F E D E R A L R E S E R V E B A N K o f N E W Y O R K

N e w Y o r k F e dR e s e a r c h & S t a t i s t i c s G r o u p

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What Does a Research Analyst Do?

Research Analysts (RAs) have two primary responsibilities:

l Assisting economists in the analysis of current public policy issues and eventsRAs 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. Current analysis often culminates in reports or presentations to the Bank’s president and senior management.

l 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 with the economists.

Some day-to-day activities include:l Performing econometric, computational,

and analytical research intended for Bank publications as well as academic journals

l Programming in statistical packages, such as SAS, STATA, and MATLAB

l Running financial, banking, macroeconomic, and international forecasting models

l Reviewing and organizing economic and financial data

l Compiling and assessing information from academic journals, market sources, and government reports

l Writing or assisting with reports and presentations on current economic and financial conditions and policy issues

l Developing spreadsheet/web macros and programs to facilitate and improve data manipulation and analysis

l Preparing background materials for and assisting in the formulation of senior management briefings.

• Bachelor’sdegreeineconomics,mathematics,statistics,orarelatedfield• Experience with large databases and statistical packages (for example, SAS,

STATA, MATLAB)• Strong analytical and decision-making abilities• Ability to provide effective verbal and written analysis• Legal authorization to work in the United States on a multi-year basis for other than

practical training purposes

RAIDEN HASEGAWA Macroeconomic and Monetary Studies

“Having worked in energy trading and consulting before arriving at the New York Fed, I can confidently say that the life of an RA in the Research Group is not your average post-college experience. From taking funded graduate mathematics and computer science courses to working with cutting-edge computational macroeconometric techniques, the opportunities I’ve been given for both academic and professional growth have been unparalleled.

But the most memorable aspect of this job is the people I have come to know as both colleagues and friends. With top economists invested in my success as a researcher, Nobel Prize–winning professors available for consultation, and fellow RAs who are some of the sharpest and most engaging people I’ve met, the atmosphere on the Research floor is lively and intellectual but still incredibly welcoming. There aren’t many jobs where you can create macroeconomic forecasts for the president of the New York Fed, grab a casual lunch with a Nobel laureate in the cafeteria, and discuss sports analytics and favorite Seinfeld episodes with fellow RAs all in the same day.”

The Research Group offers a broad range of opportunities for bachelor’s degree candidates with a strong background in economics, mathematics, and statistics.

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What Are Some Advantages of Working Here?

Near-term benefitsResearch Analysts enjoy the benefits ofl Interaction with leading economists and

analysts on key policy and research issuesl Eligibility for tuition reimbursement for

individual courses, certificate programs, and graduate programs

l Access to resources designed to build business, computer, and writing skills

Long-term gainsResearch Analysts have gone on to enter prestigious academic programs, receive National Science Foundation and other highly regarded grants, and accept challenging positions in business and banking.

Career steps taken by former RAs include:l PH.D. PROGRAMS IN ECONOMICS

AND/OR FINANCE Berkeley, Brown, Caltech, Chicago, Columbia, Cornell, Harvard, Michigan, Minnesota, MIT, Northwestern, NYU, Penn, Princeton, Rochester, Stanford, UCLA, Wisconsin, Yale

l MASTER’S PROGRAMS IN PUBLIC

POLICY Berkeley, Chicago, Columbia, Harvard, Princeton, Yale

l MASTER’S PROGRAMS IN BUSINESS

ADMINISTRATION Chicago, Columbia, Harvard, MIT Sloan, NYU Stern, Stanford, Wharton

l FEDERAL RESERVE BANK OF NEW

YORK Chief of Staff ’s Office; Emerging Markets and International Affairs; Financial Institution Supervision; Markets Group; Risk Group

l BUSINESS American Express, Cantor Fitzgerald, Facebook, Goldman Sachs, ISI Group, JPMorgan Chase, Morgan Stanley, NERA Economic Consulting, Standard and Poor’s

l NONPROFIT ORGANIZATIONS

Brookings Institution, Council on Foreign Relations, NBER

l LAW AND PUBLIC SERVICE Berkeley, Columbia, Harvard, Michigan, NYU, Yale, IMF, Peace Corps

ROSA HAYES Money and Payments Studies

“During my time in Money and Payments Studies, I’ve been involved in research related to funding markets, interbank payment systems, and the use and usage of money. This work has given me a well-founded understanding of the functioning of the financial system and a unique perspective on the transmission mechanism of monetary policy. Not only have I learned a lot about these fields of research, but working with economists on their policy work and academic research has also helped me become a better researcher and economic thinker more broadly. The economists here truly value mentorship and encourage the RAs to actively participate in the research process. There are also many opportunities to collaborate with and learn from fellow RAs on function-wide policy projects, and the RA community in the Research Group is lively and engaging. Outside of research, I’ve had the opportunity to attend seminars and conferences about interesting and important topics in economics and finance, such as the Fed’s workshop on tri-party repo infrastructure reform. These experiences have been particularly rewarding because they highlight the connections between the academic research I contribute to as an RA and current economic issues.”

