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Internship at the European Central Bank in Germany

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Function: The Directorate Monetary Policy of the European Central Bank (ECB) is seeking applications from recent graduates (or students who are close to completing their studies) for internships in its Monetary Policy Strategy Division. The Monetary Policy Strategy Division is responsible for preparing decisions relating to the monetary policy strategy of the ECB. The strategy comprises the quantitative specification of the primary objective of price stability and provides a comprehensive framework within which monetary policy decisions are taken. In particular, the Division is responsible for: • assessing the implementation of the strategy, • reviewing its main internal and external elements and their effectiveness, • analysing the possible implications of current and likely future structural developments for the strategy, and • working on optimal monetary policy rules. It also carries out empirical and conceptual analyses of monetary and credit aggregates, the monetary policy transmission mechanism and the monetary policy stance.

Objective: The internships aim to give successful applicants the opportunity to contribute to analytical projects in the field of interest of the Division. Each candidate is invited to submit a project proposal. For 2009, submissions of projects of a theoretical or empirical nature in the following areas are of particular interest: • the strategy, rules and implementation of monetary policy, • the analysis of optimal monetary policy in dynamic stochastic general equilibrium models, • the evaluation of monetary policy rules and implementation of control rules in macroeconometric models, • the analysis of the determinants of the optimal rate of inflation, • the role of money in the conduct of monetary policy, • the analysis of monetary and credit aggregates and their information content, • the role of asset prices in monetary policy, • the relationship between monetary policy and financial stability, • the monetary policy transmission mechanism and the implications of uncertainty and incomplete information, • the relationship between monetary policy and fiscal policies, • the implications for monetary policy of regional heterogeneity in the euro area, • monetary policy aspects of EU enlargement, and • communication, transparency and predictability of central banks. These projects will normally involve work with the economists in the Division.

The successful applicants will be assigned a supervisor but will be expected to work mainly on their own initiative in a largely autonomous manner. They will have access to the ECB’s library and computing and statistical facilities, as necessary, for the successful completion of their projects.

Duration of contract/Closing date for applications: The internships will typically be for a period of three months, but may be longer depending on the scope of a specific project.

Further information about the position, the required profile and the application process is available on the ECB’s website www.ecb.int, Working for Europe.

JEL Classification(s): E

Application has to be received by 31. January 2009.

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