Stanley Fischer
Stanley Fischer, former governor of the Bank of Israel Photo by Tomer Appelbaum
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As former central bank governor Stanley Fischer awaits his confirmation as the U.S. Federal Reserve's No. 2, an economic policy research institute at Stanford University has awarded him a $100,000 prize in recognition of his contribution to economic policy.

Fischer was awarded the SIEPR Prize for Contributions to Economic Policy on March 14 by the Stanford Institute for Economic Policy Research at the SIEPR Economic Summit at the university.

U.S. President Barack Obama nominated Fischer for the Federal Reserve vice chairman position. His confirmation hearing with the Senate Banking Committee was Thursday, the day before he was awarded the prize.

The 70-year-old, who holds American and Israeli citizenship, was governor of Israel’s central bank from 2005 until June 2013. An economics professor for many years, he taught both former Fed chairman Ben Bernanke and European Central Bank chief Mario Draghi. He spent seven years as the No. 2 official at the International Monetary Fund during the Asian financial crisis. He was also vice chairman of Citigroup and chief economist at the World Bank. As head of the Bank of Israel, he was known for making decisions on interest rates that sometimes took the markets by surprise.

"I think Stan is a perfect choice for this prize. His thoughtful leadership has helped the global economy navigate through challenging times from his positions at the World Bank, the IMF and the Bank of Israel," said SIEPR Director John B. Shoven. "He is a constant source of ideas on how to improve the functioning of the economy."

The SIEPR prize was awarded to Paul Volcker and Marty Feldstein in 2010 and 2012 respectively. The award is now in its 11th year.