Bank of Canada Appoints Special Advisers

    OTTAWA, July 10 /CNW Telbec/ - The Bank of Canada today announced the
appointment of Angelo Melino, Professor in the Department of Economics at the
University of Toronto, and Frank Milne, BMO Professor of Economics and Finance
in the Department of Economics at Queen's University, as Special Advisers for
the year 2008-09. The terms of Professor Melino's and Professor Milne's
appointments will overlap.
    The position of Special Adviser was created to bring additional
perspectives to monetary policy discussions. It also gives university and
private sector professionals in economics and finance first-hand knowledge of
the Bank of Canada.
    Professor Melino will conduct research and analysis full-time from
September 2008 to April 2009 in areas related to the Bank's monetary policy
and financial system functions, including studying the potential welfare gains
from price level targeting. His research spans macroeconomics, asset pricing,
and econometrics, and currently includes analysis of the welfare costs of
economic fluctuations, and the estimation of diffusion processes.
    Professor Melino holds a PhD from Harvard University and a BA from the
University of Toronto. He has published several papers and co-authored an
undergraduate text on macroeconomics. He was co-editor of the Canadian Journal
of Economics for several years until 2007 and has been a member of the Board
of Directors of the National Bureau of Economic Research since September 2000.
    Professor Milne will join the Bank on a part-time basis from September
2008 to December 2008, and full-time from January through June 2009. He will
examine issues related to the recent turbulence in global financial markets.
His current areas of research include asset and derivative pricing, theory of
the firm and management control mechanisms, non-standard preferences, and
theory and public policy issues dealing with banking and financial
    Professor Milne holds a PhD from the Australian National University, as
well as an MA and a BA in economics, both from Monash University. He has
authored a book, published papers and book reviews in many journals, and
participated in numerous policy conference presentations. He has been a member
of the editorial board of Mathematical Finance since 1991.

    The list of individuals who have been appointed to the position of
Special Adviser since its creation in 1998 is available on the Bank of
Canada's website at

For further information:

For further information: Jeremy Harrison, (613) 782-8782

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