Company

Federal Reserve Bank of PhiladelphiaThe 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.

The Federal Reserve Bank of Philadelphia's Research department is seeking an undergraduate level student, preferably a rising Junior or rising Senior with an Economics major and with research experience, however, students with non-economics major with similar knowledge and skills may also be considered. This is a paid internship (Monday- Friday, 40 hours per week) for our summer internship program (typically 10 weeks). The hourly rate for this position is $23.00 per hour. This is an on-site opportunity.

Intern projects: (but not limited to)

(1) The research project is trying to document and understand how vehicle purchases responded to past stimulus checks, using the data on economic stimulus payments during the previous three recessions (2001, 2008, 2020).

(2) The intern will download the Consumer Expenditure Survey (CE) during the last three recessions, together with the special data modules related to the stimulus payments, merge and clean the data following the series of work by Jonathan Parker and his coauthors, compute the response of vehicle purchases to stimulus payment receipts of each household. This step requires running complex regressions to identify the response of vehicle purchases to stimulus payments in a messy dataset.

(3) After computing the average response of households, the intern will investigate how the responses are different according to various characteristics of households (age, sex, race, family composition, income, liquid wealth holding, etc).

(4) The intern will write up the results. The intern also has a chance to present the findings within the Bank. Ideally there will be a short research paper out of the projects.

Skillset/Job Requirements:

Knowledge in economics and statistics/econometrics.

Experience with large dataset and statistical software (such as R or Stata) to process the dataset.

Academic writing is a plus since the intern will be working on an academic research project.

Soft Skills:

The intern will mainly work on an academic research project with their reporting Economist.

Good communication skills are required.

The intern will be working on a large dataset and will also be writing computer code to process and analyze the dataset.

Intern with active problem-solving skills, attention to detail, and basic organization skills are desired.

Physical Requirements:

May be require sitting and using a computer for long hours.

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 “rb@myworkday.com”. 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 TalentAcquisition@phil.frb.org.

We are an equal opportunity employer committed to hiring the best candidates and to providing equal employment opportunity to all persons without regard to race, color, religion, sex, pregnancy, national origin, age, genetic information, disability, military service, or any other basis protected by law.

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 TalentAcquisition@phil.frb.org.

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.

You will be required to complete a background investigation including drug testing as a condition of employment, after the job offer is made. Candidates for positions deemed as "safety sensitive" will also be drug screened for the presence of marijuana. Any hiring decision based on a background investigation will be made following an individualized assessment that is job-related and consistent with business necessity and applicable law. Employment may not begin until the Bank accepts the results of the background investigation.
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.

Certain eligibility rules apply. You will provide work authorization to prove your eligibility to work in the United States.

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.

By applying to this position, you agree you will be available to work on-site in a full-time capacity.

Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.

Full Time / Part Time

Part time

Regular / Temporary

Temporary

Job Exempt (Yes / No)

No

Job Category

Work Shift

First (United States of America)

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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