The Bank of England has opportunities for PhD students to undertake internships for two to three months on projects that are relevant for monetary policy and financial stability.

The Bank of England's Monetary Policy Committee has a long track record of setting monetary policy through short-term interest rates. In recent years, it has also implemented a programme of asset purchases and provided explicit 'forward guidance' regarding the future conduct of monetary policy. Our financial stability role has recently been strengthened with the establishment of the Financial Policy Committee (FPC) and the Prudential Regulation Authority (PRA). The FPC detects threats to financial stability, and is at the forefront internationally in developing and implementing macroprudential policies to address these threats and help prevent future financial crises. The PRA serves as the new microprudential regulator for UK banks, building societies, insurance companies and some investment firms, seeking to promote their safety and soundness via a forward-looking and judgement-based approach.

Our PhD economists have a privileged opportunity to influence real-world policymaking both through work that directly supports the policy process and through high-quality research on key policy issues. Economists in the Bank's Monetary Analysis provide key analytical support in the setting of monetary policy to help achieve the United Kingdom's inflation target. Through its macroprudential risk assessment and policy analysis work, economists in the Financial Stability area and parts of the PRA support the work of the FPC and help to shape the international debate on regulatory reform of the financial system.

Timing of individual internships are flexible.

Candidates should be expecting to submit their PhD thesis within the next two years.

All fields in economics or finance are considered, although we are particularly interested in candidates with a strong background in:

Macroeconomics (all areas, including macro models with financial sectors; DSGE modelling and alternative approaches);
Monetary economics;
Structural economic issues (labour economics, inflation dynamics, productivity, and growth);
International trade, finance and open economy macroeconomics;
Econometrics (macroeconometrics; microeconometrics; time series analysis; forecasting; panel data; high frequency data);
Financial intermediation, including banking and financial crises;
Regulatory and macroprudential policy;
Finance and asset pricing;
Risk management, stress testing and credit risk modelling.

On some projects, interns may be using onsite-only datasets jointly with our staff. The Bank has access to many interesting datasets including real-time macroeconomic data, monetary data, data on international banking groups, interbank payments and bank balance sheets.

Applications submitted via our online application form.