General Information
Type of contract
PhD traineeship
Who can apply?
EU nationals eligible for our traineeship programme
Grant
The trainee grant is €2,120 per month plus an accommodation allowance (see further information section)
Working time
Full time
Place of work
Frankfurt am Main, Germany
Closing date
28.02.2023
Your team
You will join the Fiscal Policies Division in the Directorate General Economics. Our team of approximately 25 experts is responsible for assessing the national fiscal policies of Member States of the European Union (EU) and the euro area’s fiscal stance. It provides fiscal forecasts, as well as analysing topics such as the fiscal response to the energy crisis and high inflation, the effect that fiscal policy has on the macroeconomy, the dynamics of public debt, the role that fiscal policies can play in the mitigation of climate change, and the interplay between monetary policy and fiscal policy. The Division is also responsible for analysing issues relating to the reform of the EU’s fiscal framework.
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 age, disability, ethnicity, gender, gender identity, race, religious beliefs, sexual orientation or other characteristics.
Your role
As a PhD trainee, you will conduct empirical analysis using state-of-the-art economic and econometric models and contribute to the enhancement of analytical, econometric and forecasting tools under the supervision of ECB experts. You may also have the opportunity to submit resulting papers for publication in the ECB’s Working Paper Series and academic journals.
More specifically, you will work on one of the following projects:
- developing models/tools in order to assess interaction between monetary policy and fiscal policy, with a particular focus on (i) the impact that fiscal policies have on inflation and (ii) measures adopted in advanced economies to mitigate the effects of high energy prices, while accounting for the heterogeneity of fiscal policies in the euro area;
- exploring the impact that fiscal policies have on the macroeconomy (e.g. through fiscal policy multipliers) in different phases of the business cycle using both empirical and theoretical models (which may potentially involve contributing to the construction of heterogeneous-agent New Keynesian (HANK) models);
- analysing the implementation and macroeconomic impact of the Next Generation EU initiative;
- assessing the role of national and aggregate fiscal policies (including the euro area’s aggregate fiscal stance) in the post-pandemic period, particularly in view of the trade-off between debt sustainability and the stabilisation function of fiscal policies, and evaluating debt sustainability risks (including the impact of rising debt financing costs);
- developing models with a view to analysing the role that fiscal policies can play in the mitigation of climate change;
- assessing the ongoing reform of EU fiscal rules, as well as options for a central fiscal capacity in the euro area and the EU, risk-sharing mechanisms, the interplay between fiscal rules and market discipline, and the implications of introducing a “safe asset” for the euro area;
- developing models for forecasting fiscal variables (including models which combine data sampled at different frequencies), evaluating the impact of revisions to fiscal data and differences between real-time and revised data, and assessing the determinants of forecasting errors by international institutions;
- using macroeconomic models (e.g. representative-agent New Keynesian (RANK) models and HANK models) to explore the role played by the relationship between governments and central banks when it comes to keeping inflation in check, with a particular focus on optimal cooperation arrangements.
Successful applicants will be assigned a supervisor, but will be expected to complete their tasks using their own initiative and to work largely autonomously. They will have access to the ECB’s library, as well as computing and statistical resources. This traineeship will offer excellent opportunities to build on your skills and track record as an economist. You will be part of a multicultural team that strives for continuous innovation to make a positive impact on the lives of European citizens.
Qualifications, experience and skills
Essential:
- a master’s degree and at least two years of PhD studies in economics, finance, statistics, data science, engineering or a related field;
- a sound understanding of macroeconomics and the economic and institutional context in which the ECB fulfils its mandate, including as regards the role of fiscal policies in the euro area;
- programming experience involving quantitative software such as Stata, MATLAB, R, GAUSS, Python or Julia;
- a good knowledge of the MS Office package;
- 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.
Desired:
- experience in applying structural vector autoregressions (VARs), panel VARs, global VARs, Bayesian VARs, non-linear VARs (time-varying parameters; Markov switching) and co integration analysis;
- experience of factor models and state space/unobserved component models;
- experience in applying macroeconomic models (e.g. dynamic stochastic general equilibrium (DSGE) models, or backward-looking, agent-based, or overlapping generation models), using DYNARE or coding your own procedures;
- a publication record that covers issues falling within the Division’s areas of responsibility.
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.
You are motivated to contribute to the ECB’s mission, to serve the citizens of the EU as a member of a public institution and to work with colleagues from all over Europe. You are keen to be part of our team and to use your skills and competencies to achieve the aims of this position.
Further information
PhD traineeship of between three and six months, with a possible extension of up to 12 months in total.
For additional information on this specific vacancy, you can speak to Krzysztof Bankowski on +49(0)69 1344 8421 between 12:00 and 13:00 on Monday, 13 February.
Application and selection process
Further information on
how to apply is available on our website.
The recruitment process for this position will include an online interview.
If you are not selected for this position but are still considered suitable, you will be placed on a reserve list for 12 months from the closing date for applications, from which you might be considered for other positions within the ECB.
