Each year the Bank’s Research and Statistics Group seeks roughly twenty exceptional college graduates with a strong background in economics, mathematics, and statistics to enter its Research Analyst (RA) program. RAs generally stay in the position for two years.
Emily Eisner, Money and
Ellen Fu, Microeconomic Studies
Ulysses Velasquez, Financial Intermediation
About the Position
- Talented individuals with a background in economics, statistics, or a related field make the best RAs.
- Experience with large databases and statistical packages—such as SAS, STATA, and MATLAB, R Basic, Julia—is valuable.
- We’re also looking for candidates with solid analytical and decision-making abilities and good communication skills.
- Assisting economists in the analysis of current public policy issues and events
RAs help economists conduct current analysis and other short-term research on monetary policy, bank regulation, payments systems, financial markets, and the state of the U.S. and global economies.
- Assisting economists in long-term, academically oriented research projects
RAs help economists plan and execute long-term research on a wide range of applied and theoretical topics. Many RAs have the opportunity to coauthor scholarly articles.
- Performing econometric, computational, and analytical research intended for inclusion in Bank publications as well as academic journals
- Programming in statistical packages, such as SAS, Stata, MATLAB, R, and Julia
- Running financial, banking, macroeconomic, and international forecasting models
- Developing spreadsheet/web macros and programs to facilitate and improve data manipulation and analysis
- Preparing background materials for and assisting in the formulation of reports or presentations to the Bank’s president and senior management
- Attending presentations given by New York Fed economists and visiting scholars
LAUNCHING A CAREER PATH
Most RAs leaving the New York Fed enter graduate or professional degree programs. Many pursue a Ph.D. in economics or finance, but others have gone on to top business schools, law schools, and public policy or other advanced degree programs. In recent years, RAs have moved on to top Ph.D. programs in economics at Harvard, MIT, and Stanford. New York Fed RAs have a strong track record of obtaining fellowships, including eighteen from the National Science Foundation in 2015-19.
Fortune 500 companies and other top employers are seeking the skills and expertise you will gain as an RA. Former RAs have accepted positions at the Bank, while others have become leaders in the business, banking, higher-education, research, and nonprofit sectors.
For more details on the career choices of recent RAs, please refer to
the RA Program Brochure.
The Federal Reserve Bank of New York is located at 33 Liberty Street, between Nassau and William Streets, in downtown Manhattan.
The Group has seven areas—Capital Markets, Financial Intermediation, International Research, Macroeconomic and Monetary Studies, Microeconomic Studies, Money and Payments Studies, and Regional Analysis—each with a distinctive focus and a broad research agenda. Your experience will be largely influenced by the research of the economists you’re working with and the topics they’re exploring.
More about Research and Statistics
Experience with computers and computing programs is desirable, but a strong background in programming is not required. Many incoming RAs take advantage of in-house training courses offered in the fall.
Incoming RAs can enjoy flexible work schedules; an employer-matching 401(k) savings plan; commutation assistance; health, dental, and vision insurance; and tuition reimbursement for many individual courses, certificate programs, and graduate programs.
More about Benefits
Research Analysts receive generous tuition reimbursement for coursework and degree programs at nearby universities. In addition, the New York Fed’s strong emphasis on work/life balance helps ensure that RAs have the time they need to pursue coursework in economics, mathematics, statistics, finance, or related fields.
The Tuition Assistance Program has enabled RAs to:
- Earn a master’s degree in statistics (Columbia University) while working at the Bank
- Participate in other degree and certificate programs (New York University and Columbia University)
- Take individual graduate-level classes such as stochastic calculus, probability, statistics, real analysis, linear regression models, time series regression, linear algebra, continuous-time finance, derivative securities, graph theory, and partial differential equations.
Most RAs stay for about two years. They find that’s sufficient time to learn the economic, modeling, computational, and research skills associated with the job.
Bank policy specifies that candidates must be eligible to work in the United States on a continuous basis for other than practical training purposes. In some cases, positions require access to confidential supervisory information or Federal Open Market Committee data, which is limited to “protected individuals” as defined in U.S. federal immigration 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.
The New York Fed’s Undergraduate Summer Analyst Program is open to students who will have completed their sophomore year of college by the start of the internship. The program emphasizes advanced assignments—with opportunities for summer analysts to enhance their business skills through critical financial analysis, formal presentations, research and writing, and professional development activities—making it ideal for students, especially rising seniors, interested in applying for the Research Analyst position in the future.
