Find out the current and previous recipients of the Fellowship Award and Governor’s Award.
Fellowship Award recipients
Current recipients
Krishna Pendakur
Professor of Economics, Department of Economics
Simon Fraser University
2024-28
Professor Pendakur is an authority on the economics of well-being, discrimination, inequality, and poverty. His research interests also include consumer demand and applied econometrics, his work has broken new ground in under-studied areas like Indigenous income disparities, discrimination against ethnic minority groups and gender-based inequality within families. Over his Fellowship term he plans to delve into how rising prices affect different parts of the income distribution and how a social cost-of-living index might better represent the inflation experience of all Canadians. Dr. Pendakur is a 2023 SFU Distinguished Professor, and in 2022 he received the John Rae Prize, which is awarded every two years to the most productive Canadian scholar in economics over the preceding five years.
Diego Restuccia
Professor of Economics, Department of Economics
University of Toronto
2024-28
Professor Restuccia is a macroeconomist whose research focuses on productivity and inequality. In his work he seeks to answer a fundamental question: what explains the large income differences between countries and disparities in their productivity? Professor Restuccia probes the connection between global macroeconomic trends, the ongoing transformation of the world economy, and the standards of living in both developed and developing countries. Professor Restuccia holds a Canada Research Chair in Macroeconomics and Productivity and is one of Canada’s most prolific and impactful academic researchers. He is also a past recipient of the Fellowship Award.
Liyan Yang
Professor of Finance, Rotman School of Management
University of Toronto
2023-27
Professor Yang is an internationally acclaimed scholar with expertise in financial markets, institutions, and behavioural finance. His research proposes a coherent framework – both theoretical and empirical – for understanding how investors interact in financial markets and their effect on regulatory policy and the overall welfare of the economy. Professor Yang’s voluminous, widely cited scholarship has yielded fundamental insights into financial system function, one of the Bank’s core functions, and on how to improve the efficiency and stability of those systems. He holds the Peter L. Mitchelson/SIT Investment Associates Foundation Chair in Investment Strategy at the Rotman School, has won numerous teaching awards, and is a past recipient of the Bank of Canada Governor’s Award.
Robert Clark
Professor of Economics, Associate Head, Department of Economics
Queen’s University
2022-26
A leading expert on the industrial organization of financial markets, Professor Clark’s work has studied competition in the banking sector and its implications for financial stability. His research is focused on the evolution of banking market structure, often resulting from changes in regulations or technology and the impact of this evolution on mortgage pricing, access to credit and bank risk. He has also published widely on the economics of industrial organization writ large, including research on procurement policy, price controls and price-fixing. He holds the Stephen J.R. Smith Chair in Economic Policy at Queen’s and is a fellow at CIRANO and a faculty advisor at the John Deutsch Institute.
Daniel Trefler
Professor of Economic Analysis and Policy, Rotman School of Management
University of Toronto
2021-25
An internationally recognized expert on trade and public policy, Professor Trefler's work looks notably at the effects of shifting global value chains, the consequences of China’s rise, and the potential impacts of digitalization on trade in financial and other services. As an advisor to Global Affairs Canada, he helped inform the department's work on the Canada-EU trade agreement. He holds the J. Douglas and Ruth Grant Chair in Competitiveness and Prosperity and is a recipient of the Killam Prize. It is Professor Trefler’s second term as a Fellowship award recipient.
Previous recipients
Michelle Alexopoulos
Professor of Economics, Department of Economics
University of Toronto
2024-251
Professor Alexopoulos is a macroeconomist, her oft-cited research focuses on the business cycle as well as the effects of technical change and uncertainty. She has innovated in the application of data mining and textual analysis to create indicators for economic modeling and forecasting. Dr. Alexopoulos has an ongoing research project with the Bank on central bank communications, which she will continue to pursue over her term in addition to her work on technological change and productivity. Professor Alexopoulos is also president of the Canadian Economics Association and a co-chair of its mentoring committee and Canadian Economics Diversity Committee (CEDC) in addition to being a faculty affiliate at the Schwartz Reisman Institute for Technology and Society, the Data Sciences Institute and the School of Cities at University of Toronto and a member of the C.D. Howe Institute’s Business Cycle Council. She is a previous recipient of the Fellowship Award.
