Vice President & Economist at Federal Reserve Bank (FRB) in Boston, Massachusetts

Job Description:

Company

Federal Reserve Bank of Boston

Vice President and Economist, Macro Finance Section

Vice President and Economist, Macro Finance Section

About the Federal Reserve Bank of Boston

The Federal Reserve System (System) was founded by Congress in 1913 and serves as the central bank of the United States. Its fundamental mission is to foster the stability, integrity, and efficiency of the nation’s monetary, financial, and payment systems to promote optimal economic performance. 

As part of the nation’s central bank, the Boston Reserve Bank promotes sound growth and financial stability in New England (Connecticut – except Fairfield County, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont) and the nation. The Bank's unique contributions to its local communities, region, and the nation are founded on high-quality research and bank supervisory activities, excellence in supporting financial services and financial markets stability, leadership in payments innovation, and a commitment to supporting economic well-being in communities. The Bank holds several key System roles, including leading the Financial Support Office, which manages the System budget. The Bank also develops and leads innovative payments programs and played a central leadership role in the Federal Reserve’s crisis responses both during the Great Financial Crisis (2008) and global pandemic (2020). The Bank is a thought leader and innovator in numerous areas. Among its most critical responsibilities:

• Conducting leading-edge research and education on monetary policy, financial markets and stability, and important regional and national economic concerns.


• Providing financial stability expertise through a deep knowledge of money markets and the institutions key to those markets.


• Conducting dynamic, comprehensive bank supervision through on-site examination and by monitoring banking conditions, practices, and emerging issues.


• Providing efficient, high-quality payments services for depository institutions.


• Transforming the nation’s payments system by leading the development of the FedNowSM Service (“FedNow”), a real-time gross payments settlement system.


• Pursuing cooperative endeavors with business, community, and government leaders to address key local and regional economic issues, often with a focus on community development and economic opportunity.


• Supporting and improving economic outcomes for the broader community, particularly low- and moderate-income individuals. This commitment is reflected in our research on race and its link to economic well-being, our Working Places community development programs, and our initiative to improve the quality of low-wage jobs.


• Building institutional expertise and flexibility by identifying, engaging, and developing a highly trained and diverse staff.


• Providing leadership to System initiatives and interacting with other regulatory bodies and central banks.

The Bank is a business leader in Greater Boston and throughout the First District. We serve as an important business community advisor in areas of economic and workforce development. Our President and Bank leaders are engaged with numerous organizations that support the First District community, including professional associations and academic boards.

The Bank’s approximately 1,300 employees are based mostly in the First District, and they take great pride in working for an organization whose mission is to promote sound economic growth, financial stability in the New England area and the United States. We are proud of our strong organizational culture, which is built on our four core values: integrity, leadership, diversity and inclusion, and innovation.

About the Position

The Federal Reserve Bank of Boston Research Department supports the Bank President and Board of Directors in fulfilling their policy obligations through policy analysis and briefings. Department economists conduct scholarly research to enrich our understanding of the regional, national, and international economic and financial developments and to contribute to the set of analytic tools and perspectives that inform our forecasts, policy analysis, and briefings to policymakers. Their work intersects conceptual and empirical advances, and department economists develop models and analyze micro- and macro-level economic and financial data on the U.S. and other economies to provide insights that are highly topical and of direct relevance for policy. We encourage and engage in academic discussions and debate by hosting and presenting our research at conferences, seminars, and workshops, and FRS System meetings. As part of the Bank’s public outreach effort, we also actively engage with business groups, local government entities, nonprofits, and school groups.

The Macro Finance section conducts research and analysis on financial markets, institutions, and financial issues. The vice president of the section leads a team of economists and research assistants whose areas of focus include financial intermediation, asset pricing, and the intersection between the financial sector and the real economy. The vice president oversees the section’s scholarly research and policy analysis, fosters employee engagement and development, and reports to the director of research. As a member of the department’s leadership team, the vice president assists the director in the development and execution of the department’s strategic priorities and objectives and helps advance the Bank’s mission through financial and monetary policy expertise, collaborative thought leadership, and high-quality academic and policy contributions. All Bank officers are expected to help drive and support the Bank’s mission, strategy, and culture through active engagement in key dialogues, demonstrating intentional and inclusive leadership, and volunteering for Bank activities to serve as a role model for our employees and the communities we serve.