More about the Undergraduate Summer Analyst Program
Meet a Research Analyst
“The New York Fed provided me a unique opportunity to advance my coding skills while working on cutting-edge economic research and policy. To further advance my mathematical skills, I even enrolled in a Real Analysis course at Columbia through the Bank’s tuition assistance program. My day-to-day work focused on the U.S. banking organizational database, which tracks the comprehensive structure and evolution of bank holding companies. In addition, it’s been incredibly inspiring to contribute directly to the Main Street Lending Program, one of the new policies that the Fed launched to help credit flow to small and medium-sized businesses during the COVID-19 pandemic.
In addition, I was fortunate to represent the New York Fed, along with two other colleagues, at the Women in Economics conference, held at the Federal Reserve Bank of Cleveland. Attending such conferences, as well as daily seminars by scholars from all over the world, enabled me to explore topics beyond my field of study.”
“Most of my projects during my time at the New York Fed have involved implementing econometric methods to forecast macroeconomic conditions, ranging from quantiles of GDP growth to exports and imports. I not only gained a more in-depth understanding of how to apply various statistical and computational techniques to macroeconomic models, but I also really enjoyed the fact that my work had real-world policy impact.
One of my favorite aspects of the RA program is the tight-knit community. I love knowing that when I go to work, I’ll be surrounded by RA peers who are supportive and fun to talk to, whether you have logistical or programming questions or are just looking for people to explore New York City with. I’ve formed close friendships that will last beyond my time at the New York Fed.”
“One of the biggest advantages of the Research Analyst program is the breadth of meaningful projects that you can contribute to. In less than a year, I’ve already had the chance to: help respond to an open letter from U.S. Senator Cory Booker on racial disparities among student loan borrowers, assist in the launch of the Fed’s Municipal Liquidity Facility (MLF), and contribute to the Bank’s Quarterly Report on Household Debt and Credit, among other things.
Through all of these projects, I’ve honed my ability to construct data sets, analyze data through economic models, visualize the results of said analysis, and communicate findings to my team of economists. But most importantly, I’ve learned how to effectively create and test hypotheses by refining my problem-solving skills. Finally, everyone in the program—whether it be my fellow RAs, or the economists I work under—has been completely supportive of my career ambitions.”
“Much of my policy and academic research work at the Bank revolved around the U.S. Treasury Market. Analyzing topics ranging from trading in STRIPS to the transaction costs of trading in recently issued securities, I applied a range of methodologies from economics, finance, and data science. Through the program, I’ve built up a strong set of analytical and econometric skills—tools I’ll draw upon in pursuit of my career goals.
The program also provides incredible opportunities to engage with the economic research community. Working alongside other talented RAs, learning from expert economists, and hearing from invited speakers from academic and policy institutions around the world through seminars gave me unique insight into the world of research. I also made plenty of friends and enjoyed the city with my cohort!”
“Over the past two years I’ve learned a lot about the research process by participating in projects related to funding markets. The market for repurchase agreements (repo) was a particularly exciting area of study in September 2019, when repo rates spiked unexpectedly. In addition to research, I was surprised by the extent to which I developed my programming abilities by maintaining my function's SQL-based data management system. I became familiar with relational databases and how useful they are when working with large and detailed data sets, such as the ones used in the Money and Payments Studies function.
The Fed provided great opportunities to develop my knowledge of current research through seminars and interactions with other RAs. I also appreciated being able to take a class on stochastic calculus at NYU through the tuition reimbursement program.”
Note: Research analysts' names are in bold.
Patrick Adams, Tobias Adrian, Nina Boyarchenko, Domenico Giannone, Nellie Liang, and Eric Qian. 2020. "What Do Financial Conditions Tell Us about Risks to GDP Growth." Liberty Street Economics, May 21.
Marco Del Negro, Domenico Giannone, Marc P. Giannoni, Andrea Tambalotti, Brandyn Bok, and Eric Qian. 2019. “Global Trends in Interest Rates.” Liberty Street Economics, February 27.
Patrick Adams, Domenico Giannone, Eric Qian, and Argia Sbordone. 2019. “Monitoring Economic Conditions during a Government Shutdown.” Liberty Street Economics, February 5.
Jan J. J. Groen, Michael B. Nattinger, and Adam I. Noble. 2020. “Measuring Global Financial Market Stresses.” Staff Reports, no 940. September.
Jan J. J. Groen and Michael B. Nattinger. 2020. “Putting the Current Oil Price Collapse into Historical Perspective.” Liberty Street Economics. May 14.
Mary Amiti, Sebastian Heise, and Noah Kwicklis. 2019. “The Impact of Import Tariffs on U.S. Domestic Prices.” Liberty Street Economics, January 4.
Rajashri Chakrabarti, William Nober, and Wilbert van der Klaauw. 2020. “Do College Tuition Subsidies Boost Spending and Reduce Debt? Impacts by Income and Race” Liberty Street Economics, July 8.
