Joining the New York Fed as a Research Economist

New York Fed economists pursue independent research while also engaging in important policy initiatives at senior levels.

New York Fed economists Goldberg and Cetorelli

The Research Group recruits both recent Ph.D. recipients and experienced economists. As a new hire, you will join a team of more than sixty economists in supporting the principal missions of the Bank and bring added breadth and depth to the team’s work in macroeconomics, banking, payments, finance, applied microeconomics, international economics, and regional analysis. The application period for 2019-20 has closed.

About the position:

The primary goal for new economists is to produce research and publish in the major journals. Our first-year plan allows new economists to devote most of their time to developing publishable work.
New Ph.D. economists familiarize themselves with the Bank’s policy missions by interacting with economists in their area. They may contribute to a team working on a policy issue or help prepare a briefing on economic developments for the Bank’s president and senior officers.

A collegial and collaborative culture:

Economists regularly work together on policy initiatives, and this teamwork encourages a lively camaraderie that can be missing in academic departments.

Economists frequently coauthor articles and make joint presentations.

An environment where ideas flourish:

Teaching activity. Economists have the opportunity to teach while on staff—whether taking a leave of absence from the Bank or teaching part-time while here.

Sabbatical program. Under the program, economists have worked at such institutions as the Federal Reserve Board, Columbia, NYU, Princeton, Stanford, and Yale.

Visiting scholars program. We regularly invite economists from major research institutions to be visiting scholars at the Bank. Visitors present their own work and make themselves available to discuss our economists’ research.

Resident scholars program. Economists with international reputations pursue their own research while providing intellectual leadership by advising and collaborating with Bank economists.

Conferences. The New York Fed sponsors conferences and workshops that draw an elite group of participants from leading universities and business schools and enable Bank economists to interact with top academics in their field.

Seminars. Our economists benefit from the New York Fed’s proximity to top-tier universities, frequently giving seminars at these institutions. We also offer a seminar series that attracts a broad group of distinguished speakers, with several seminars a week.

Tools for policy analysis. Research can result in the development of new tools and indicators for forecasting and policy analysis. Our efforts to share the methodology, code, data visualizations, and commentary help the work gain visibility and draw important feedback from others in the research community.

Dedicated research, technical, and professional resources:

A state-of-the-art computing environment. We provide economists with a wide array of technology resources, the ability to take advantage of real and financial data series, and electronic access to academic journals.

Skilled research analysts. Economists are assisted by forty research analysts who help gather data, conduct statistical analysis, and prepare materials for presentations. Our RAs are typically recent college graduates who intend to pursue a Ph.D. in economics. Many go on to top-five programs.

Extensive professional support. Bank economists are supported by a talented team of administrative, computer, editorial, design, and library professionals.

Wide exposure for your research:

Economist web pages. Each page features the economist’s biography and fields of interest as well as links to their CV, publications and working papers, and social-media output.

Liberty Street Economics. Posts by our economists attract large numbers of readers and receive frequent attention from the media and financial bloggers in particular. Liberty Street Economics publishes more than one hundred posts each year.

Economic Policy Review. The Bank’s policy journal features new policy-oriented research by New York Fed economists, papers by affiliated economists, and the proceedings of Bank-sponsored conferences.

Comprehensive beneﬁts program:
In addition to the Bank’s robust package of financial, health, and lifestyle benefits, economists enjoy:

Substantial annual discretionary travel budget

Reimbursement of journal-submission fees

The ability to telecommute once a week

Relaxed, flexible work attire

Research Areas and Policy Work

Capital Markets

The Function conducts research on asset pricing and market microstructure and on the interaction between markets, institutions, and the macroeconomy. A close working relationship with the Bank’s Trading Desk, well-established contacts with market participants, and strong ties to business school finance departments create a unique environment for financial market research.

Policy Focus: Economists contribute to the formulation of monetary policy and the monitoring of financial stability by developing new analytical tools and providing rigorous analysis to senior Bank management.

Meet the economists in our Capital Markets Function.

Financial Intermediation

The Function conducts research on issues relating to financial intermediaries—both banks and nonbanks alike—and innovations in financial markets and institutions. Economists examine these issues from both a macroeconomic and a microeconomic perspective, with an emphasis on the performance and stability of the financial ecosystem.

Policy Focus: Economists engage in policy analysis on a broad set of issues, including the behavior and health of financial institutions and their systemic implications, and they contribute to the development of appropriate regulations and supervisory tools and techniques.

Meet the economists in our Financial Intermediation Function.

International Research

The Function conducts research on international economics, examining issues in open-economy macroeconomics, global finance, and trade. Staff research is published in academic journals and Federal Reserve publications and is designed to contribute to the Bank’s overall perspective on international issues.

Policy Focus: Economists perform policy analysis on global macroeconomic, trade, and finance issues affecting the economy and monetary policy of the United States.

Meet the economists in our International Research Function.

Macroeconomic and Monetary Studies

The Function engages in scholarly research on macroeconomics and monetary economics for publication in academic journals.

Policy Focus: Economists monitor and analyze current economic and financial conditions and assess risks to the outlook. They advise senior Bank management on monetary policy issues through regular briefings in advance of each FOMC meeting.

Meet the economists in our Macroeconomic and Monetary Studies Function.