The scope of the role includes, but is not limited to:

• Provide strategic direction, leadership, and development of section professionals at various career stages and levels of seniority.


• Contribute to department efforts that support the Bank President, including FOMC preparations.


• Support and advise the Director of Research on economic/financial policy, department strategy, and other department and Bank matters.


• Contribute to the formulation of department strategic priorities and initiatives.


• Conduct high-quality academic and policy-oriented research.


• Work collaboratively with other members of the department leadership team to foster innovation and creativity within the department and to maintain an engaging and collegial culture.


• Represent the Research Department and Bank before policy, business, academic, and community groups.

Expectations and Requirements

• A Ph.D. in economics, finance, or related field is required, along with excellent publication record in major peer-reviewed journals.


• Substantial experience in people management and leadership with demonstrated ability to successfully lead and develop a team of Ph.D. economists and research assistants.


• Excellent communication skills, including the ability to communicate complex economic concepts to members of the public through various channels.


• Strong commitment to public service.

Leadership Capabilities

• Lead with a strategic, action-oriented mindset focused on performance, accountability, and outcomes.


• Engage in intellectual curiosity, agility, and experimentation to drive innovation.


• Drive results to help achieve the Bank and System strategic goals and initiatives. b


• Be a role model and serve as an active talent champion, coach, mentor, and connector.


• Build trust and serve as a helpful and contributing colleague.


• Embrace and demonstrate a growth mindset including the new principles and practices as the future of work evolves.


• Promote an inclusive environment in alignment with the System’s Diversity, Equity, & Inclusion goals.

OTHER REQUIREMENTS

• This position requires access to confidential supervisory information and/or FOMC information, which is limited to "Protected Individuals" as defined in the U.S. federal immigration law. Protected Individuals include, but are not limited to, U.S. citizens, U.S. nationals, and U.S. permanent residents who either are not yet eligible to apply for naturalization or who have applied for naturalization within the requisite timeframe. Candidates who are not U.S. citizens or U.S. permanent residents may be eligible for the information access required for this position and sponsorship for a work visa, and subsequently for permanent residence, if they sign a declaration of intent to become a U.S. citizen and meet other eligibility requirements.


• Residency in the First District within commuting distance of the office.


• Willingness to travel, both domestically and internationally.


• Work is performed in an office environment and requires the ability to operate standard office equipment and keyboards.  At times, officers may be required to work evenings and/or over the weekend.

The Federal Reserve Bank of Boston is committed to a diverse and inclusive workplace and to provide equal employment opportunities to all persons without regard to race, color, religion, national origin, sex, sexual orientation, gender identity, age, genetic information, disability, or military service.

All employees assigned to this position will be subject to FBI fingerprint/ criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch lists at least once every five years.

The above statements are intended to describe the general nature and level of work required of this position. They are not intended to be an exhaustive list of all duties, responsibilities, or skills associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.

Ethics Considerations and Prohibited Activities

It is indispensable to the proper functioning of, and the maintenance of public confidence in, the Federal Reserve, for the Bank and the System to function properly and maintain high public confidence. It is essential for every employee to perform their duties with honesty, integrity, and impartiality, without improper preferential treatment of any person or organization. Bank employees are subject to federal criminal statutes that prohibit financial conflicts of interest (e.g., an employee cannot work on any matter in which they or certain employee-affiliated parties have a financial interest). In addition, the Bank’s code of conduct generally prohibits activities such as:

• Outside activities that are inconsistent with the employee’s duties and responsibilities, e.g., holding a position as a director of a publicly traded company.


• Certain partisan political activities, such as fundraising or holding partisan elected office.

The vice president is subject to stringent investment and trading rules detailed in the Federal Reserve Board’s Investment and Trading Policy for FOMC Officials. Federal Open Market Committee—Investment and Trading Policy for FOMC Officials (federalreserve.gov)

Full Time / Part Time

Full time

Regular / Temporary

Regular

Job Exempt (Yes / No)

Yes

Job Category

Executive

Work Shift

First (United States of America)

The Federal Reserve Banks believe that diversity and inclusion among our employees is critical to our success as an organization, and we seek to recruit, develop and retain the most talented people from a diverse candidate pool. The Federal Reserve Banks are committed to equal employment opportunity for employees and job applicants in compliance with applicable law and to an environment where employees are valued for their differences.

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