In addition to the research grants for leading academics at Canadian universities provided under the Fellowship Program - Research Grants, the Bank of Canada has the following awards:

Bank of Canada’s Top Research Award

The Bank of Canada’s Top Research Award recognizes achievements in economic and financial system research coming from within our organization. The award is issued annually to the individual or group who made the most significant contribution to our research agenda through work published in the previous calendar year.

2017: Wataru Miyamoto, “Government Spending Multipliers Under the Zero Lower Bound: Evidence from Japan

Best Student Paper Award - Annual NFA Conference

The Bank of Canada Best Student Paper Award recognizes the best paper written by a student and accepted for presentation at the Northern Finance Association (NFA) Annual Conference. The award has been given annually since 2015, when it replaced the Best Paper Award.

Past winners:

2017: Nuri Ersahin (University of Illinois at Urbana-Champaign)​
2016: ​Christoph Schiller (Rotman School of Management, University of Toronto)
​2015: ​Zhe Wang (Stanford) and Yi Chen (Yale)

Best Paper Award - Annual NFA Conference

The Bank of Canada Award for the Best Paper on the Canadian Financial System was given annually between 2003 and 2013. Eligible papers included all those accepted for presentation at the Northern Finance Association (NFA) Annual Conference.

Past winners:

2018: Ryan Kim (Columbia University)
2013: Talis Putnins (University of Technology Sydney)
2012: Hamed Mahmudi (Oklahoma)
2011: D.J. Cumming (York), Ari Pandes (Calgary), Michael Robinson (Calgary)
2010: Martin Boyer (HEC Montréal), Lea Stern (Ohio State)
2009: Blake Phillips (Alberta), Aditya Kaul (Alberta)
2008: Ari Pandes (Calgary), Elizabeth Maynes (York)
2007: Haibo Fan (Concordia), Lorne Switzer (Concordia)
2006: Georges Dionne (HEC Montréal), Maria Pacurar, Pierre Duchesne
2005: Lawrence Kryzanowski (Concordia), Skander Lazrak (Brock)
2004: Craig Wilison (Saskatchewan), Robert Elliott (Calgary)
2003: Susan Christoffersen (McGill), Chris Geczy (Wharton), David Musto (Wharton), Adam Reed (North Carolina)

Graduate Student Paper Award - CEA Conference

The Bank of Canada Graduate Student Paper Award is to be conferred annually at the Canadian Economics Association (CEA) Conference. The purpose of this award is to promote high-quality research in the subject areas relevant for the Bank of Canada’s mandate.

The award is open to graduate (PhD) students from a Canadian university or Canadian/Permanent Resident graduate (PhD) students at a foreign university who submit their paper to the Annual CEA Conference. To be eligible, applicants must be graduate students or have completed their PhDs no more than one year prior to the CEA’s conference. The paper should be either sole-authored or co-authored with other graduate students.

The award amount is $2,000 and the winner will be announced during the CEA Presidential Address.

More information about the award process: 2017 Bank of Canada Student Paper Award - Call for Nominations.


Award winner: Pierluca Pannella - “Credit Bubbles and Misallocation.”


Award winner: Bingjing Li - “Export Expansion, Skill Acquisition and Industry Specialization: Evidence from China.”

Honourable mention: Oscar Becerra- “Pension Incentives and Formal Sector Labor Supply: Evidence from Colombia.”


Award winner: Hugo Jales - "Estimating the Effects of Minimum Wage in a Developing Country: A Density Discontinuity Design Approach."

Honorable mentions were Chad Kendall - "Rational and Heuristic Trading Panics in an Experimental Asset Market " and Derek Messacar - "The Crowd-Out Effects and Welfare Implications of Retirement Savings Nudges."


Award winner: Jonathan Hoddenbagh - "The Financial Accelerator and the Optimal State-Dependent Contract" co-authored with fellow graduate student Mikhail Dmitriev was published in the Review of Economic Dynamics (2017).

Honourable mention: Edouard Djeutem - "Model Uncertainty and the Forward Premium Puzzle" was published in the Journal of International Money and Finance (2014).