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Research Analysts

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.


ABOUT THE POSITION
RAs are primarily responsible for assisting economists in two areas:

  • Analysis of topical issues in public policy, financial markets, and the U.S. and global economies. Such projects often culminate in reports or presentations to the Bank’s president and senior management.
  • Long-term academic research on a wide range of applied and theoretical topics. Many RAs have the opportunity to coauthor scholarly articles.
The New York Fed strives to recruit and retain a diverse staff and work toward an inclusive environment.

QUALIFICATIONS
The Bank seeks talented college students that possess the following:

  • Background in economics, mathematics, statistics, or a related field
  • Experience in data analysis and using statistical packages (e.g., R, Stata, Matlab, Julia, SAS, Gauss, TSP, RATS, EViews, PROCSQL), or other computer programming experience (e.g., Java, C++, Python)
  • Strong analytical and decision-making abilities and good communication skills
APPLICATION DEADLINES
Internship and full-time applications are now closed.

POSITION STARTING DURATION APPLICATION WINDOW
Research Analyst Summer 2025 2 years Sept. 1 – Oct. 1, 2024
Summer Analyst—Junior
(expected graduation in Dec
2025 or Spring 2026)
June 2025 10 weeks Sept. 5 – Oct. 11, 2024
Summer Analyst—Sophomore
(expected graduation in Dec
2026 or Spring 2027)
June 2025 8 weeks Sept. 5 – Oct. 4, 2024
HOW DO I APPLY?
Applications for positions with a summer 2025 start date are now closed.

  • Required: Upload Resume/CV and an academic transcript (from the institution you most recently attended/currently attend)
  • Optional: Cover letter
  • Note: Letters of recommendation will not be considered
LAUNCHING A CAREER PATH

The majority of RAs enter graduate or professional degree programs after leaving the New York Fed. Many pursue a Ph.D. in economics or finance, with recent RAs joining programs in universities such as Berkeley, University of Chicago, Harvard, MIT, Princeton, Stanford, and Yale. Others go on to pursue degrees in business, law, and public policy from leading institutions.

New York Fed RAs also have a strong track record of obtaining fellowships: More than ten received fellowships from the National Science Foundation in 2020-23.

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.


 

Meet a Research Analyst
Rain M. CondieRAIN M. CONDIE
What skills did you develop or grow while at the Bank?

A highlight of the RA program is its dedication to continuous personal and professional growth. During my tenure at the Bank, I significantly bolstered my coding abilities, learned and implemented economic techniques, and strengthened my quantitative skills through dedicated coursework.

“I not only improved on my ability to code in languages such as Stata, MATLAB, and Python, but I also improved on my ability to ask and answer questions with data and implement economic techniques.”

An essential part of being a successful researcher and RA is having a high level of coding proficiency. At the Bank, I had numerous opportunities to attend training sessions led by second year RAs (always eager to help) and outside professionals. I not only improved on my ability to code in languages such as Stata, MATLAB, and Python, but I also improved on my ability to ask and answer questions with data and implement economic techniques.

One of the exceptional opportunities provided by the Bank is the tuition assistance program. In the spring of my first year, I enrolled in a graduate level Probability course at NYU. This experience was both enjoyable and challenging.  It allowed me to delve into concepts beyond what I had covered in my undergraduate coursework, and importantly, the material directly complemented the economic techniques I was implementing daily.

I am grateful for the opportunities to continuously improve my research skills and cultivate new ones. I cannot wait to take these skills with me in the next steps of my career!



Dan Garcia
DAN GARCIA
How did the RA program help refine your career choices?

One of the benefits of working at the New York Fed is the variety of projects I’ve worked on. For instance, I analyzed large individual and county-level data sets to produce the Equitable Growth Indicators, learned how machine learning can be used to estimate traffic congestion, and estimated unwarranted racial disparities in the foster care system. Since joining the Bank, I’ve also gained substantial proficiencies in Stata, R, and LaTeX, on top of my pre-existing experience with those programs.

“Working with several economists enabled me to reflect on what subfields within economics I have the most enthusiasm for, which has helped me build a unique and specific set of interests in my graduate school applications.”

The variety of programs I’ve used and projects I’ve worked on have helped broaden my career options. Working with several economists enabled me to reflect on what subfields within economics I have the most enthusiasm for, which has helped me build a unique and specific set of interests in my graduate school applications. The RA program also offers tuition reimbursement to take additional economics and math courses to bolster our applications. I used this opportunity to take Real Analysis at Columbia during my first year, which confirmed my decision to pursue a PhD in economics.



Oliver Zain Hannaoui
OLIVER ZAIN HANNAOUI
How did you enjoy working with economists and the other RAs at the Bank?

