Research Analysts

Research analysts (RAs) play an important role in the Research Department at the Federal Reserve Bank of Cleveland by contributing to both academic research and policy analysis. RAs work alongside PhD economists and learn the ins and outs of creating economic research, develop marketable skills, and build human capital. RAs typically spend two to three years working at the Fed, and many pursue a PhD degree in economics upon departure.

The primary responsibility of RAs is to support the research of two or three economists within the department. Research economists at the Cleveland Fed are divided into six groups (macroeconomic policy, macroeconomic forecasting, the Center for Inflation Research, microeconomics, banking and finance, and the Program on Economic Inclusion), but RAs are not confined to a single group. Working with economists in different groups exposes RAs to multiple research areas in economics, which allows them to refine their interests and develop a broader skill set. The economist pairings connect RAs with strong mentors and provide the opportunity to coauthor academic papers and Bank publications. Many RAs also contribute to the preparations that support the Bank President's contributions to monetary policy.

Research analysts enjoy competitive salaries, excellent health insurance, and retirement benefits. Other benefits include flexible work hours and opportunities to work from home, generous paid time off, training, and tuition assistance for additional coursework. A strength of the Research Department is its highly engaged and collaborative culture that supports mentoring and continuous professional development.

Hiring for research analyst positions usually begins in September or October. Visit our careers page for further information or sign-up to receive a notification when we begin our RA recruitment process. Applications must include a resume, transcript and writing sample related to economics or finance.

Qualifications

• Bachelor’s degree in economics or a closely related field such as statistics, mathematics, or computer science; interests in monetary policy and macroeconomics are preferred, but not required.
• Working knowledge of econometric and statistical packages such as Stata, MATLAB, R, and/or Python.
• Prior research experience in economics and a strong mathematics background strongly preferred.
• Applicants must be US citizens or US Nationals/lawful permanent resident aliens (green card holders) with the intent to become a US Citizen.

The primary role of RAs is to work with economists on academic research projects. RAs use econometric and statistical packages such as Stata, MATLAB, R, and/or Python to perform statistical and econometric analyses. Research analysts also provide support for policy briefings and maintain our indicators and data.

Academic research

Collecting and organizing data from a variety of sources, reviewing academic papers, and engaging in discussions with economists. Summarizing data and anecdotal information on regional economic conditions and preparing educational outreach materials.

Policy briefings

Research analysts work with economists to prepare presentations that are used in briefing the Bank’s president before FOMC meetings. At the direction of the economist giving the briefing, RAs create charts and compile other materials according to the briefer’s specifications.

Indicators and data

The Research Department maintains a variety of indicators and data for public use. Research analysts regularly update the data and charts on the website, maintain up-to-date documentation of the indicators, and, when needed, make changes to the code used to create the indicators. They gain experience in a production environment, including working closely with web developers and content strategists who support the publication of these products.

View the indicators and data.

Featured publications by current or former research analysts

Economic Commentaries

• Job Loss Consequences and the Pandemic Recession —Angela Guo
• The Long-Run Costs of Higher Inflation —Martin DeLuca
• Comparing Two House-Price Booms —Jason Meyer
• Financial Markets’ Perceptions of the FOMC’s Data-Dependent Monetary Policy —Christopher Healy
• The Survey of Firms’ Inflation Expectations —Taylor Shiroff
• K–12 Schools in Ohio Are Separate and Unequal – Mukund Jayaram
• See all Economic Commentaries

Working Papers

• The Effects of Interest Rate Increases on Consumers' Inflation Expectations: The Roles of Informedness and Compliance —Taylor Shiroff
• Interest Rate Risk at US Credit Unions —Grant Rosenberger
• Basic Facts on the Coverage of the Paycheck Protection Program —Angela Guo
• Short Selling and Bank Deposit Flows – Chris Healy
• See all Working Papers

View our current research analysts and read their bios.

Watch these videos about a day in a life as a Research Analyst.

Where have previous research analysts gone after working for the Cleveland Fed? Recent next jobs or graduate programs include:

• PhD programs in economics, finance, statistics, and public policy: Boston College, Carnegie Mellon University, Indiana University, New York University, Notre Dame University, Pennsylvania State University, Princeton University, Rice University, University of Kentucky, University of Maryland, University of Michigan, University of Minnesota, University of Pennsylvania, University of Rochester, University of Texas, University of Washington, University of Wisconsin, Washington University
• Law school and other graduate programs: Case Western Reserve University, London School of Economics, NYU, University of Chicago, University of Michigan
• Other jobs in the Federal Reserve System and the private sector

The Research Department at the Cleveland Fed also has an economic analyst position ideal for candidates with at least 5 years of work-related experience. This position differs from the research analyst role in that economic analysts usually have more autonomy and greater responsibilities. In addition, a master’s degree is preferred for this role.

The Cleveland Fed has a summer internship program ideal for rising seniors. Interns get the opportunity to work closely with economists and research analysts in the Research Department and to learn more about the research process. Some summer interns have gone on to become research analysts in the department.

Interested in more opportunities in the Federal Reserve System? Visit fedeconjobs.org.