The Bank of Canada today announced that Professor René Garcia, of the Université de Montréal, is the recipient of the Bank's Fellowship award for research for 2004.

Professor Garcia is internationally recognized for his work in the fields of finance, macroeconomics, and financial econometrics.

Governor David Dodge said, "The Bank of Canada is delighted to support the work of Professor Garcia. His research on the relationship between investor's preferences, economic fundamentals, and asset pricing will lead to a better understanding of the forces driving financial markets."

The Bank's Fellowship Program was designed to encourage leading-edge research and to develop expertise in Canada in a number of areas critical to the Bank's mandate: macroeconomics, monetary economics, international finance, as well as the economics of financial markets and institutions, including their stability.

In 2003, the first year of the program, the Bank granted fellowships to Professor Michael Devereux of the University of British Columbia, and Professor Shouyong Shi of the University of Toronto. The Bank plans to award an additional fellowship in each of the next several years, 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.