The European Central Bank has launched a new traineeship: Student Research Assistant Traineeship Programme – Senior Management Macro-Finance Team.

Your team

You will be part of the Directorate General Research, which carries out and coordinates economic research at the ECB. In your role as a Student Research Assistant Trainee, you will be part of a team that conducts policy-relevant research and model-based analysis on monetary policy, macroprudential policy and financial stability. As part of the team, you will contribute to the development and use of general equilibrium models (e.g. dynamic stochastic general equilibrium (DSGE)) with financial intermediation to answer topical policy questions, concerning, for example, the effectiveness and side-effects of non-standard monetary policy and macroprudential policy, and their interactions with interest-rate policy. 

The Student Research Assistant Traineeship Programme is aimed at high-performing students with a strong quantitative background and an interest in policy-relevant applied research.  In addition to working closely with your team, you will have an opportunity to interact with researchers from the entire Directorate on a regular basis. 

The ECB is an inclusive employer and we strive to reflect the diversity of the population we serve. We encourage you to apply irrespective of age, disability, ethnicity, gender, gender identity, race, religious beliefs, sexual orientation or other characteristics.

Your role

As a Student Research Assistant Trainee you will:

• solve and/or estimate macro-finance models, including new-Keynesian DSGE models with financial frictions;
• maintain and further develop the existing quantitative tools and modelling infrastructure;
• help develop general equilibrium models to assess the effectiveness and interactions of macroprudential and monetary policy; 
• build and maintain datasets of macroeconomic, financial and banking data for the euro area;
• help prepare quarterly policy analyses for monetary policy and financial stability.

The position offers you the opportunity to work closely with our economists and managers, providing them with support in their academic research projects and work of an operational nature, such as the preparation of policy-related analysis for the ECB's Executive Board. This will enable you to develop your analytical skills, enhance your quantitative skills and gain an insight into the ECB's research activities and policy-making processes. 

Through the programme, you'll be exposed to new ideas and stimuli which will provide a key experience for your future career. In particular, you will have access to internal seminars and conferences organised by the ECB. The position provides a great opportunity to become familiar with topical policy and research issues and to learn how high-level academic research can be applied to inform policy-making. You will be part of a multicultural team that strives for continuous innovation to make a positive impact on the lives of European citizens.

Qualifications, experience and skills

Essential: 

• for a PhD traineeship paid at €1,940, a master's degree and at least two years of PhD studies in economics, statistics, finance, computer science or a related field;
• for a traineeship paid at €1,070, a bachelor's degree or higher in economics, statistics, finance, computer science or a related field;
• experience with the solution and simulation of macroeconomic models, possibly incorporating a role for financial frictions;
• a sound understanding of the economic issues covered by the team; 
• strong programming skills, especially in MATLAB and Dynare;
• a good knowledge of the MS Office package;
• an advanced (C1) command of English and an intermediate (B1) command of at least one other official language of the EU, according to the Common European Framework of Reference for Languages.

Desired: 

• for a traineeship paid at €1,070, a master's degree or a period of study towards a master's degree in economics, statistics, finance, computer science, or a related field;
• sound knowledge of DSGE models with banks, financial frictions and monetary policy;
• good knowledge of model calibration or estimation techniques (Bayesian methods or simulated method of moments) based on macroeconomic, banking, and financial data;
• some knowledge of non-linear solution methods (global solutions or higher order perturbation);
• experience in using market data services, such as Bloomberg, Thomson Reuters/Refinitiv (Eikon and/or DataStream), SNL Financial and Bureau van Dijk Orbis Bank Focus (formerly Bankscope);
• experience in providing research assistance.

You are curious and eager to learn, and want to further develop your ability to analyse complex information. You are keen to collaborate with others, pursue team goals and learn from other people's diverse perspectives. You strive to know and anticipate stakeholder needs and will signal any need for change and propose alternative solutions. 

You are motivated to contribute to the ECB's mission, to serve the citizens of the EU as a member of a public institution and to work with colleagues from all over Europe. You are keen to be part of our team and to use your skills and competencies to achieve the objectives of this position.

Who can apply?  EU nationals eligible for our traineeship programme.

Closing date: 26.1.2022

Further information

The traineeship grant is €1,070 per month plus an accommodation allowance.

The PhD traineeship grant is €1,940 per month plus an accommodation allowance.

Application and selection process

Further information on how to join us is available on our website.

The recruitment process for this position will include an online interview via WebEx. 

If you are not selected for this position but are still considered suitable, you will be placed on a reserve list for 12 months from the closing date for applications, from which you might be considered for similar positions within the ECB.