Research Analysts

• Talented individuals with a background in economics, mathematics, statistics, or a related field make the best RAs.
• 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).  
• We’re also looking for candidates with solid analytical and decision-making abilities and good communication skills.

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 five from the National Science Foundation in 2021.

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.

 

The Federal Reserve Bank of New York is located at 33 Liberty Street, between Nassau and William Streets, in downtown Manhattan.

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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

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.

POSITION	STARTING	DURATION	WINDOW FOR APPLYING
Research Analyst	Summer 2023	2 years	Aug. 15 - Oct. 15
Internship (juniors expected graduation date Dec 2023 or Spring 2024)	June 2023	10 weeks	Aug. 29 - Nov. 1
Internship (sophomores expected graduation date Dec 2024 or Spring 2025)	June 2023	8 weeks	Aug 15 - Sept. 23

More about the Undergraduate Summer Analyst Program

I’ve enjoyed having the opportunity to learn from the many economists and fellow RAs. The economists I work with have made a conscious effort to involve me in all parts of the research process, from coding cutting-edge statistical methods to participating in meetings to interpret the most recent regression results. They also explained their methods, such as why they selected a certain model or presented their research in a certain order, which I find very helpful as I consider a career as an economist. They offered lots of advice to help me prepare for graduate studies, explained how seminar discussants and peer-review referee reports work, provided feedback on how I can improve as a researcher, and challenged me to think independently as an analyst.

     I particularly enjoyed the economist lunch presentation series that focused specifically on various economists’ careers and backgrounds. RAs were able to engage in discussions with economists about their past and present research projects and were encouraged to have an open dialogue with them. I’ve appreciated being able to ask big-picture questions about their careers, what they enjoy about research, and why they chose to join the Federal Reserve.
     Being a part of the RA community has been a highlight of my experience here. We have learned so much about the fine details of research work from each other and have supported each other through the graduate program application process, all while navigating our jobs.

Being a research analyst felt more like attending an extremely well-resourced school than working for an employer. My team’s job was to think deeply about issues that interested us. I spent most of my time analyzing data and discussing the results with my supervising economists. Explaining my work to senior scholars and answering their questions on the spot was both challenging and fun. I also got to listen to weekly research seminars, use our onsite library, and take fully funded math courses through Columbia University.

     My cohort became my close friends. We ate lunch together every day in the office cafeteria, where our conversations bounced from international relations to economics-related memes to recruitment for the Bank’s active intramural sports teams. My peers were ambitious, passionate, and unapologetically themselves. They were Phi Beta Kappa economics graduates and supportive friends with sharp senses of humor and big dreams. Every analyst who applied to a Ph.D. program this year placed into a top fifteen school. I am grateful to have started my career at the New York Fed.

I joined the RA program because I was interested in research and thought being an RA would help me decide whether I wanted to pursue a Ph.D. As an RA, I have learned from brilliant economists and smart and fun colleagues in the RA program about how to study economic questions. I learn something new every day—whether about coding (in Stata, Python, SQL, git), banking, finance, or economic theory—which is the essence of a Ph.D. program (knowledge discovery). Working as an RA gave me some insight into the types of research projects I would work on as a graduate student. For the past year, I’ve been working with one of the Bank’s economists, Stephan Luck, and co-authors at Stanford, to understand the implications of the LIBOR transition on the corporate lending market—which is over $4 trillion in the U.S. I’ve also worked with economists and financial analysts from across the Federal Reserve System to develop new and better ways to model bank revenues for stress testing purposes.

     These experiences have made me more interested in understanding how banking and supervision work—and how they have changed since the financial crisis. They’ve also given me knowledge and perspective about the financial system that I hope to leverage as an academic researcher in the future.

As a research analyst for the Financial Intermediation function, I’ve had exposure to a variety of topics ranging from bank complexity to exchange market pressures to COVID-19 policy impacts. These projects pushed me from both a research perspective and a technical perspective. The economists challenged me to think more critically, ask better questions, and hone my own curiosity. For example, economist Linda Goldberg and I would have “red team meetings” where we would look at our analysis and find weak spots, and then discuss how to address these holes.

     The work has truly sharpened my skills, but my personal development did not stop there. Each of the economists I worked with took time and energy to offer feedback, support, and advice as I thought through my next steps. They were interested in my future and working with me to find my best path. As I explored my options, I also found support and comfort through other RAs. For every question I have ever had and every anxiety I felt, there was an RA friend who was willing to help. My friends have been an incredible bank of knowledge and always challenged me and helped me learn. Overall, the Fed brought me an incredible network of support, mentorship, and friendship that I will always cherish.

Note: Research analysts' names are in bold.

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Jessica Battisto, Nathan Godin, Claire Kramer Mills, and Asani Sarkar. 2021. “Who Benefited from PPP Loans by Fintech Lenders?” Liberty Street Economics, May 27.

Jiakai Chen, Haoyang Liu, David Rubio, Asani Sarkar, and Zhaogang Song. 2021. “Did Dealers Fail to Make Markets during the Pandemic?” Liberty Street Economics, March 24.

Peter Van Tassel and Charles Smith. 2021. “The Law of One Price in Equity Volatility Markets.” Liberty Street Economics, February 1.

Gara Afonso, Marco Cipriani, Steph Clampitt, Haitham Jendoubi, Gabriele La Spada, and Will Riordan. 2020. “How Bank Reserves Are Distributed Matters. How You Measure Their Distribution Matters Too.” Liberty Street Economics, November 24.

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.

David Dam, Davide Melcangi, Laura Pilossoph, and Will Schirmer. 2021. “Who’s Ready to Spend? Constrained Consumption across the Income Distribution.” Liberty Street Economics, May 13.

William Chen, Marco Del Negro, Michele Lenza, Giorgio Primiceri, and Andrea Tambalotti. 2020. “What’s Up with the Phillips Curve?” Liberty Street Economics, September 18.

Anna Kovner, Stephan Luck, and Sungmin An. 2020. “Implications of the COVID-19 Disruption for Corporate Leverage.” Liberty Street Economics, August 10.

Jessica Lu and Wilbert van der Klaauw. 2021. “Consumer Credit Demand, Supply, and Unmet Need during the Pandemic.” Liberty Street Economics, May 20.

Ruchi Avtar, Rajashri Chakrabarti, Maxim Pinkovskiy, and Giorgio Topa. 2021. “Racial and Income Gaps in Consumer Spending following COVID-19.” Liberty Street Economics, May 13.

Olivier Armantier, Leo Goldman, Gizem Koşar, and Wilbert van der Klaauw. 2021. “An Update on How Households Are Using Stimulus Checks.” Liberty Street Economics, April 7.

Olivier Armantier, Gizem Koşar, Rachel Pomerantz, and Wilbert van der Klaauw. 2020. “The Disproportionate Effects of COVID-19 on Households with Children.” Liberty Street Economics. August 13.

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.

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.

ACADEMIC JOURNALS, CONFERENCE VOLUMES, AND SCHOLARLY BOOKS

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

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

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.

After their time at the New York Fed, RAs typically pursue graduate studies, enter the workforce, become economics professors, or even join our staff.

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“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.”