Traineeship/PhD Traineeship in Forecasting and Policy Modelling

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General Information

Type of contract Traineeship

Who can apply? EU nationals eligible for our traineeship programme

Grant The trainee grant is €1,170 per month plus an accommodation allowance (see further information section), 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 09.11.2023

Your team

You will be part of the Forecasting and Policy Modelling Division in the Directorate General Economics. The Division develops and maintains euro area and large-country models, together with the corresponding data and model platforms. It also makes model-based contributions to macroeconomic projections and policy deliberations, and develops, maintains and uses time-series models for forecasting purposes.

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 trainee in the Forecasting and Policy Modelling Division you will:
  • develop and maintain structural, semi-structural and time-series models for the euro area and its member countries;
  • programme and maintain mathematical, statistical and econometric procedures needed for policy input and research projects;
  • contribute to ECB and Eurosystem macroeconomic projections by, for example, supporting the production and presentation of model-based forecast interpretations and risk scenarios;
  • construct and maintain monetary, financial and economic databases which contribute to research projects relating to forecasting, macroeconomic modelling and policy analysis.

The position offers you excellent opportunities to work closely with an experienced and highly motivated team of economists and managers, typically in analytics or research support. 

These traineeships are aimed at students or recent graduates with a strong quantitative background and an interest in policy-related applied research. You will have the chance to develop your analytical skills and gain insights into the ECB’s research activities and policymaking processes, along with exposure to new ideas and stimuli which will benefit your future career. 

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

  • for a traineeship paid at €1,940 (PhD traineeship) a master’s degree and at least two years of PhD studies in economics, statistics, finance, computer science, mathematics or a related field;
  • for a traineeship paid at €1,070 a bachelor’s degree or higher in economics, statistics, finance, computer science, mathematics or a related field;
  • familiarity with macroeconomic and financial statistics contained in international databases such as the ECB Statistical Data Warehouse, Eurostat, IMF International Financial Statistics, OECD databases or Bloomberg;
  • a very good knowledge of spreadsheet and visualisation tools such as MS Excel, MS PowerPoint, R and/or Python libraries;
  • strong programming skills, preferably in MATLAB, Python or R;
  • experience in the area of macroeconomic modelling, with a focus on semi-structural models, DSGE models, Bayesian VAR models, factor models, state-space models, machine learning or neural networks; and the use of related software (e.g. MATLAB toolboxes, TensorFlow/PyTorch, Dynare or EViews;
  • 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.

  • for a traineeship paid at €1,070 at least one year of completed master’s studies in economics, statistics, finance, computer science, mathematics or a related field;
  • sound understanding of macro- and monetary economics;
  • knowledge of version control software (e.g. Git) or database development languages (e.g. SQL);
  • a completed project (e.g. thesis, dissertation or research paper) demonstrating advanced quantitative skills, e.g. using DSGE models or Bayesian techniques or non-standard data sources, e.g. from the web, newspaper articles, etc.

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

Traineeship/PhD traineeship of between six and twelve months in total. Applications from candidates who are available outside the summer months are particularly welcome.

Applicants for the PhD traineeship should submit a two-page reasoned summary of their research agenda and explain why it would be of interest to the Forecasting and Policy Modelling Division. The document should be uploaded as a single PDF file in the “Further information” section of the application before the closing date for applications.

Applicants may share a link to their personal webpage or portfolio (e.g. a GitHub profile), if available.

Other details on the conditions applicable to traineeships at the ECB can be found on our website.

Application and selection process

The recruitment process for this position will include an online interview. 

Further information on how to apply is available on our website.

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 traineeship positions within the ECB.