Jasmina Arifovic
Professor and Associate Chair, Department of Economics
Simon Fraser University
2020-242
Dr. Arifovic’s work spans across a wide range of topical issues in economics, including evolutionary models of personal beliefs, computational design, currency crises, financial markets and exchange rates dynamics. Her pioneering work in computational modelling and artificial intelligence helps explain real world phenomenon where traditional models have fallen short, furthering understanding of financial markets and monetary policy. As the founding director of the Centre for Research in Adaptive Behaviour in Economics, she supervises PhD students and conducts research on behavioral and experimental economics.
Diego Restuccia
Professor, Department of Economics
University of Toronto
2019-23
Professor Restuccia’s research addresses an essential question in economics: what explains the large per capita income differences across countries and the productivity growth of nations? His research also delves into key current issues: the secular decline in productivity observed in many developed economies in recent decades, the global economic transformation occurring with fast growing economies such as China and India, the upcoming global shifts implied by the emergence of fast-growing economies in Africa, and the changes in inequality and opportunities that shape economic policies and the political process in both developed and developing economies.
Michelle Alexopoulos
Professor, Department of Economics
University of Toronto
2019-23
Professor Alexopoulos’s research focuses on the use of data mining and textual analysis on non-traditional sources of information to fill existing data gaps. Her work has concentrated on measurement in two key areas—technical change and sentiment/uncertainty—to gain insights into the economic effects of shocks and to test related theories. She plans to expand her research in these areas, and collaborate with the Bank on related work to provide insights into trends and developments in the Canadian economy and the country’s key trading partners.
Professor Stephen D. Williamson
Western University
2018-22
Professor Peter Christoffersen
University of Toronto (Rotman)
2018-223
Professor Francisco Ruge-Murcia
McGill University
2017-21
Professor Daniel Trefler
University of Toronto (Rotman)
2016-20
Professor Francesco Trebbi
University of British Columbia
2016-20
Professor Thomas Lemieux
University of British Columbia
2014-18
Professor Peter Christoffersen
University of Toronto (Rotman)
2013-17
Professor Jean-Marie Dufour
McGill University
2012-16
Professor Randall Morck
University of Alberta
2011-15
Professor Gregor Smith
Queen's University
2011-15
Professor Paul Beaudry
University of British Columbia
2010-14
Professor David Andolfatto
Simon Fraser University
2009
Professor Shouyong Shi
University of Toronto
2008-12
Professor Michael Devereux
University of British Columbia
2008-12
Professor Jean-Marie Dufour
McGill University
2007-11
Professor Gregor Smith
Queen's University
2006-10
Professor Paul Beaudry
University of British Columbia
2005-09
Professor René Garcia
University of Montreal
2004-08
Professor Shouyong Shi
University of Toronto
2003-07
Professor Michael Devereux
University of British Columbia
2003-07
Governor's Award recipients
Current recipients
Reka Juhasz
Assistant Professor of Economics, Vancouver School of Economics
University of British Columbia
2025-26
Professor Reka Juhasz’s primary research focus is on the effects of industrial policy and how governments can improve the efficacy of these policies to foster economic growth. As global trade shifts, understanding how industrial policy can drive costs and inflation has implications for monetary policy, one of the Bank’s core functions. More broadly, her research also considers international trade, economic history, growth and development. Dr. Juhasz is published in top economic journals and has had a meaningful impact as a mentor in her department. She is also the co-founder of The Industrial Policy Group and was awarded the Alexander Gerschenkron Prize in 2016.
Markus Baldauf
Associate Professor of Finance, Sauder School of Business
University of British Columbia
2024-25
Professor Baldauf is a financial economist and a leading scholar of market microstructure. His primary research interests are high-frequency trading, market fragmentation, and over-the-counter trading – key drivers of liquidity in modern equity markets. More broadly, he is examining how today’s dominant trends affect performance and market stability, which is one of the Bank’s core functions. He also studies the effect of climate-related risks on real estate markets. In addition to being published in the top peer-reviewed journals in his discipline, Dr. Baldauf occupies a prominent mentorship role in his department. He holds the B.I. Ghert Family Foundation Junior Professorship in Finance and Policy at the University of British Columbia.