Capital MarketsFocus: asset pricing; financial institutions; market liquidity; the interaction between markets, institutions, and economic fundamentals

Research Topics: links between financial markets and the macroeconomy; estimation of risk premia in stock, bond, and derivatives markets; interaction between financial institutions’ balance sheets and risk premia; financial market stress and the measurement of systemic risk

Financial IntermediationFocus: behavior, stability, and regulation of banks and other financial institutions; interactions between the financial system, financial markets, and the real economy

Research Topics: financial crises; banks and the real economy; financial innovation; risk management and measurement; financial system regulation and capital requirements; corporate finance and corporate governance; securitization; global banking; household finance and mortgages; restructuring and resolution of failed institutions

International ResearchFocus: international trade, finance, and macroeconomic issues

Research Topics: global banks and international transmission; financial crises and trade performance; capital flows and risk sharing among countries; fiscal and monetary policy spillovers; exchange rate effects on prices, labor markets, and investment; forecasting exchange rates and commodity prices

Macroeconomic and Monetary StudiesFocus: monetary policy; national economic conditions; macroeconomic research

Research Topics: monetary policy transmission; monetary policy and the zero bound; monetary policy and learning; sources of inflation dynamics; changes in the inflation-unemployment relationship; goods and services price inflation; the relationships between inflation expectations, forecast dispersion, and uncertainty; methods of determining trend and cyclical productivity growth; changes in inventory dynamics and business cycles; the yield curve and recessions; forecasting using large macroeconomic panels; labor market dynamics; analysis of recent housing price trends; tax changes and consumer spending; DSGE model estimation and forecasting; financial frictions, liquidity, and the macroeconomy; fiscal and monetary policy interaction

Microeconomic StudiesFocus: theoretical and applied areas of microeconomics; labor, public, urban, and health economics; household finance; applied econometrics

Research Topics: analysis of household balance sheets and consumer credit; financial education and household debt; student loans; consumption responses to income and wealth shocks; household expectations and their links to economic behavior; formation and updating of subjective expectations; social interactions; referrals and job market outcomes; skill and locational mismatch in the labor market; education (both K-12 and higher

ERIC LEWIN Financial Intermediation

“My time as a Research Analyst in Financial Intermediation has given me unparalleled exposure to some of the most exciting financial policy initiatives in the country. One of my main responsibilities is working on a team with economists and other RAs to develop and implement the models used to forecast bank revenues for the annual Dodd-Frank Act stress tests. I feel privileged to work on an influential new regulatory initiative following the financial crisis, and I am proud to have the opportunity to contribute to the stability of the nation’s financial system. In my first job after earning my undergraduate degree, I find it fulfilling to read about the impact of my project in the morning newspapers. I have no doubt that the skills and experience the RA Program has given me will prove invaluable when I begin law school in the fall, as well as throughout my subsequent career.”

Research Analysts join one of the Group’s seven areas, which conduct both policy-oriented analysis and long-term research projects. Most RAs stay in the position for two to three years.

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education); empirical analysis of auctions; land markets in U.S. metropolitan areas; the housing and mortgage markets; healthcare and the health insurance market; fiscal interactions within U.S. metropolitan areas; sources of change in U.S. income distribution; evaluation of tax and labor market reforms

Money and Payments StudiesFocus: short-term funding markets; global payments systems; financial market infrastructure

Research Topics: design and evaluation of Federal Reserve lending facilities; bank behavior in short-term funding markets; money market mutual fund reform; tri-party repo reform; discount window policy; payments systems design; operational resiliency of payments under adverse shocks; international securities settlement; implementation of monetary policy

Regional Analysis

Focus: regional economics, with an emphasis on issues of interest to the Second District of the Federal Reserve System

Research Topics: development of regional economic activity indexes; human capital and local economic development; analysis of K-12 and higher-education policies and outcomes; K-12 and higher-education finance; information content of regional business surveys; regional housing markets

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 course-workineconomics,mathematics,statistics,finance,orrelatedfields.

