Rutgers Undergrad Economics Majors Work in Research at Federal Reserve Banks
Mingyu Chen (’10) at the Federal Reserve Bank of St. Louis, Michael Connolly (’11) at the Federal Reserve Bank of Kansas City, Tal Elmatad (’10) at the Federal Reserve Bank of Boston, Brandon Li (’12) at the Federal Reserve Bank of New York, and Eric Hsu (’13), Ian Kotliar (’13), Dhrumit Joshi (’14), and Quinn Maingi (’15) at the Federal Reserve Bank of Philadelphia
Tal Elmatad (’10) started research at the Federal Reserve Bank of Boston in 2010 after graduation. In 2012, he moved to Bates White Economic Consulting where he worked on antitrust cases. He now studies law at NYU Law School.
Michael Connolly (’11) started work in research at the Federal Reserve Bank of Kansas City in 2011 where he was a research associate in macroeconomics and monetary policy. In 2014 he worked as a graduate summer associate in the Risk Group at the Federal Reserve Bank of New York. He is currently studying macro and finance in the PhD program in economics at Boston College.
Brandon Li (’12) began work after graduation in 2012 at the New York Fed as an analyst on the Discount Window staff, then moved to the Mortgage Backed Securities staff, and then onto Capital Markets where he currently works. Some of his responsibilities involve data collection and manipulation for senior analysts and management who are trying to answer questions related to policy or financial markets.
Mingyu Chen’s research at the St. Louis Fed spanned macro, international, and applied micro. In 2012 Mingyu began work at Princeton’s Industrial Relations Section in labor and education issues and enrolled in the PhD program at Princeton in 2013.
Eric Hsu and Quinn Maingi started work at the Federal Reserve Bank of Philadelphia as summer interns after their sophomore year in 2012 and Ian Kotliar and Dhrumit Joshi, after their junior year in 2013. Eric and Quinn continued as interns during their junior and senior academic years and Ian and Dhrumit, during their senior academic years. Ian and Quinn with their Federal Reserve mentor, Dr. Julapa Jagtiani, published, “The Evolution of U. S. Community Banks and its Impact on Small Business Lending.” Ian also worked on issues related to the too-big-to-fail policy, which he used in his senior research paper, “What is the Impact of Being Designated Systemically Important? An Event Study.”
Eric graduated in 2013 and is now a research assistant at the Federal Reserve Bank of San Francisco and at the Department of Economics at UC Berkeley. Eric is currently working on issues such as violent conflict in developing countries and the reliability of Chinese output data. He published an article with John Fernald and Mark Spiegel: http://www.frbsf.org/economic-research/publications/economic-letter/2014/october/china-chinese-monetary-policy-financial-liberalization/
After graduation, Dhrumit enrolled in the Columbia Law School.
After graduation, Ian accepted a position as a Business Analytics Associate at ZS Associates in Princeton and San Francisco where he used analytical techniques, programming, and statistics to solve problems related to new product launches in the pharma industry (forecasting demand, customer segmentation, estimating return on marketing, designing sales force incentive/compensation plans, solving optimization problems to determine where to geographically allocate sales reps). Ian is currently a research assistant at the Federal Reserve Board.
Rutgers Undergrad Economics Majors Work in Research at the Federal Reserve Board
Ian Kotliar ('13) has just become a research assistant at the Federal Reserve Board in the Systemically Important Financial Institutions and Markets group.
Josh David (’12) reports, “I am currently working as an RA in the Short-Term Funding Markets section in Research & Statistics at the Federal Reserve Board. We cover shadow banking, specifically the commercial paper, repo, money market mutual fund, and securities lending coverage areas.” In addition, he adds, “I've helped prepare briefing materials for FOMC meetings, as well as collect background information on behalf of some of the governors. I've worked with the four economists in my section to contribute to their academic research as well. It's been a really exciting experience learning entrepreneurial skills since I've been tasked with building new datasets from scratch, as well as writing new data analysis programs. . . . I've been able to develop my programming and statistical analysis skills in the context of economic research and policy work.”
Josh David and Chair Yellen
What is Josh’s advice for undergrad majors?
“My main advice for undergrads would be to build up your familiarity with statistical software, such as Stata, SAS, R, or MATLAB. People who enter the Fed as research assistants with extensive programming skills certainly have a leg up. It's also very important to get involved with economics research early enough in order to see if it's something you would consider doing in the long term. Finally, I'd make sure to do things to enhance your communication and public speaking skills, as these would make you a much more competitive candidate, assuming that your technical skills are already up to par. In terms of course work, don't be afraid to explore new topical areas, as you may get inspired to continue learning more in depth.”
Ibraheem Catovic (’12), after working two years in the Capital Markets Section at the Federal Reserve Board, has moved to the Research Department at the Federal Reserve Bank of Philadelphia. He recently published his undergraduate honors research thesis, “Prospects of Islamic Banking in the United States: A Survey of Muslim Americans.”
Ibraheen Catovic and Chair Yellen
His advice to undergrad majors: “Read some economics papers, not just textbooks, to get a feel of what research is actually like. And take as many math courses as you can.”