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Bank of England
,
London, Greater London
Analyst / Economist Macro-financial Risks Division
Overview
Job Description
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 3,600 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. The Financial Strategy and Risk Directorate (FSSR) is responsible for assessing risks to financial stability from across the financial system and defining the Bank's strategy for responding to them. Key elements of this are: conducting financial stability risk assessment and research across all sectors and markets, to inform decision-making by FPC, PRA Board and MPC; providing support to microprudential supervisors; identifying appropriate policy responses including what macroprudential instruments the Bank needs, and designing the Bank's strategy for their use; delivering and developing the Bank's stress-testing framework; and developing public understanding and awareness of the FPC and establishing and delivering its framework for operation. Department Overview Macro-Financial Risks Division is responsible for addressing risks to financial stability stemming from the UK real economy. We do so through: providing the Bank's policy committees with relevant, timely and insightful analysis on domestic risks; providing the Financial Policy Committee with advice on potential policy interventions that could be employed to mitigate those risks; conducting research to advance our understanding of the economy and financial system; and communicating our views in a convincing and compelling manner, both within the Bank and to external stakeholders (e.g. in the Financial Stability Report and Staff Working Papers). Job description An exciting opportunity has arisen to join either the Household Team or the Corporate Team in the Bank of England's Macro-financial Risks Division as an analyst/economist. The exact team that you will join will depend on your interests and experience. The teams are responsible for analysing risks to financial stability from the respective sectors. The Household Team plays the lead role in advising the FPC on the appropriate macroprudential stance for this sector. The Corporate Team is responsible for assessing risks from the corporate sector, the commercial property market, and external finance issues such as the UK current account deficit, alongside considering the case for macro prudential tools for these sectors. This role can be performed as a part of a job share and / or with flexible working, something we encourage in the Bank. We are looking for two enthusiastic junior analysts/economists to join either the Household or Corporate and External Finance team. These are interesting analytical roles that will provide an opportunity to gain deep knowledge of the household sector or the corporate sector and external finance issues. The division is heavily involved in the financial stability response to COVID, with high-profile work for the Financial Policy Committee in progress on both teams. The Household team is assessing the impact of COVID on household finances, including through the widespread use of mortgage holiday. The team also plays the lead role in monitoring and reviewing the FPC's housing tools. The Corporate team have led work to assess the impact of COVID on corporate finances. This has been a key input into discussions around the appropriate policy response, and is also being used to estimate the impact of COVID on the build-up of longer-term vulnerabilities through higher debt levels. You will be expected to produce high-quality analysis on stimulating and policy-relevant issues at the heart of the Bank's core responsibilities for both financial and monetary stability. We will consider candidates with a range of skills and tailor the role appropriately. We expect all candidates to have a strong demonstrable interest in the household sector, the corporate sector, or external finance issues. You would be expected to work well in a team and want to within your role. You will work closely with other areas of the Bank. Responsibilities are likely to include most of the following: * Producing high quality risk analysis of real economy financial stability issues. * Becoming competent in managing and analysing micro-data. * Contributing to Bank-wide work on the housing/commercial real estate market. * Making a significant contribution to the division's work on stress testing. * Identifying potential macro-financial risks arising from and to the household/corporate sector and the UK current account deficit. * Considering the case for and designing new macroprudential policies, and evaluating existing policies, including through high quality cost-benefit analysis. * Leading the preparation of quarterly presentations to the Financial Policy Committee. This will include significant liaison with other analysts around the wider Bank. ...