The Tuition Assistance Program has enabled RAs to:

●• Earn a master’s degree in statistics (Columbia University) while working at the Bank

●• Participateinotherdegreeandcertificateprograms(NewYorkUniversityandColumbia University)

●• Take individual graduate-level classes such as stochastic calculus, probability, statistics, real analysis, linear regression models, time series regression, linear algebra, continuous-timefinance,derivativesecurities,graphtheory,andpartialdifferentialequations.

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“There are precious few entry-level jobs that give you the opportunity to contribute to meaningful work from the outset, but this is certainly one of them. Working directly with economists on their research projects means that my work is always interesting and rewarding. I am constantly pushed to learn and grow both mathematically and economically, forcing me to think outside of the box and to expand my horizons.

The environment here is incredibly collaborative, with both economists and fellow RAs happy to help work through tricky econometric problems. This is especially

helpful in Capital Markets, where the tools and theory involved are (at least initially) less familiar. I’ve also had the opportunity to work on policy issues as part of the FOMC cycle and have attended meetings with the Bank president and other senior economists, hearing and thinking through key policymakers’ thoughts on important issues in central banking.

Above all, my work at the New York Fed has allowed me to explore my interests in economics and finance while under the mentorship of top economists. I could not imagine a better preparation for graduate school.”

L-R: Tara Sullivan and Matthew Yeaton, working together.

MATTHEW YEATON Capital Markets

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Macroeconomics and GrowthMarc P. Giannoni and HANNAH

HERMAN. “Has the Fed Stabilized the Price Level?” 2013. Liberty Street Economics blog, November 27.

VICTORIA GREGORY, CHRISTINA

PATTERSON, Ayşegül Şahin, and Giorgio Topa. 2014. “Why Is the Job-Finding Rate Still Low?” Liberty Street Economics blog, February 19.

SAMUEL KAPON and Ayşegül Şahin. 2014. “Just Released: Beyond the Unemployment Rate: Eight Different Faces of the Labor Market.” Liberty Street Economics blog, March 10.

Antoine Martin, James McAndrews, ALI PALIDA, and David Skeie. 2013. “Federal Reserve Tools for Managing Rates and Reserves.” Staff Reports, no. 642, September.

Ayşegül Şahin, JOSEPH SONG, Giorgio Topa, and Giovanni Violante. 2012. “Mismatch Unemployment.” Staff Reports, no. 566, August.

InternationalLinda Goldberg, Cindy Hull, and SARAH STEIN. 2013. “Do Industrialized Countries Hold the Right Foreign Exchange Reserves?” Current Issues in Economics and Finance 19, no. 1.

Thomas Klitgaard and RICHARD

PECK. 2014. “High Unemployment and Disinflation in the Euro Area Periphery Countries.” Liberty Street Economics blog, July 14.

MicroeconomicsMeta Brown, SARAH STEIN, and Basit Zafar. 2013. “The Impact of Housing Markets on Consumer Debt: Credit Report Evidence from 1999 to 2012.” Staff Reports, no. 617, May.

Rajashri Chakrabarti and NOAH

SCHWARTZ. 2013. “Unintended Consequences of School Accountability Policies: Evidence from Florida and Implications for New York.” Economic Policy Review 19, no. 1 (May): 19-57.

Andrew Haughwout, SARAH SUTHERLAND, and Joseph Tracy. 2013. “Negative Equity and Housing Investment.” Staff Reports, no. 636, September.

James Orr, Rae Rosen, MAX

LIVINGSTON, KAIVAN K. SATTAR, and Eric Stern. 2013. “At the N.Y. Fed: Managing the Risk of Catastrophes—Protecting Critical Infrastructure in Urban Areas.” Liberty Street Economics blog, November 22.

Banking and FinanceGara Afonso, João Santos, and JAMES

TRAINA. 2014. “Do ‘Too-Big-to-Fail’ Banks Take On More Risk?” Economic Policy Review 20, no. 2, forthcoming.

SAMUEL ANTILL, DAVID HOU, and Asani Sarkar. 2014. “Components of U.S. Financial Sector Growth, 1950-2013.” Economic Policy Review 20, no. 2, forthcoming.

Nicola Cetorelli, James McAndrews, and JAMES TRAINA. 2014. “Evolution in Bank Complexity.” Economic Policy Review 20, no. 2, forthcoming.

Beverly Hirtle, Anna Kovner, James Vickery, and MERU BHANOT. 2014. “The Capital and Loss Assessment under Stress Scenarios (CLASS) Model.” Staff Reports, no. 663, February.

RAVI BHALLA Microeconomic Studies

“The Research Analyst position should be a top-choice job for any young researcher looking to gain experience with academic economics, improve his or her data and statistical programming skills, or prepare for graduate school. The Research Group offers recent graduates an opportunity to work with advanced economic and econometric techniques alongside distinguished economists and bright, intellectually driven RAs at an institution that is both highly respected and highly influential.

