Economic Analyst

CompanyFederal Reserve Bank of Philadelphia

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware.
Performs highly complex statistical and econometric analyses to support or prove the research initiated by economists. Identifies and collects data required for research projects, monetary policy, and senior management briefings. Initiates and conducts independent and highly technical economic research for major phases of long-term projects. Reviews the work of lower-level research support staff and provides training and leadership to promote professional development of staff. May analyze data relative to banking activities of holding companies and mergers to determine their permissibility and for formulating related recommendations. May conduct and analyze studies of complex issues and difficult cases related to banking structure. Assigns and coordinates the work of lower-level analysts and interns and provides guidance on economics and mathematics as required.

• Designs and maintains analytical capabilities (including, databases, complex econometric models, forecast models, and surveys) to support ongoing and one-time research projects that may support banking analysis, consumer finance, macroeconomics, monetary policy, and regional economics.
• Coordinates the production of publications and the web posting review process, including providing html or pdf files for inclusion on the Bank's external website.
• Performs statistical and econometric analysis on personal and network computers; organizes data for analysis and writes computer programs using the best-suited statistical software. Presents results of research to economists and management in oral or written reports.
• Prepares written reports of data and analysis for publication.
• May act as liaison with other departments to coordinate interdepartmental efforts related to research department products, data, procedures, or systems.
• Writes programs to automate routine processes for ongoing research products.

• Document’s procedures, data sources, and statistical tests that have been performed on the data.
• Trains and assists other analysts on procedures and in the mastery of new software programs. Provides expert advice on critical changes to key data and production software and on technical innovations to other analysts and economists.
• May manage internal or external data sources and software; provide staff with updates on data definitions, revisions, upgrades, and availability; and update written documentation.
• Reviews highly technical literature on research topics and implements the techniques (such as estimating polynomial distributed lags or Bayesian vector autoregression) for research projects.
• Uses working knowledge of the department's major software packages to determine which is best-suited to provide the analysis required for a research project. Uses knowledge of the department's major data sources to determine which source is best suited for a project.
• Works individually or in a group to identify, communicate, and implement changes and initiatives with the goals of improving production quality, credibility, and efficiency.
• May assist in recruiting, hiring, and training of new analysts.

• Works independently to monitor and analyze regional and national economic developments and presents analysis to department staff, senior Bank management, and Board of Governors, orally and in writing. Conducts original research conceptualizes research problem and formulates empirical study.
• Coordinate’s research projects and directs activities of research assistants and analysts and other staff, as assigned. Applies highly technical economic research expertise or specialized subject knowledge to assist staff economists.
• Compile’s simulation or forecasts of economic variables for use in pre-Federal Open Market Committee (FOMC) briefings. Produces standard charts, as well as data and analysis for special topic briefings.
• Fulfills job duties and responsibilities in conformance with sound security practices.
• Performs other duties as assigned.

Knowledge and Skills:

• In-depth knowledge of economic data and its sources and of Haver and other data services subscribed to by the Research Department.
• In-depth knowledge of and experience with PC and network computing environments and econometric, statistics, database, and survey software packages, such as R, SAS, SQL, ARCGIS, EViews, LimeSurvey, as well as the Bank's standard office software and security protocols.
• In-depth knowledge of LimeSurvey or other analytical PC software, as well as html, css, and scripting to manage, conduct, and analyze surveys of the economy.
• In-depth knowledge of and ability to manage large databases and to perform highly advanced statistical and econometric analyses.
• Strong analytical and problem-solving skills.
• Strong oral and written communication skills.
• Ability to work independently and in teams on reports, projects, and publications.

Education and Experience:

Bachelor's or Master's degree in economics or finance with specialized knowledge in these fields gained from advanced study and a minimum of five years of progressively responsible experience as a research analyst or research survey analyst.

Other Requirements:

• Strong attention to detail to ensure the quality, credibility, security, and timeliness of data, analyses, processes, and reports.
• Ability and willingness to meet production deadlines by working during and outside of normal working hours, when necessary.

The salary grade for this position is: 13. Final salary and offer will be determined by the applicant’s background, experience, and skills, and internal equity and alignment with market data.

We offer a great benefits package that features:

• Medical (4 options), Prescription, Dental (3 options), and Vision Insurance with no waiting period
• 401k/Thrift Plan with generous employer match
• Employer-funded Pension Plan
• Paid Vacation/Sick Time & Holidays
• Monthly $100 Commuter Allowance
• Flexible Spending Accounts and Healthcare Spending Accounts
• Flexible Work Schedule available in most departments
• Life Insurance and Long Term Disability Insurance
• Tuition Reimbursement (undergraduate and graduate)
• Parental Leave
• Free onsite 24/7 Fitness Center including training classes, Peloton bikes and locker room / shower facilities
• Onsite Cafeteria & Coffee Shop
• Additional Convenience Benefits, Discounts and More…

Additional Information:

• The Federal Reserve Bank of Philadelphia takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the “@phil.frb.org” domain or through the Workday system “[email protected]”.  If you are initially contacted by phone, feel free to request that the caller provide you with their email address to validate their identity.  If you have any questions about the validity of someone who contacts you regarding this position, please email the Talent Acquisition team at [email protected].
• The Federal Reserve Bank of Philadelphia believes that diversity, equity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer eight employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.
• We have eight employee resource groups (ERGs) to support a diverse workforce. Abilities (supporting disabilities and allies), African Heritage, Asian-Pacific, Freedom (supporting LQBTQ+ and allies), Talent Forward (supporting career growth), Women United, Working Families and Veterans. ERGs are open to all employees.
• We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment. If you need assistance or an accommodation due to a disability, please email us at [email protected].
• All Federal Reserve Bank of Philadelphia employees must comply with the Bank's ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank's Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
• Background investigations and drug testing are required for all new hires as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be screened for the presence of marijuana. Employment may not begin until the Bank accepts the results of the background investigation.
• Due to the nature of the information you will have access to, we require that you also complete a more in-depth enhanced background screening (Peraton moderate or high). 
• All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
• The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
• This is NOT a 100% remote opportunity. You will be available to work on-site in at least a hybrid capacity.
• Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.

Full Time / Part TimeFull time

Regular / TemporaryRegular

Job Exempt (Yes / No)Yes

Job CategoryEconomics/Research Family Group

Work ShiftFirst (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

Always verify and apply to jobs on Federal Reserve System Careers (https://rb.wd5.myworkdayjobs.com/FRS) or through verified Federal Reserve Bank social media channels.

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