The Bank of Canada is pleased to announce the recipients of the Bank’s 2023 Fellowship Award and Governor’s Award.

Fellowship Award

Liyan Yang
Professor of Finance, Rotman School of Management
University of Toronto
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.

Governor’s Award

Murat Alp Çelik
Assistant Professor of Economics, Department of Economics
University of Toronto
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.