René Chalom, Fatih Karahan, Brendan Moore, and Giorgio Topa. 2020. “Is the Tide Lifting All Boats? A Closer Look at the Earnings Growth Experiences of U.S. Workers.” Liberty Street Economics, March 4.
Gizem Koşar, Kyle Smith, and Wilbert van der Klaauw. 2020. “Amid the COVID-19 Outbreak, Consumers Temper Spending Outlook.” Liberty Street Economics. May 7.
Michael Fleming and Francisco Ruela. 2020. “How Liquid Is the New 20-Year Treasury Bond?” Liberty Street Economics, July 1.
Uyanga Byambaa, Beverly Hirtle, Anna Kovner, and Matthew Plosser. 2020. “How Does Supervision Affect Bank Performance during Downturns?” Liberty Street Economics, April 8.
Ricardo Correa, Linda Goldberg, and Kevin Lai. 2020. “Have the Risk Profiles of Large U.S. Bank Holding Companies Changed?” Liberty Street Economics, February 3.
Daniel J. Lewis, Karel Mertens, James H. Stock and Mihir Trivedi. 2020. “Measuring Real Activity Using a Weekly Economic Index.” Staff Reports, no. 920. September.
William Chen, Marco Del Negro, Ethan Matlin, and Reca Sarfati. 2020. “The New York Fed DSGE Model Forecast—June 2020.” Liberty Street Economics. June 19.
Patrick Adams, Domenico Giannone, Eric Qian, and Argia Sbordone. 2019. “Historical Reconstruction of the New York Fed Staff Nowcast, 2002-15.” Liberty Street Economics, July 12.
Linda Goldberg and April Meehl. 2020. “Complexity in Large U.S. Banks.” Economic Policy Review, vol. 26, no. 2. (March)
Rajashri Chakrabarti and Max Livingston. Forthcoming. “The Long Road to Recovery: New York Schools in the Aftermath of the Great Recession.” Economic Policy Review.
Brandyn Bok, Daniele Caratelli, Domenico Giannone, Argia Sbordone, and Andrea Tambalotti. 2018. “Macroeconomic Nowcasting and Forecasting with Big Data.” Annual Review of Economics, vol. 10, no. 1 (August): 615-43.
Meta Brown, John Grigsby, Wilbert van der Klaauw, Jaya Wen, and Basit Zafar. 2016. “Financial Education and the Debt Behavior of the Young.” The Review of Financial Studies 29, no. 9 (September): 2490-522.
Joshua Abel, Robert Rich, Joseph Song, and Joseph Tracy. 2016. “The Measurement and Behavior of Uncertainty: Evidence from the ECB Survey of Professional Forecasters.” Journal of Applied Econometrics 31, no. 3 (April-May): 533-50.
Checking in with Former RAs
After their time at the New York Fed, RAs typically pursue graduate studies, enter the workforce, become economics professors, or even join our staff.
“For me, working at the New York Fed as an RA in the Research Group was the perfect antidote to school before going back for more school. It offered me the chance to learn skills that are better taught on the job than in the classroom, and also gave me the opportunity to contribute to meaningful projects in interesting ways at the same time. It is an exceedingly fun, friendly, and collaborative environment—one where everyone's opinions and contributions are heard and valued, and where I made many close friends.”
“The RA position at the New York Fed offers unparalleled preparation for those who plan to pursue graduate school in economics and finance. Aside from dealing with large, complex data sets and estimating models using statistical programming packages, RAs work closely with Fed economists on research, gaining invaluable insight into how such projects are done at a high level. Learning the institutional details of the banking system and the financial-sector landscape has also helped me immensely in grad school when formulating my own research questions on financial intermediation. Weekly seminars by outside scholars provide another great opportunity to learn about economics and the research agendas now being pursued in many subfields. And as if that weren’t enough, the people at the New York Fed are great; you’ll learn a ton, make lasting friendships, and deepen your professional network.”
“Working as an RA at the New York Fed is one of the best ways to get your feet wet as a research economist and to figure out whether pursuing a Ph.D. is right for you. At the New York Fed, you will have the opportunity to collaborate with an amazing group of economists. And you will acquire a range of hard skills (programming, econometrics, building economic models) and soft skills (identifying interesting research questions) that will prove to be invaluable if you decide to pursue a research career.”
“I really enjoyed my time as an RA at the New York Fed. I acquired hard skills for data analysis and model estimation and was exposed to economic research topics in the fields of macroeconomics and monetary policy—subject areas completely different from my primary focus on education and labor economics as an undergraduate. Working in a mixed academic and policy environment also gave me perspective on how to actively interpret and apply new models in the context of the changing economy and, more importantly, shed light on the gap between existing models and policy demands today. Seeing the need for both theoretical and empirical models firsthand has fueled my research interests and enriched my understanding of the important interplay between academic research and policy.”