His core research fields include asset pricing and financial econometrics.
He is an expert on monetary economics and joins from the European Central Bank.
The Yale professor is awarded the prize for his research across areas including decision-making and behavioral economics.
The Yale University business school has also promoted five members of academic staff, effective July 1.
The Yale School of Management professor will take public service leave from the university while serving in the role.
Bovino obtained her doctorate in economics from Columbia University.
The role marks a return to government service for the academic, who previously helped to establish the Office of Research at the Consumer Financial Protection Bureau.
The Chicago Booth professor will begin work at the reserve bank in January.
He started work in the new research leadership role on Dec. 1.
She receives the award for her research on economic policy across an array of different areas.