As an RA in the Microeconomic Studies Function, I’ve worked with a wide variety of applied microeconomic and econometric techniques, pushing my intuition for data to a substantially higher level. After a year at the New York Fed, I have newfound respect for rigorous analysis, and I’m grateful for the combination of analytical skill and economic reasoning that is taught and encouraged here.”

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DAVID HOU and David Skeie. 2014. “LIBOR: Origins, Economics, Crisis, Scandal, and Reform.” Staff Reports, no. 667, March.

Adam Kirk, James McAndrews, PARINITHA SASTRY, and Phillip Weed. 2014. “Matching Collateral Supply and Financing Demands in Dealer Banks.” Economic Policy Review 20, no. 2, forthcoming.

Anna Kovner, James Vickery, and LILY

ZHOU. 2014. “Do Big Banks Have Lower Operating Costs?” Economic Policy Review 20, no. 2, forthcoming.

Quantitative MethodsVasco Cúrdia, Marco Del Negro, and DANIEL GREENWALD. 2012. “Rare Shocks, Great Recessions.” Staff Reports, no. 585, December.

Marco Del Negro, Stefano Eusepi, Marc Giannoni, Argia Sbordone, Andrea Tambalotti, MATTHEW COCCI, RAIDEN

HASEGAWA, and M. HENRY LINDER. 2013. “The FRBNY DSGE Model.” Staff Reports, no. 647, October.

Robert Rich, JOSEPH SONG, and Joseph Tracy. 2012. “The Measurement and Behavior of Uncertainty: Evidence from the ECB Survey of Professional Forecasters.” Staff Reports, no. 588, December.

Matthew Denes, Gauti Eggertsson, and SOPHIA GILBUKH. 2013. “Deficits, Public Debt Dynamics, and Tax and Spending Multipliers.” Economic Journal 123, no. 566 (February): F133-63.

Xavier Giné, LEV MENAND, Robert Townsend, and James Vickery. 2012. “Microinsurance: A Case Study of the Indian Rainfall Index Insurance Market.” In Chetan Ghate, ed., The Oxford Handbook of the Indian Economy, 167-94. Oxford: Oxford University Press.

Andrew Haughwout, Richard Peach, JOHN SPORN, and Joseph Tracy. 2013. “The Supply Side of the Housing Boom and Bust of the 2000s.” In Edward Glaeser and Todd Sinai, eds., Housing and the Financial Crisis. NBER conference volume. Chicago: University of Chicago Press.

Hamid Mehran and LINDSAY

MOLLINEAUX. 2012. “Corporate Governance of Financial Institutions.” Annual Review of Financial Economics 4, October: 215-32.

“Working as an RA at the New York Fed is one of the best ways to get your feet wet as a research economistandtofigureoutwhetherpursuingaPh.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 acquirearangeofhardskills(programming,econometrics, building economic models) and soft skills(identifyinginterestingresearchquestions)that will prove to be invaluable if you decide to pursue a research career.”

SAMUEL HANSON, Assistant Professor of Finance at Harvard Business School and Faculty Research Fellow at the National Bureau of Economic Research, reflects on his experience at the New York Fed.

MEGAN HUNTER International Research

“The Federal Reserve Bank of New York is a very exciting place to be! I love seeing the work we do in the news. As part of my role as a Research Analyst, I help prepare reports that forecast key economic indicators. I’m also able to sit in on meetings with the president of the New York Fed, when economists update him on the most recent developments in the economy.

Additionally, I assist the economists on their long-term research projects. I have worked on projects ranging from refining a GDP forecasting model to analyzing how sanctions implemented under the No Child Left Behind Act affect school test scores. The atmosphere at the Fed is very collaborative. The RAs and the economists are always willing to help. Working here has greatly increased my programming skills, central banking knowledge, and general economic intuition.”

NEW YORK FED

RESEARCH

New York Fed Research Analysts at the Bank’s main entrance.

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• Competitive starting salary• Relocation assistance• Flexible work schedule• Matching 401(k) savings plan

• Commutation assistance• Health, dental, and vision insurance• Tuition assistance for undergraduate

and graduate courses

FederalReserveBankofNewYorkBenefitsataGlance

To apply online for a Research Analyst position, visit: www.newyorkfed.org/careersThe Federal Reserve Bank of New York is an equal opportunity employer.

IF YOU’RE A STUDENT INTERESTED IN THE NEW YORK FED,check out our Undergraduate

Summer Analyst Program: http://www.newyorkfed.org/ careers/summerintern.html

New York Fed Research Analysts at the Bank’s main entrance.