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Federal Reserve Bank of Philadelphia · 4 days ago

Summer Intern, Supervision Regulation & Credit, Mortgage Repayment

Philadelphia, PA

Internship

Onsite

Intern

$28/hr - $32/hr

The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that make up the Federal Reserve System. They are seeking a PhD level or graduate student for a 10-week paid internship focused on assessing the variability of fixed rate mortgage payments and analyzing how these changes affect homeownership incentives and credit outcomes.

Financial Services

Responsibilities

Assess the degree to which fixed rate mortgage (FRM) monthly payments vary within the same contract

Use ICE McDash data on mortgages to create an index to track monthly payment growth within each FRM contract

Conduct descriptive analysis comparing fixed rate payment growth to other indicators of housing monthly costs

Test for correlations between within-contract monthly cost growth and business cycle and interest rate environment at origination

Assess how changes in monthly FRM housing costs affect household credit outcomes

Assist on relating findings to existing economic models of the costs and benefits of homeownership

Qualification

Statistical programmingEconometric methodsAttention to detailOrganizational skillsEffective communicationProblem-solving skillsWork independentlyPresentation skills

Required

A master's or PhD student pursuing a degree related to Economics or Finance

Proficient in at least one statistical programming languages such as Stata, SAS, R, and Python

Understanding of econometric methods, including OLS, fixed effects, and instrumental variables estimators

Preferred

Effective verbal and written communication skills

Strong problem-solving skills with the ability to know when to ask for help

Attention to detail is needed to make sure that the data work has been performed correctly

Organizational skills to annotate and document their work such that others can pick up where the project left off

Ability to work well independently with little supervision, the project manager will be available to assist

Strong presentation and communication skills to share what they have completed concisely and effectively

Company

Federal Reserve Bank of Philadelphia

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The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government.

Founded in 1914