Microeconomic Studies

The Function contributes to the Bank’s monetary and financial policy missions through the construction and analysis of a wide array of micro data sets and the application of relevant microeconomic theory and state-of-the-art econometric techniques. In addition, staff conduct long-term research in applied microeconomic topics, including labor economics, public finance, consumer finance, housing, urban economics, and health economics.

Policy Focus: Economists provide policy advice on a variety of subjects, ranging from auction design to state and local fiscal policy, with a special focus on consumer behavior.

Meet the economists in our Microeconomic Studies Function.

Money and Payments Studies

The Function focuses its research on the infrastructures that allow our financial system to operate—such as payment and settlement arrangements—and the institutions that operate them—such as clearinghouses. Important elements of study are the money markets (including the federal funds market, the Eurodollar markets, and the repo market), especially their interbank and interdealer segments. Economists explore the markets’ institutional details and their role in affecting funding and market liquidity, financial stability, and the design of optimal micro- and macroprudential policies.

Policy Focus: Economists analyze the infrastructure at the heart of the financial system. Key elements of study are the interbank and money markets as well as payments and settlement systems.

Meet the economists in our Money and Payments Studies Function.

Regional Analysis

The Function engages in research on issues of interest to the Second Federal Reserve District in support of the Bank’s monetary policy and outreach objectives. Staff also analyze and monitor economic developments in the region and share the information obtained with stakeholders in the Bank and throughout the District.

Policy Focus: Economists analyze and monitor regional economic conditions, with an emphasis on developments in the Second Federal Reserve District.

Meet the economists in our Regional Analysis Function.

Access to Specialized Data

New York Fed economists have exceptional opportunities to join with others in the coordinated study of specialized economic data.

Center for Microeconomic Data. The New York Fed’s Center for Microeconomic Data is an important hub for research on the expectations and behavior of individual economic agents. Two large data collection projects anchor the Center: the New York Fed Consumer Credit Panel/Equifax and the Survey of Consumer Expectations. While central banks are often thought to specialize in macroeconomic analysis, the data and research emerging from the Center contribute importantly to the Fed’s policy decisions. The Center’s regular releases are followed closely by government policymakers and the media, and have helped shape public debate on issues such as the nation’s growing student debt burden. The Center’s work has also served as a catalyst for new research by academic economists, who often partner with our economists on studies of this rich body of data.

International Banking Research Network. The International Banking Research Network (IBRN) is a community of central bank researchers who study global banks and their activities. Established in 2012 by a New York Fed economist and researchers from Austria, Germany, and the United Kingdom, the IBRN seeks to improve policy discussion by using bank-level regulatory data in the joint analysis of key questions. Researchers in the network have access to the “micro” data underlying the Bank for International Settlements’ (BIS) international banking statistics, a resource that allows them to design experiments and achieve results not possible with studies that draw lessons exclusively from the experience of a single country.

New York Census Research Data Center. The Research Group, on behalf of the New York Fed, helped establish a U.S. Census Bureau Research Data Center in New York City. The Bank is a founding member of the consortium that supports the facility, together with leading universities and research organizations in New York State. At the Data Center, researchers can securely access selected confidential economic and demographic microdata gathered by the U.S. Census Bureau.

APPLICATION FAQS

I would like to apply for an economist position in the New York Fed’s Research and Statistics Group. What documents are needed to complete my application?

For your application to be complete, you must provide a cover letter, up to three research papers (including your market paper, if available), and three letters of recommendation, which should be submitted directly by your references. As you go through the online submission tool, you will also be asked to enter the year of your Ph.D. (even if it’s an expected date), your primary and secondary fields of study, the title of your market paper, the names of your advisors, and your references’ names and contact email addresses. Please complete all fields.

I submitted my application online but haven't received a confirmation email. Was my application received?

Once you submit the application form, you will receive an email from federalreservesystem@invalidemail.com confirming receipt. If you do not see this email in your inbox, please check your spam folder. Do not reply to the message; it is sent by an automated system.

Is there an email address to which my references can email their letters of recommendation directly?

No. Our recruitment system will send an automatically generated email to the addresses of the three references you provide; the email will outline the submission process for the letters. If your references do not receive the email promptly, please ask them to check their spam folder; the request comes from federalreservesystem@invalidemail.com. If your three references continue to encounter issues, you may direct them to send the letters to NY HR Fed Careers.

How many references can I include?

We request that you provide names and contact emails for three references. System-generated emails will only be sent to the first three addresses you provide; others will not receive the emailed instructions.

My reference is unable to upload a letter of recommendation because the file size of the letter exceeds the recruitment system’s maximum of 1.6 megabytes. Can you provide an alternate link or email address to which letters with large file sizes may be sent?

Yes, please direct your reference to send his or her recommendation letter to NY HR Fed Careers.

Do I need to hold U.S. citizenship to work as an economist at the New York Fed?

Working as an economist at the New York Fed requires access to varying levels of sensitive information. For some levels of sensitive information, access may be restricted to “Protected Individuals,” as defined in U.S. federal law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, U.S. permanent residents who are not yet eligible to apply for naturalization, and U.S. permanent residents who have applied for naturalization within six months of being eligible to do so. Protected Individuals also include those with a Ph.D. in economics or finance who meet certain immigration and other legal requirements.