PhD traineeship in the Directorate General Economics hos The European Central Bank

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Your team 

You will be part of the Directorate General Economics (DG/E). Our Directorate General prepares the monetary policy decisions of the Governing Council and all related ECB/Eurosystem/ESCB policy positions. The scope of its activities covers the euro area as a whole, the individual euro area countries and the non-euro area EU countries. DG/E output includes articles and studies in publications such as the Economic Bulletin, Annual Report, Occasional Paper Series and Working Paper Series.

As a successful applicant you will be offered a traineeship in one of the following teams.

In the Monetary Policy Strategy Division within the Directorate General Monetary Policy, we analyse and assess the monetary policy stance as well as longer-term strategic issues, and prepare decisions on ECB interest rates and non-standard policy measures. We develop models and tools for analysing euro area money markets and the impact of standard and non-standard monetary policy measures on financial conditions and the broader economy. We also look at the role of banks and non-banks in monetary policy transmission, and the link between monetary policy and cross-border spillovers. 

In the Prices and Costs Division, we monitor, analyse and forecast nominal macroeconomic developments in the euro area and its countries and sectors. We assess inflationary pressures from the external environment and from wage and profit developments, as well as the associated prospects, risks and uncertainties. Furthermore, we prepare the macroeconomic projections for some euro area countries, as well as external communications on nominal euro area macroeconomic developments.

In the Fiscal Policies Division, we monitor and assess the fiscal policies of the EU Member States and the fiscal stance in the euro area, as well as providing fiscal forecasts for individual countries. We also assess the sustainability of public finances in the EU and carry out analytical work on the effects of fiscal policy on the macroeconomy, the interaction between fiscal policy, monetary policy and the financial sector, and issues related to fiscal surveillance and EMU deepening. 

To further enhance the diversity of our team, we particularly encourage applications from female candidates.

Your role 

As a PhD trainee you will:

  • develop models and/or tools to assess the stance of monetary policy, both in terms of interest rates and non-standard measures;
  • develop models and/or tools to assess financial conditions and their consequences for the transmission of monetary policy;
  • develop models and/or tools and work on related datasets to assess the sectoral transmission of monetary policy and the role of banks and non-banks in monetary policy spillovers;
  • develop models and/or tools to assess wage and price developments and their drivers;
  • develop models and/or tools to assess the interaction between monetary policy, fiscal policy and the financial sector, analyse options for the deepening of EMU, including the analysis of a fiscal capacity for EMU, and explore the effects of fiscal policy on the macroeconomy;
  • draft notes and working papers and prepare presentations on your analytical results.

The position offers you an excellent opportunity to work on an analytical project, taking into account your profile and proposals, with the best economists in the field. You will gain an overview of all the tasks performed by DG/E and may occasionally also contribute to its regular work. As a successful applicant you will be assigned a supervisor, but will mainly work autonomously. You will be part of a multicultural team that strives for continuous innovation to make a positive impact on the lives of European citizens.

Qualifications, experience and skills 


  • a PhD, or having completed at least two years of PhD studies, in economics, finance, econometrics, statistics or a related field;
  • sound knowledge of applied modelling and econometric techniques;
  • proven experience of working with statistical and econometric packages such as MATLAB, Dynare, R, Python, Stata and EViews, or other programming languages;
  • an advanced command of English and an intermediate command of at least one other official language of the EU;


  • experience in estimating (large) Bayesian VARs, panel VARs, non-linear VARs (time-varying parameters, Markov switching) and factor models;
  • experience of coding up advanced Bayesian econometric modelling and estimation techniques;
  • experience of macroeconomic models, e.g. dynamic stochastic general equilibrium (DSGE) or heterogeneous agent models;
  • knowledge of microeconometrics (including experience in working with large-scale micro datasets e.g. at the firm, goods or sectoral level);
  • understanding of the institutional framework of the ECB and the Eurosystem;
  • familiarity with methods for working with big data (e.g. machine learning, web scraping, text mining), as well as knowledge of data-handling software such as SQL;
  • ideally, a publication record that covers issues falling within the fields mentioned in this vacancy notice.

You are curious and eager to learn, and want to further develop your ability to analyse complex information. You are keen to collaborate with others, pursue team goals and learn from other people’s diverse perspectives. You strive to know and anticipate stakeholder needs, and will signal any need for change and propose alternative solutions.

Further information

The recruitment process for this position may include a WebEx interview.

Application and selection process 

Apply via the "Apply now" button below. 

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