pricing, and macroeconomic issues in emerging-market economies.

Professor Shi has earned international recognition in the field of macroeconomics. His papers on money and labour markets represent a significant contribution to the profession. Professor Shi's efforts are currently concentrated on building a micro-foundation of monetary theory and policy.

Governor David Dodge said "the Bank of Canada is proud to support the work of these two outstanding economists and looks forward to their continued contributions to economic research critical to the Bank's mandate."

The Bank's Fellowship Program was designed to encourage leading-edge research and to develop expertise in Canada in the fields of macroeconomics, monetary economics, international finance, and the economics of financial markets and institutions (including issues related to stability).

This being the first year of the Program, two fellowships have been granted. The Bank plans to award an additional fellowship in each subsequent year, for a total of six fellowships by the end of 2007.

For more information on the Fellowship Program, visit www.bankofcanada.ca/fellowship or call (613) 782-8888.