Working with other economists and RAs at the Bank has been one of the most motivating experiences of my career. Never have I been surrounded by individuals who exhibited such a combination of technical prowess and passion for their work as I have at the New York Fed. The friendly environment cultivated at the Bank, where curiosity and questions are encouraged, has enabled me to make exponential leaps in my ability to conduct academic research in just two short years. Working with economists, I have been able to observe every step of the research process: idea generation, statistical modeling, paper drafting and submission—even drafting responses to journal referee reports!

“Never have I been surrounded by individuals who exhibited such a combination of technical prowess and passion for their work...”

I have benefitted from the collaborative nature of the RAs and their tremendously wide range of knowledge. I am always amazed by how quickly RAs will drop their current task to aid another RA with their questions. During my visit days at PhD programs, my research experience at the New York Fed was brought up numerous times by professors as a major strength of my application. I am extremely grateful to have participated in such a special RA program.



Neel Lahiri
NEEL LAHIRI
What surprised you most about your experience at the Bank?

I came into the job thinking that the experience would be more along the lines of a traditional pre-doctoral program, in which you are staffed to one project with one economist and exist more or less in a silo while doing your work. The work I did as an RA, however, was both far more collaborative and far more varied than I had expected.

With one of my economists, I worked on projects at the nexus of climate policy and international macroeconomics, looking at the spillover effects of the green transition.

With one of my economists, I worked on projects at the nexus of climate policy and international macroeconomics, looking at the spillover effects of the green transition. With another, I explored the formal links between banks and non-banks, like mutual funds, and investigated how deposit flows and fund flows corresponded during periods of financial stress. With yet another, I assisted with a project involving the impacts of usury limits on household finances.

All these projects involved working with co-authors both inside and outside of the Bank, as well as some of my fellow RAs (which was perhaps my favorite kind of collaboration!). The wide scope of experiences offered by the RA program allowed me to refine my research interests and broaden my basis of knowledge, which I think will help me immensely in my graduate studies.



Julia Wu
JULIA WU
How did the RA program help refine your career choices?

In my experience, most RAs don’t know what doing research full-time looks like before they get here—I certainly didn’t. In that sense, the RA program was instrumental in helping me understand whether a career in economic research was something I could envision for myself. I learned a lot about the research process from working on different types of projects, including both shorter-term policy work and long-term research.

“This project taught me how to use available data to draw timely, policy-relevant conclusions and communicate results to different audiences.”

For example, in a Liberty Street Economics post that I coauthored with economists Mary Amiti, Sebastian Heise, and Giorgio Topa, we examined drivers of the gap in labor force participation since the start of COVID-19, a topical question given today’s labor market. This project taught me how to use available data to draw timely, policy-relevant conclusions and communicate results to different audiences. In contrast, working on long-term projects taught me how economists iterate on research ideas and fine-tune specifications, how to seek out the right data sources or create new ones when needed, and how to be patient!

Finally, you learn a lot of transferable skills as an RA that are useful regardless of what you choose to do after. In particular, most RAs develop strong programming and data analysis skills, as well as deep institutional knowledge on the topics they worked on. This is certainly helpful for RAs who apply to graduate school, but those qualities are also valuable outside the field and have helped some of my peers find really cool jobs after finishing the RA program.

Co-Authored Publications

Note: Research Analysts' names are in bold.


FEDERAL RESERVE BANK OF NEW YORK PUBLICATIONS


2024
Rajashri Chakrabarti, Natalia Emanuel, and Ben Lahey. “Racial and Ethnic Inequalities in Household Wealth Persist,” Liberty Street Economics, June 26.

Rajashri Chakrabarti, Dan Garcia and Maxim Pinkovskiy. “Veterans in the Labor Market: 2024 Update,” Liberty Street Economics, May 22.

Martin Almuzara, Babur Kocaoglu and Argia Sbordone. “Is the Recent Inflationary Spike a Global Phenomenon?,” Liberty Street Economics, May 16.

Andrew Haughwout, Donghoon Lee, Daniel Mangrum, Joelle Scally, Wilbert van der Klaauw, and Crystal Wang. “Delinquency Is Increasingly in the Cards for Maxed-Out Borrowers,” Liberty Street Economics,” May 14.

Felix Aidala, Gizem Kosar, and Wilbert van der Klaauw. “The Post-Pandemic Shift in Retirement Expectations in the U.S.,” Liberty Street Economics, May 9.

Fulvia Fringuellotti and Saketh Prazad. “A Retrospective on the Life Insurance Sector after the Failure of Silicon Valley Bank,” Liberty Street Economics, April 10.

