Senior Researcher in Monetary Policy Outlook

2 weeks ago

London, United Kingdom Bank of England Full time

**Senior Researcher in Monetary Policy Outlook Division**

**-**
**(**
**008949**
**)**

**Primary Location** UK-ENG-London

**Job** Economics

**Organisation** 532000 - MONETARY ANALYSIS

**Job Posting** 17-May-2023, 3:36:26 AM

The Bank of England is the UK's central bank. Our mission is to deliver monetary and financial stability for the British people.
- The Bank of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.
- Monetary Analysis (MA) provides the core analytic support that underpins the setting of Bank Rate each month by the Monetary Policy Committee (MPC) to meet the inflation target. We are closely linked to the MPC Unit, which supports the external members of the MPC.

**Department Overview***

The Modelling Team (a team of 7, including the manager) forms part of the Monetary Policy Outlook Division (MPOD), which sits in the Monetary Analysis (MA) directorate. MA provides the core analytical support that underpins the setting and communication of monetary policy by the Monetary Policy Committee (MPC) to meet the inflation target.

MPOD supports the MPC by helping it agree its view on the outlook for the UK economy and, in light of that, the appropriate path for policy needed to meet the 2% inflation target. MPOD does this by developing models that shed light on how different parts of the economy behave and interact (Modelling Team), building a forecast for the economy using these models (Forecast Team), and providing policy advice consistent with the forecast (Strategy team). It underpins this with research in the areas of monetary economics, forecasting and macroeconomic modelling.

The division comprises a Leadership Team - a Head of Division and three Senior Managers - and around 20 research and policy economists. Our staff includes a mix of genders and ethnicities, part-time and full-time working patterns and internal recruits as well as experienced external hires. We also maintain a network of academic consultants working on similar topics and responsibilities.

**Job description**

A vacancy has arisen for a senior research economist with expertise in time-series econometrics to work in the Modelling Team, in MPOD. This is an exciting role at the very heart of policymaking at the Bank.

The Modelling Team works across MA to design and build robust models that help the MPC reach an informed view on the right policy needed to meet its Remit. This is an important role in the engine-room of policy-making, and you would feed into the quarterly forecast round, providing expertise and advice on deploying these models to help move the policy debate. The team also lead on the development of the Bank’s Dynamic Stochastic General Equilibrium (DSGE) model, and the core suite of models that lie at the heart of the MPC’s forecast process. The team’s style of work is collaborative and supportive, with lots of opportunities for personal development.

Depending on your preferences, you will also be able to spend 50% of your time on your own research, with an expectation that you publish this work in peer-reviewed journals. While on the team, you will have opportunities to:

- Contribute to our macroeconomic modelling strategy, and offer model-based advice to the MPC when formulating a view on the economic outlook.
- Develop structural or time-series models that shed light on specific questions of interest to the MPC.
- Build or provide advice on models that form part of our forecasting toolkit.
- Engage with MPC members and Governors via speeches and briefing.
- Present technical analysis or research insights to the MPC, for example in Special Topics Meetings and Research Away Days.
- Produce policy notes to the MPC on key topics to help guide their decisions and shape their thinking.
- Link the latest academic thinking to the issues facing the MPC and the wider Bank.
- Conduct original research (with an expectation that the jobholder would be seconded to the research hub at some point).

**Role Requirements**

**Minimum Essential Criteria**
- PhD (or equivalent) training in economics, and a demonstrated ability to produce high-quality, independent research published in academic journals.
- Expertise in developing and estimating macroeconomic time-series models, e.g. structural VARs (SVARs), local projections, state-space models, dynamic factor models, and cointegration
- The ability to program in at least one major language (R, Python, MATLAB, Julia, etc.).
- Experience of influencing senior stakeholders in your organisation / field.
- Experience of leading projects or the ability to think strategically, lead projects and programmes of work with mínimal oversight.
- Excellent written communication skills, with an ability to succinctly convey complex material to a non-expert senior audience.
- Excellent team-working and time-manageme

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