- 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.
- 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
POSITION | STARTING | DURATION | APPLICATION WINDOW |
Research Analyst | Summer 2024 | 2 years | Sept. 6 - Oct. 1, 2023 |
Summer Analyst—Junior (expected graduation in Dec 2024 or Spring 2025) |
June 2024 | 10 weeks | Aug. 31 - Nov.1, 2023 |
Summer Analyst—Sophomore (expected graduation in Dec 2025 or Spring 2026) |
June 2024 | 8 weeks | Aug. 31 - Oct. 4, 2023 |
- 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
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.
![](/medialibrary/media/research/careers/research_analysts/2020_pix/ra_2020_recruitment_pie-chart.jpg?la=en&hash=DE284010EDFC1F21E1B5441C141BB990)
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.
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!
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.
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.
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!
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.
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 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.
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.
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.
Note: Research Analysts' names are in bold.
Sergey Chernenko, Nathan Kaplan, Asani Sarkar, and David S. Scharfstein. “What Drove Racial Disparities in the Paycheck Protection Program?,” Liberty Street Economics, June 1.
Rajashri Chakrabarti, Dan Garcia, and Maxim Pinkovskiy. “Do Veterans Face Disparities in Higher Education, Health, and Housing?,” Liberty Street Economics, May 25.
Ozge Akinci, Gianluca Benigno, Marco Del Negro, Ethan Nourbash, and Albert Queralto. “Measuring the Financial Stability Real Interest Rate, r**,” Liberty Street Economics, May 24.
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.
Thomas Klitgaard and Ethan Nourbash. “Assessing the Outlook for Employment across Industries,” Liberty Street Economics, May 10.
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.
Marco Del Negro, Aidan Gleich, Donggyu Lee, Ramya Nallamotu, and Sikata Sengupta. “The New York Fed DSGE Model Forecast—March 2023,” Liberty Street Economics, March 24.
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.
Rajashri Chakrabarti, Dan Garcia, and Maxim Pinkovskiy. “Inflation Disparities by Race and Income Narrow,” Liberty Street Economics, January 18.
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.
Marco Del Negro, Aidan Gleich, Donggyu Lee, Ramya Nallamotu, and Sikata Sengupta. “The New York Fed DSGE Model Forecast—December 2022,” Liberty Street Economics, December 16.
Felix Aidala and Gizem Kosar. “SCE Labor Market Survey Shows Average Reservation Wage Continues Upward Trend,” Liberty Street Economics, December 19.
Alena Kang-Landsberg and Matthew Plosser. “How Do Deposit Rates Respond to Monetary Policy?,” Liberty Street Economics, November 21.
Michael Fleming and Claire Nelson. “How Liquid Has the Treasury Market Been in 2022?,” Liberty Street Economics,” November 15.
Linda S. Goldberg and Stone B. Kalisa. “Do Exchange Rates Fully Reflect Currency Pressures?,” Liberty Street Economics, November 10.
Rajashri Chakrabarti, Kasey Chatterji-Len, Daniel Garcia, and Maxim Pinkovskiy. “How Have Racial and Ethnic Earnings Gaps Changed after COVID-19?,” Liberty Street Economics, October 20.
David Dam, Davide Melcangi, Laura Pilossoph, and Aidan Toner-Rodgers. “What Have Workers Done with the Time Freed up by Commuting Less?,” Liberty Street Economics, October 18.
Adam Copeland, Catherine Huang, and Kailey Kraft. “With Abundant Reserves, Do Banks Adjust Reserve Balances to Accommodate Payment Flows?,” Liberty Street Economics, October 12.
Felix Aidala, Olivier Armantier, Fatima-Ezzahra Boumahdi, Gizem Kosar, Devon Lall, Jason Somerville, Giorgio Topa, and Wilbert van der Klaauw. “New SCE Charts Include a Measure of Longer-Term Inflation Expectations,” Liberty Street Economics, October 11.
Andrew Haughwout, Ben Hyman, Benjamin Lahey, and Jason Somerville. “Eviction Expectations in the Post-Pandemic Housing Market,” Liberty Street Economics, October 4.
Jacob Goss, Daniel Mangrum, and Joelle Scally. “Revisiting Federal Student Loan Forgiveness: An Update Based on the White House Plan,” Liberty Street Economics, September 27.
Daniel J. Lewis, Davide Melcangi, Laura Pilossoph, and Aidan Toner-Rodgers. “Approximating Grouped Fixed Effects Estimation via Fuzzy Clustering Regression,” Staff Reports, no. 1033, September.
Nathan Kaplan, Claire Kramer Mills, and Asani Sarkar. “Did Changes to the Paycheck Protection Program Improve Access for Underserved Firms?,” Liberty Street Economics, July 6.
Olivier Armantier, Fatima Boumahdi, Gizem Kosar, Jason Somerville, Giorgio Topa, Wilbert van der Klaauw, and John C. Williams. “What Do Consumers Think Will Happen to Inflation?,” Liberty Street Economics, May 26.
Fatima-Ezzahra Boumahdi, Leo Goldman, Andrew Haughwout, Ben Hyman, Haoyang Liu, and Jason Somerville. “Expected Home Price Increases Accelerate over the Short Term but Remain Stable over the Medium Term,” Liberty Street Economics, April 18.
Daniel J. Lewis, Davide Melcangi, Laura Pilossoph, and Aidan Toner-Rodgers. “Approximating Grouped Fixed Effects Estimation via Fuzzy Clustering Regression,” Journal of Applied Econometrics, forthcoming.
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.
Directions
E-mail us
Financial Intermediation Policy Research
- Banking Studies
- Climate Risk Studies
- Non-Bank Financial Institution Studies
- Capital Markets Studies
- Macrofinance Studies
- Money and Payments Studies
- Consumer Behavior Studies
- Equitable Growth Studies
- Urban and Regional Studies
- International Studies
- Labor and Product Market Studies
- Macroeconomic and Monetary Studies
More about Research and Statistics
More about Benefits
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.
More about the Undergraduate Summer Analyst Program