Ozge Akinci, Hunter Clark, Jeff Dawson, Matthew Higgins, Silvia Miranda-Agrippino, Ethan Nourbash, and Ramya Nallamotu. “What Happens to U.S. Activity and Inflation if China’s Property Sector Leads to a Crisis?,” Liberty Street Economics, March 26.

Richard Audoly, Martin Almuzara, Augustin Belin, and Davide Melcangi. “Will the Moderation in Wage Growth Continue?,” Liberty Street Economics, March 7.

Linda S. Goldberg and Oliver Zain Hannaoui. “Drivers of Dollar Share in Foreign Exchange Reserves,” Staff Reports, no. 1087, March.

Michael Fleming, Isabel Krogh, and Claire Nelson. “Measuring Treasury Market Depth,” Liberty Street Economics, February 12.

Andrew Haughwout, Donghoon Lee, Daniel Mangrum, Joelle Scally, Wilbert van der Klaauw, and Crystal Wang. “Auto Loan Delinquency Revs Up as Car Prices Stress Budgets,” Liberty Street Economics, February 6.

Marco Del Negro, Keshav Dogra, Aidan Gleich, Pranay Gundam, Donggyu Lee, Ramya Nallamotu, and Brian Pacula. “The New York Fed DSGE Model: A Post-Covid Assessment,” Staff Reports, no. 1082, January.

2023
Martin Almuzara, Babur Kocaoglu, and Argia Sbordone. “MCT Update: Inflation Persistence Declined Significantly in April,” Liberty Street Economics, June 2.

Gara Afonso, Marco Cipriani, Catherine Huang, and Gabriele La Spada. “Banks’ Balance-Sheet Costs and ON RRP Investment,” Liberty Street Economics, May 18.

Nina Boyarchenko, Richard Crump, Leonardo Elias, and Ignacio Lopez Gaffney. “Look Out for Outlook-at-Risk,” Liberty Street Economics, May 17.

Sergey Chernenko, Nathan Kaplan, Asani Sarkar, and David Scharfstein. “Applications or Approvals: What Drives Racial Disparities in the Paycheck Protection Program?,” Staff Reports, no. 1060, May.

Alena Kang-Landsberg, Stephan Luck, and Matthew Plosser. “Deposit Betas: Up, Up, and Away?,” Liberty Street Economics, April 11.

Gara Afonso, Marco Cipriani, Catherine Huang, Abduelwahab Hussein, and Gabriele La Spada. “Monetary Policy Transmission and the Size of the Money Market Fund Industry: An Update,” Liberty Street Economics, April 3.

Mary Amiti, Sebastian Heise, Giorgio Topa, and Julia Wu. “What Has Driven the Labor Force Participation Gap since February 2020?,” Liberty Street Economics, March 30.

Erica Bucchieri, Jacob Conway, Jack Glaser, and Matthew Plosser. “Does the CRA Increase Household Access to Credit?,” Liberty Street Economics, February 27.

Ozge Akinci, Gianluca Benigno, Hunter L. Clark, William Cross-Bermingham, and Ethan Nourbash. “How Much Can GSCPI Improvements Help Reduce Inflation?,” Liberty Street Economics, February 22.

Julian di Giovanni and Neel Lahiri, “How Much Can the Fed’s Tightening Contract Global Economic Activity?,” Liberty Street Economics, February 13.

Beverly Hirtle and Sarah Zebar. “Bank Profits and Shareholder Payouts: The Repurchases Cycle,” Liberty Street Economics, January 9.

Jacob Goss, Daniel Mangrum, and Joelle W. Scally. “Assessing the Relative Progressivity of the Biden Administration’s Federal Student Loan Forgiveness Proposal,” Staff Reports, no. 1046, January.

ACADEMIC JOURNALS, CONFERENCE VOLUMES, AND SCHOLARLY BOOKS


Daniel J. Lewis, Davide Melcangi, Laura Pilossoph, and Aidan Toner-Rodgers.  2023. “Approximating Grouped Fixed Effects Estimation via Fuzzy Clustering Regression,” Journal of Applied Econometrics, 38, no. 7: 1077-84.

Marco Del Negro, Marc P. Giannoni, and Christina Patterson. 2023. “The Forward Guidance Puzzle,” Journal of Political Economy Macroeconomics 1, no. 1 (March): 43–79.

Michael Fleming, Giang Nguyen, and Francisco Ruela. 2023. “Tick Size, Competition for Liquidity Provision, and Price Discovery: Evidence from the U.S. Treasury Market,” Management Science (January).

