“My two years in the Capital Markets Function have been very rewarding. Challenged to work in an unfamiliar field—most undergraduates are not exposed to cutting-edge asset pricing research or market microstructure topics—I’ve developed a broad understanding of financial markets as well as a more specialized knowledge of topics like transparency in over-the-counter derivatives markets. I’ve especially enjoyed the constant back-and-forth between the “real world” and the academic world that keeps our assignments relevant and engaging, whether we’re working on a policy memo or a more traditional research project.
    All that I’ve learned I owe to the Research Group’s incredible support network. Our economists are not only great teachers—they also challenge us to think for ourselves. And my fellow RAs are the most talented group of people I’ve met, with whom I feel privileged to work each day.”

“The Research Group offers a unique opportunity for a student of economics to continue to learn and grow at the nexus of academic research and regulatory policy. As an RA in Financial Intermediation, I’ve had the chance to work with leading economists on developing theoretical models of liquidity hoarding in crises, examining risk and pricing in the subprime mortgage-backed securities market, and contributing to supervisory stress tests and macroprudential forecasts of capital adequacy in the banking sector.
    The drive for constant learning in Research is highly contagious, and I have no doubt that the skills and relationships I’ve developed here will continue to guide me in graduate school and through the rest of my career.”

“RAs in the International Research Function work on academic research projects in fields such as open-economy macroeconomics and international finance and trade, and assist with policy assignments that tackle an array of global economic policy questions.
    Over the past year, I’ve contributed to a wide range of projects, from analyzing the role of global banks’ liquidity management in the international transmission of shocks to building a model of sovereign bond term premiums to quantify spillover effects. Through these experiences, I’ve learned to formulate testable research questions as well as probe and interpret data and analysis results. In addition to developing a valuable skill set, I enjoy working in a collegial and stimulating environment with economists and fellow RAs.”

“It’s a great experience working in the Macroeconomic and Monetary Studies Function. As an RA, you have a unique opportunity to be in an academic environment while playing an integral role in solving real-world problems: I like the focus on independence that the former gives you and the intellectual challenges that the latter presents.
    Working closely with the economists in a collegial atmosphere, you’ll learn, among many things, to analyze and interpret economic indicators, to use different programming and statistical software, and, most important, how to approach a research problem. The skill set I’ve acquired as an RA will be invaluable for graduate school and my career.”

“Working as an RA in the Microeconomic Studies Function has been a worthwhile experience both personally and professionally. My year at the Fed has exposed me to a broad range of economic topics and provided me with invaluable insight into the field. Between working on research papers, attending seminars, and making policy contributions, the RA position has allowed me to gain skills that will undoubtedly benefit me in my career.
    And for a budding economist, working at the Fed strikes the perfect balance between academic rigor and real-world experience. Each day, I’m expected not only to generate a quality work product, but also to develop a clear understanding of advanced economic concepts. Whether incorporating our ideas into the research process, encouraging us to take classes through the Bank’s Tuition Assistance Program, or simply pointing out a few scholarly articles of interest, economists here are always looking to help us unlock our intellectual potential.”

“A great aspect of working in Money and Payments Studies is the high degree of trust and respect that the economists have for us. We’re expected to formulate our own approach to open-ended research questions, which in turn trains us to think independently and apply what we learned in school.
    The financial crisis has provided a wealth of interesting research topics, and I’m fortunate to be able to study it from both a theoretical and an empirical viewpoint. I’ve become fluent in several statistical programming languages and have come to understand the interbank markets that played important roles during the crisis. Finally, the work environment in Research is amazing. Everyone is incredibly bright and friendly, and it’s a pleasure to work with them.”