Being a research associate (RA) at the San Francisco Fed means getting a chance to work with economists doing exceptional research and policy work. We are currently accepting applications and are seeking motivated candidates interested in diving into economic research, honing their analytical and technical skills, and learning more about the Federal Reserve and the people it serves.
What is economic research and policy?
You could say that the core of economics is examining the effects of one event on another. For instance, you might wonder:
- How do changes in interest rates set by the Federal Reserve spread throughout the financial system to affect the activities of community banks, local businesses, and families?
- How does price inflation for different goods and services impact people’s daily lives and choices?
- How can public policies offset the consequences of job losses for individuals and the economy?
In Economic Research, we rely on high-quality data and a variety of methods to analyze and inform our investigation of these types of questions. At the SF Fed, we are particularly curious about economic and policy questions that relate to the Federal Reserve’s dual mandate of price stability and full employment.
What types of research are SF Fed RAs involved in?
What types of research are SF Fed RAs involved in?
The Economic Research Department is arranged in six sections: macroeconomics, microeconomics, international economics, financial economics, macroeconomic analysis and economic geography, and sustainable growth. SF Fed RAs are each assigned to one of these sections but can engage with any of the subfields while they’re in the program. This flexibility allows RAs to explore research projects on a variety of topics and better understand what specialized areas they might want to learn more about.
As an RA, you work closely with staff economists in all stages of the research process. RAs frequently coauthor with economists on Economic Letters and sometimes even working papers that are submitted to professional peer-reviewed journals.
RAs also gain exposure to research through our involvement in department-sponsored events. Economic Research hosts seminars and conferences about various topics, including monetary policy, labor markets, finance, and climate risk. RAs often assist with and attend these events, which allows us to learn about cutting-edge research in different fields from top scholars and leaders. For example, in March 2024, our Department welcomed Federal Reserve Chair Jerome H. Powell and Kai Ryssdal of Marketplace for opening remarks at our annual Macroeconomics and Monetary Policy Conference.
How do RAs contribute to the Fed’s work on monetary policy?
RA policy work primarily revolves around preparing for Federal Open Market Committee (FOMC) cycles. We assist economists with briefings by analyzing data, creating figures and tables, fact-checking, and doing related research work. RAs also have opportunities to sit in on policy briefings presented to the San Francisco Fed president in advance of the FOMC meetings.
In addition to briefings, RAs are involved in other department policy tasks. For example, RAs help maintain the SF Fed Data Explorer, a tool that allows the public to interact with our labor market and inflation databases. RAs on the forecasting team assist with developing our District’s projections for statistics like GDP growth, inflation, and the unemployment rate. These forecasts are regularly featured in our FedViews series.
What sets the SF Fed apart from other institutions?
The SF Fed is a unique place to work as it sits at the intersection of rigorous economic research and meaningful public service. We are a dynamic institution that adapts to the financial, technological, and social landscapes of the District we serve and beyond.
For example, in collaboration with the Federal Reserve System Innovation Office, we recently launched the EmergingTech Economic Research Network, an initiative that brings academics, policymakers, and business leaders together to examine the impacts of emerging technologies on our economies. The SF Fed also houses the Center for Pacific Basin Studies, which promotes collaborative research and policymaking across central banks in the Pacific Basin.
The SF Fed also invests heavily in the well-being of its employees. With tuition and student loan assistance, many RAs continue their learning, taking classes at nearby universities to help them prepare for graduate school. The SF Fed also offers volunteer time off to promote community engagement and Employee Resource Groups to help create an open and accepting professional environment.
Why be a research associate?
As an RA, you develop advanced skills in statistical analysis, data visualization, communication, and collaboration, which are valuable no matter where you may go next. RAs can use the program as an opportunity to decide whether to pursue graduate school, in economics or other disciplines. Since 2020, our research associates have joined PhD programs at MIT, Princeton, Stanford, Michigan, NYU, Boston University, Maryland, UT Austin, UCLA, UC San Diego, UC Davis, and UC Irvine. Six of those RAs were awarded National Science Foundation Graduate Research Fellowships. The research and policy experience gained here can be helpful in preparing for continued higher education and can set a candidate apart in the admissions process.
What are some potential career paths?
The RA program also opens doors to many professional opportunities. In addition to pursuing advanced studies, former RAs have gone on to work in various fields including economics, finance, law, public policy, data science, and more, working at the Federal Reserve System, universities, organizations, and private industry.
What makes a successful RA?
A successful RA embodies what our current bank president, Mary C. Daly, calls being an “early student.” This describes someone who is eager to learn and actively seeks out new knowledge.
Training in economics and related fields, combined with a quantitative background in mathematics, statistics, and computer science, are typical qualifications of an RA. Additionally, experience with Stata, R, Python, and MATLAB is a plus.
Good communication and organizational skills are essential as well. RAs collaborate frequently with economists and other RAs about complex topics and complete projects with many steps. Strong communication abilities prevent unnecessary frictions in the research process.
How do I apply?
Apply for the San Francisco Fed’s research associate program online. To learn about all Federal Reserve System RA programs, check out Fed Econ Jobs.
Featured photo of research associates with Chair Jerome H. Powell, President Mary C. Daly, and economists Huiyu Li and Andrew Foerster at the 2024 Macroeconomics and Monetary Policy Conference.
Photo by Sean Qui.
The SF Fed is looking for exceptional college graduates to join the Economic Research team as Research Associates.
The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System.