Kenechukwu Anadu, Ryan M. Craver, and Gabriele La Spada. 2022. “The Money Market Mutual Fund Liquidity Facility,” Economic Policy Review 28, no. 1 (June).

Nicola Cetorelli, Michael Jacobides, and Sam Stern. 2021. “Mapping a Sector's Scope Transformation and the Value of Following the Evolving Core,” Strategic Management Journal 42, no. 12 (December): 2294-2327.

Rajashri Chakrabarti and Max Livingston. 2021. “Tough Choices: New Jersey Schools during the Great Recession and Beyond.” Economic Policy Review 27, no. 1 (July).

Michael Cai, Marco Del Negro, Edward Herbst, Ethan Matlin, Reca Sarfati, and Frank Schorfheide. 2021. “Online Estimation of DSGE Models.” The Econometrics Journal 24, no.1 (January): C33-C58.

Linda Goldberg and April Meehl. 2020. “ Complexity in Large U.S. Banks.” Economic Policy Review 26, no. 2. (March).

Michael Cai, Marco Del Negro, Marc Giannoni, Abhi Gupta, Pearl Li, and Erica Moszkowski. 2019. “DSGE Forecasts of the Lost Recovery.” International Journal of Forecasting 35, no. 4 (October-December): 1770-89.

Jacob Adenbaum, Adam Copeland, and John J. Stevens. 2019. “Do Long-Haul Truckers Undervalue Future Fuel Savings?Energy Economics 81 (June):1148-66.

Michael Abrahams, Tobias Adrian, Emanuel Moench and Rui Yu. 2016. “Decomposing Real and Nominal Yield Curves.” Journal of Monetary Economics 84 (December): 182-200.

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.

Brandyn Bok, Daniele Caratelli, Domenico Giannone, Argia Sbordone, and Andrea Tambalotti. 2018. “Macroeconomic Nowcasting and Forecasting with Big Data,” Annual Review of Economics, 10, no. 1 (August): 615-43.

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.

FAQ
What is your contact info?
The Federal Reserve Bank of New York is located at 33 Liberty Street, between Nassau and William Streets, in downtown Manhattan.

Directions

E-mail us

What areas of research will I be working on?
As an RA, your area of focus will largely align with that of the department you are assigned to. The Research Group has four divisions, each containing three departments:

Financial Intermediation Policy Research
  • Banking Studies
  • Climate Risk Studies
  • Non-Bank Financial Institution Studies
Financial Stability Policy Research
  • Capital Markets Studies
  • Macrofinance Studies
  • Money and Payments Studies
Household and Public Policy Research
  • Consumer Behavior Studies
  • Equitable Growth Studies
  • Urban and Regional Studies
Monetary Policy Research
  • International Studies
  • Labor and Product Market Studies
  • Macroeconomic and Monetary Studies

More about Research and Statistics

Do I need a strong background in computer programming?
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.

What benefits does the New York Fed offer?
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

Do you offer tuition assistance?
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.

Is this a long-term job?
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.

Are non-U.S. citizens eligible for hiring?
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.

I’m still in college. Does the Research Group offer a summer internship program?
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



LIVING AND WORKING IN NEW YORK CITY
Living in NYC is a unique experience, one that evokes a variety of perspectives from those navigating its many opportunities. Several current and former RAs share their thoughts.

  • “My favorite aspect of living/working in NYC is the wealth of access to things to do in the city! You hear all the time about how lively the city is but experiencing it first-hand was a welcome surprise.” – Roshie Xing, Research Analyst
  • “All of New York's transit system is centered around FiDi: that means the whole city is accessible after work, but it also means you have extremely high flexibility for where to live since there are so many easy commutes.” – Nish Sinha, Research Analyst


  • “My favorite aspect of working in New York City is how interconnected everything is. There is an entire universe of possibilities that are all available without needing a car.” – Jacob Kim-Sherman, Research Analyst
  • “I’m surprised by how quiet NYC can be. I now live right next to Prospect Park, which has several expanses of fields that are peaceful (except on weekends).” – William Zeng, Research Analyst

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Webinar: Careers in Economics
90 minute video

HOW DO I APPLY?

Applications for positions with a summer 2025 start date are now closed.


VIDEO: LIFE AT THE FED
Hear from RAs about their experience at the New York Fed.






portrait of Kartik Athreya New York Fed Director of Research Kartik Athreya spoke to pre-doctoral economics students about the individual challenge of “getting into, and then through, a respected Ph.D. program” and the broader topic of the importance of diversity in economics.

Former Director of Research Beverly Hirtle spoke about her career path from studying economics in college to leadership roles at the New York Fed in a St. Louis Fed podcast on Women in Economics. offsite

 
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