Summer Intern Research department - Macro

Federal Reserve Bank of Philadelphia • Philadelphia, PA

1d • Onsite

About The Position

The 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.

Requirements

• Knowledge in economics and statistics/econometrics
• Experience with large dataset and statistical software (such as R or Stata) to process the dataset
• Good communication skills are required
• Active problem-solving skills
• Attention to detail
• Basic organization skills

Nice To Haves

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

Responsibilities

• 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
• Run complex regressions to identify the response of vehicle purchases to stimulus payments in a messy dataset
• Investigate how the responses are different according to various characteristics of households (age, sex, race, family composition, income, liquid wealth holding, etc )
• Write up the results
• Present the findings within the Bank

What This Job Offers

• Job Type: Part-time
• Career Level: Intern
• Education Level: No Education Listed
• Number of Employees: 501-1,000 employees