Previous recipients
Murat Alp Çelik
Assistant Professor of Economics, Department of Economics
University of Toronto
2023-24
Professor Çelik is a prolific researcher whose work considers the intersection of macroeconomics, finance, and industrial organization. He focuses primarily on innovation, industry dynamics, competition, and wealth inequality, and has explored the root causes of flagging productivity and business dynamism and their impact on the welfare of Canadians. His upcoming projects will delve into how advertising and innovation investments interact, the optimal design of dynamic industrial policy in the presence of network externalities, as well as the impact of land use restrictions on business dynamism and the distributional consequences for household income and wealth. Professor Çelik has also been recognized for his leadership and mentoring of PhD candidates at the University of Toronto.
Claire Célérier
Assistant Professor of Finance, Rotman School of Management
University of Toronto
2022-23
A leading academic expert in household finance, Professor Célérier studies why, how and when households benefit from financial inclusion, namely broader access to financial products and services. Her work on the design of innovative financial products, behavioral biases and investment decisions has notably drawn the interest of central banks and market regulators around the world. Professor Célérier is also conducting research at the nexus of finance and history to explore the impact of financial inclusion on discriminated populations.
Patrick Augustin
Associate Professor of Finance, Desautels Faculty of Management
McGill University
2022-23
Professor Augustin is an internationally recognized expert in international finance who studies questions at the intersection of macroeconomics and finance, with a particular focus on sovereign credit risk, asset pricing and credit derivatives. His research also extends to matters of financial law, and his work on insider trading has drawn international attention with coverage in the global financial and political press. Professor Augustin has worked in the private sector as a structured credit officer and in the public sector as an attaché to Luxembourg’s Ministry of Foreign Affairs. He holds the Canada Research Chair in Macrofinance and Derivatives, is an Associate Fellow at the Canadian Derivatives Institute and served as a Fellow at the Global Future Councils of the World Economic Forum.
Jesse Perla
Assistant Professor, Vancouver School of Economics
University of British Columbia
2021-22
Assistant Professor Jesse Perla is a macroeconomist with a particular interest in economic growth, financial economics, and machine learning. His work leverages state-of-the-art computational methods to advance knowledge on central questions in economics and help shape how economists look at questions related to innovation, growth and trade. His recent research notably looks at the role of information diffusion and the role of firm heterogeneity in economic growth.
Andrey Golubov
Assistant Professor of Finance, Rotman School of Management
University of Toronto
2020-21
A leading academic expert on mergers and takeovers, Professor Golubov studies how firms make investment and financing decisions, particularly those involving considerations related to corporate control. His work falls into two broad streams of financial economics: capital markets and the market for corporate control, and the behaviour of asset prices. His current research examines various aspects of mergers and acquisitions, corporate governance, and firm value and performance. One of his ongoing projects is pioneering the use of new microdata from Canada to better understand the effects of mergers and acquisitions on employee welfare.
Ryan Riordan
Associate Professor, Smith School of Business
Queen’s University
2019-20
Professor Riordan intends to examine the use and misuse of financial technologies in banking, with an emphasis on technology in general and financial markets in particular. His current research focuses on the effects of technologies on financial markets, machine learning and big data applications, cyber security, payment systems and distributed ledger technologies. He is also making significant research advances in the areas of climate change, climate risk and the application of financial technologies to climate change adaptations in finance.
Associate Professor Markus Poschke
McGill University
2018-19
Professor Mikhail Simutin
University of Toronto (Rotman)
2017-18
Professor Liyan Yang
University of Toronto (Rotman)
2016-17
Professor Matilde Bombardini
University of British Columbia
2015-16
Professor Amy Hongfei Sun
Queen's University
2014-15
Professor James MacGee
Western University
2013-14
Professor Francesco Trebbi
University of British Columbia
2012-13
Professor Thorsten Koeppl
Queen's University
2011-12
Professor Federico Ravenna
HEC Montréal
2010-11
Professor Hafedh Bouakez
HEC Montréal
2009-10
Professor Henry Siu
University of British Columbia
2008-09