The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
Regional & Community Outreach connects the Bank to Main Street via structured dialogues and two-way conversations on small business, mortgages, and household credit.
Economic Education improves public knowledge about the Federal Reserve System, monetary policy implementation, and promoting financial stability through the Museum and programs for K-16 students and educators, and the community.
After leaving the New York Fed, most RAs become graduate students. Many return to school to pursue a Ph.D. in economics, such as Ging Cee Ng, who is at Chicago, Peter Hull, who is at MIT, and Daniel Herbst, who is at Princeton.
“I really enjoyed my time as an RA at the New York Fed. I acquired hard skills for data analysis and model estimation and was exposed to economic research topics in the fields of macroeconomics and monetary policy—subject areas completely different from my primary focus on education and labor economics as an undergraduate. Working in a mixed academic and policy environment also gave me perspective on how to actively interpret and apply new models in the context of the changing economy and, more importantly, shed light on the gap between existing models and policy demands today. Seeing the need for both theoretical and empirical models firsthand has fueled my research interests and enriched my understanding of the important interplay between academic research and policy.”
Ging Cee Ng
“I can't imagine a better place to prepare for graduate school than the New York Feds RA program. The research and policy projects I contributed to greatly strengthened my economic intuition, econometric technique, and proficiency in statistical programming. What sets the New York Fed experience apart, however, is the unique working culture of the Research Groupat the intersection of academic theory and regulatory practice and guided by a constant spirit of intellectual curiosity. Through my daily interactions with Fed economists and fellow RAs, I gained both a stronger sense of what economic questions to pursue and a broader set of resources to call upon in pursuing them.”
“As a college graduate, the RA position appealed to me for many reasons. It offered me the opportunity to learn exciting new economic concepts, work on the research frontier, and make friends with a group of fun, intellectually stimulating people. Looking back on the two years I spent at the Fed, I find I was able to take advantage of these opportunities and more. And now that I'm a year into my Ph.D. program, I continue to reap these rewards—the economic insight, programming skills, and research abilities I gained as an RA have proven invaluable to my graduate education. The work I did at the Fed helped refine my research interests and prepare me for the challenges that lie ahead, and the friends I made have formed a network of like-minded colleagues within the academic community. I can think of no better stepping stone to a Ph.D. program in economics than the New York Fed.”
Some RAs pursue higher education in law and public policy, such as Lev Menand, a student at Yale Law School.
“My time at the New York Fed shaped my research and policy passions. I started at Yale with focused interests, statistical skills, and invaluable experience with bank data and financial economics. In addition to building expertise in empirical economics, I gained essential real-world experience, viewing the policymaking process from the inside. As an RA in Financial Intermediation, I helped create stress-testing models for the U.S. banking system and coauthored a paper on micro-insurance markets. In law school, Im pursuing the interests I developed as an RA, coauthoring a paper on regulatory capital ratios with a fellow former RA and studying banking law and regulatory policy. Id strongly encourage anyone interested in economic policymaking and financial stability to consider working as an RA at the New York Fed.”
Other former RAs have pursued career opportunities in the public and private sectors. For example, some have taken positions in another area of the New York Fed, such as Laurel Madar, a Senior Financial/Economic Analyst in the Markets Group, and Nicholas Klagge, a Senior Financial/Economic Analyst in the Credit and Payments Risk Group.
“Working in the Markets Group, I have contributed to a variety of projects directly related to the formulation and implementation of monetary policy. My analyses have been referenced in FOMC meetings, and the financial models that I helped develop and program are central to the New York Fed's bond operations. I enjoy working on topical questions and exploring innovations in monetary policy, and I like knowing that my work is having an impact. I had intended to pursue a Ph.D. in economics, but the opportunity to participate in real-world policy formulation has kept me here at the New York Fed.”
“I work in Credit and Payments Risk, the group thats responsible for understanding and managing financial risks to the Fed and, by extension, the U.S. taxpayer. Our work focuses on the latest developments in the financial markets and is an interesting mix of academic and applied economics—I'll often read journal articles to figure out an approach to a problem that will have direct policy implications. Working as an RA in Research helped me develop the analytical and technical skills I use every day on the job.”