PhD traineeship in the Monetary Policy Strategy Division, Frankfurt 251 views

PhD traineeship in the Monetary Policy Strategy Division

You will be part of the Monetary Policy Strategy Division in the Directorate General Monetary Policy. In our Division we analyse and assess the monetary policy stance and longer-term strategic issues and prepare decisions on ECB interest rates and non-standard policy measures. We develop models and tools for analysing euro area money markets and the impact of standard and non-standard monetary policy measures on financial conditions and the broader economy. We also look at the role of banks and non-banks in monetary policy transmission, and the link between monetary policy and cross-border spillovers. The ECB is an inclusive employer and we strive to reflect the diversity of the population we serve. We encourage you to apply, irrespective of your gender, gender identity, ethnicity, sexual orientation, age, religion, disability or other characteristics.

As a PhD trainee you will:

  • develop models and/or tools to assess the stance of monetary policy, in terms of both interest rates and non-standard measures;
  • develop models and/or tools to assess financial conditions and their consequences for the transmission of monetary policy;
  • develop models and/or tools and work on related datasets to assess the transmission of monetary policy and the role of banks and non-banks in monetary policy spillovers;
  • draft notes and working papers and prepare presentations on your analytical results.

The position offers you an excellent opportunity to work with the best economists in the field on an analytical project, taking into account your profile and proposals. You will gain an overview of all the tasks performed by the Directorate General Monetary Policy and may occasionally also contribute to its regular work. As a PhD trainee, you will be assigned a supervisor, but will mainly work autonomously. You will be part of a multicultural team that strives for continuous innovation to make a positive impact on the lives of European citizens.

The recruitment process for this position may include a WebEx interview.


  • a PhD, or at least two years of PhD studies, in economics, finance, econometrics, statistics or a related field;
  • a sound knowledge of applied modelling and econometric techniques;
  • proven experience of working with statistical and econometric packages such as MATLAB, Dynare, R, Python, Stata and EViews, or other programming languages;
  • an advanced (C1) command of English and an intermediate (B1) command of at least one other official language of the EU, according to the Common European Framework of Reference for Languages,


  • experience in estimating (large) Bayesian vector autoregressions (VARs), panel VARs, non-linear VARs (time-varying parameters, Markov switching) and factor models;
  • experience of encoding advanced Bayesian econometric modelling and estimation techniques;
  • experience of macroeconomic models, e.g. dynamic stochastic general equilibrium (DSGE) or heterogeneous agent models;
  • ideally, a publication record that covers issues falling within the fields mentioned in this vacancy notice.

You are curious and eager to learn, and want to further develop your ability to analyse complex information. You are keen to collaborate with others, pursue team goals and learn from other people’s diverse perspectives. You strive to know and anticipate stakeholder needs, and will signal any need for change and propose alternative solutions.

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