Faculty of Social Science

$2-million gift puts Western at the forefront of Central Banking Teaching and Research

May 30, 2016

Representatives from Jarislowsky Foundation announcing Stephen A. Jarislowsky Chair in Central Banking in the Department of Economics

Mary Kay O'Neil Lowy, Frederick Lowy, Director, The Jarislowsky Foundation, Audra Bowlus, Chair, Department of Economics and Eve Beauchamp, Executive Director, The Jarislowsky Foundation, following the announcement of the $2-million gift to establish the Stephen A. Jarislowsky Chair in Central Banking.

The Faculty of Social Science has received a $2-million donation to establish the Stephen A. Jarislowsky Chair in Central Banking in the Department of Economics.

The donation, from The Jarislowsky Foundation, will be matched by Western University and will encourage excellence in teaching, mentorship and research in areas essential to central bank policy and decision-making.

The creation of the Stephen A. Jarislowsky Chair in Central Banking will ensure Western is at the forefront of central bank policy and decision making, both in Canada and across the world. Building on the research excellence in the faculty, the Chair will conduct top research and provide an opportunity to bring an internationally known expert to the Western community. The Chair will be involved in an original and innovative research program that will help shape central bank decision-making.

“This gift is very timely. We will celebrate the 50th anniversary of the Department of Economics this year,” said Bob Andersen, Dean of the Faculty of Social Science. “Drawing on the strengths of our past, this generous gift provides the foundation for an exciting future.”

Since the late 1970s, the Department of Economics at Western has been internationally recognized for its strength in monetary economics. Led by the work of David Laidler, Michael Parkin, and others, Western has been the destination for training in central banking.

Graduates from the Economics department have gone on to hold key appointments in Central Banks around the world. Carolyn Wilkins, Timothy Lane, and Tiff Macklem, are all current or former deputy governors of the Bank of Canada. Stephen Poloz is the current Governor of the Bank of Canada, and Glenn Stevens is the current Governor of the Reserve Bank of Australia.

The Jarislowsky Chair will focus on researching issues related to central banking within macroeconomics, monetary economics, international finance, financial markets and institutions or a less traditional field such as labour economics, international economics, development economics, public economics or applied microeconomics

“Stephen Jarislowsky is interested in one thing - excellence - and helping things that are already excellent and moving them on to the world stage,” said Frederick Lowy, Director at the Jarislowsky Foundation. “‎To think that a chair will allow this distinguished department and this distinguished institution to go further is great.”

The Jarislowsky Foundation provides donations and grants to fund university chairs and medical equipment purchases. Since its creation in 1991, by Canadian businessman and philanthropist Stephen A. Jarislowsky in, the foundation has contributed to numerous initiatives in health, science, the arts and education. 

Read more from the Western News and the London Free Press