Researcher in Inflation, Climate & Energy (Structural Economics Division)

Bank of England; Leeds; On-site; GBP 49,000 - 57,000; Full time

Job summary

A leading financial institution in the UK is seeking a Research Economist to join its Structural Economics Division. This role involves building dynamic economic models, performing empirical analysis, and advising senior management on monetary policy. Candidates should have a PhD in economics or finance and strong programming skills. An inclusive and flexible working culture is emphasized, along with competitive salaries and benefits.

Benefits

Non-contributory pension plan

Flexible benefits programme

Private medical insurance

Discretionary performance award

Qualifications

• Strong analytical capability to draw insights to inform policy discussions.
• Proficient in programming with at least one major language.
• Ability to synthesize information from varied data sources.

Responsibilities

• Build DSGE models to understand inflation dynamics.
• Apply empirical methods to answer policy questions.
• Present analysis to the Monetary Policy Committee.

Skills

Analytical capability

Technical research skills

Verbal communication

Written communication

Programming in MATLAB, Julia, R or Python

Education

PhD in economics, finance or related subject

Tools

Statistical/economic tools/models

Version control systems (Git)

Job description

Overview

We are recruiting for a Research Economist to join the Structural Economics Division (SED) within the Monetary Analysis directorate (MA). The Inflation, Climate & Energy team conducts medium-term analysis on structural issues affecting UK inflation dynamics, considering both domestic inflation drivers and external factors such as energy markets and climate change. The team uses structural econometric and quantitative modelling techniques with aggregate and microdata to study the business cycle, external shocks and inflation dynamics. A key deliverable across SED is horizon scanning and medium-term analytical projects; you will be expected to propose and lead such projects as you develop. The role requires strong analytical capability, high technical and research skills, and the ability to draw insights to inform policy discussions. Strong written and verbal communication skills and the ability to engage with diverse audiences are essential. The role is adaptable to individual strengths and will generally involve the responsibilities below.

Responsibilities

• Build dynamic stochastic general equilibrium (DSGE) models to understand the implications of structural changes in the economy for inflation dynamics.
• Apply empirical methods (primarily time-series models) to synthesise information from varied data sources to answer key policy questions.
• Pursue an individual research portfolio aligned with the Bank''s research ambitions.
• Present analysis to the Monetary Policy Committee (MPC) and advise Committee members and senior management in your field of expertise.
• Support the production and communication of the MPC''s forecast, scenario analysis and policymaking process.

Qualifications and Skills

• Required: A PhD in economics, finance or a related subject (or expect to complete by 2026).
• Experience drawing conclusions from varied and potentially conflicting information sources in a relevant area of expertise.
• Ability to work with a range of statistical/economic tools/models to infer conclusions from data.
• Programming ability in at least one major language (e.g., MATLAB, Julia, R, Python) and, ideally, familiarity with version control systems (e.g., Git).
• [Desirable] Experience in macroeconomic model development (e.g., DSGE modelling) and/or structural time-series models such as Bayesian or frequentist VARs, or structural models of inflation dynamics, energy markets or production networks.

Interpersonal Skills

• Ability to work independently to identify, scope and progress analytic pieces on complex issues.
• Ability to collaborate and engage with colleagues and a diverse range of stakeholders.
• Ability to explain complex material clearly in written and verbal form.
• [Desirable] Experience in coordinating analytical projects.

Our Approach to Inclusion

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 is diverse and values inclusion across all backgrounds and communities. The Monetary Analysis Directorate (MA) provides core analytic support for setting Bank Rate to meet the inflation target. The Structural Economics Division (SED) delivers medium-term analysis and research on the evolving structure of the UK economy, aiming to inform the MPC and the Bank’s decision-making and communication. SED covers inflation dynamics, climate-related macroeconomic effects, energy markets, household behaviour, labour markets, corporates and fiscal policy; it also runs the Decision Maker Panel survey (with partner universities) and the National Microdata Group (NMG) household survey. Outputs include contributions to MPC rounds, scenario design, Special Topics Meetings with MPC, research papers and awaydays. The division collaborates with other MA teams and Bank areas, and members are frequently contacted by MPC members for advice. The role is within the Inflation, Climate and Energy team, one of five specialist teams in MA, and benefits from cross-team collaboration across the Bank. We value diversity, equity and inclusion and support flexible working arrangements. We encourage applications from individuals who work flexibly, including part-time and job-share arrangements. For roles that can be performed remotely, we aim for at least 40% time in the office, subject to business needs and collaboration requirements.

Salary and Benefits

• Salary: Leeds circa £49,920 to £56,160; London circa £55,440 to £62,370.
• Non-contributory, career average pension with option to adjust accrual rate; flexible benefits programme.
• Discretionary performance award and an 8% benefits allowance, with option to take as salary or to purchase flexible benefits.
• 26 days’ annual leave with option to buy up to 12 additional days; private medical insurance and income protection.

National Security Vetting Process may apply.