Economists at the Board conduct independent economic research and contribute substantially to the economic forecasting and policy analysis used by the Board and the Federal Open Market Committee. Board economists are among the leading producers of papers published in professional journals and presented at various conferences. The research explores a full range of macro and micro topics, from large-scale econometric modeling to the economics of regulation. Board economists also work with members of the Board in the preparation of congressional testimony and other presentations, and provide technical advice as needed to the Board, the Federal Reserve Banks, and other central banks.
The majority of the Board’s Ph.D. economists are housed in the three economic research divisions: Research and Statistics, Monetary Affairs, and International Finance. In addition, smaller groups of economists are employed in the divisions of Banking Supervision and Regulation, Reserve Bank Operations and Payment Systems, and Consumer and Community Affairs. Detailed information about the economics staff can be found at Research Staff and Resources
The research interests of these 220 economists cover a full range of topics, including but not limited to: econometrics and statistics, financial economics, industrial organization, international economics, monetary economics, and public finance. The staff maintains several statistical programs that produce data on the money stock, commercial banking, the flow of funds accounts, and industrial production and capacity utilization. Economists develop and present economic and financial data and analysis used by the Board and the Federal Open Market Committee to formulate and conduct monetary, regulatory, and supervisory policies.
Economists in this division coordinate quantitative supervisory efforts across the Federal Reserve System, providing support and leadership for issues as they arise, assessing the linkages across risk areas and issues related to correlation more broadly, and assisting with many aspects of quantitative training for examiners and other staff. The economists provide information, analysis, and technical advice to the division and Reserve Bank staff to assist in the evaluation of quantitative risk management techniques at banking organizations.
These economists work in the Payment System Studies section, which is the division's primary research arm. The program analyzes policy issues associated with emerging and established payment mechanisms and disseminates information on payment and settlement systems and issues. The group undertakes original research into longer-range payment and settlement topics, including the interrelationships among systems, long-run technological trends and their economic and risk implications, systemic risk, and interbank and correspondent banking relationships.
Economists in the Division of Consumer and Community Affairs work with the Board Members and staff at the Federal Reserve Banks to examine consumer policy and economic development issues.
The diverse responsibilities of the divisions require people with varied skills and interests. At the entry level, new Ph.D.s should have a strong grounding in economic theory and quantitative methods; specialized course work or research in an area closely related to the divisions’ areas of activity is desirable. Enthusiasm about applying one’s knowledge to real-world issues and an ability to communicate clearly both orally and in writing are important, as are personal energy, initiative, and collegiality.
