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European Central Bank

PhD traineeship in the field of macroprudential policy and financial stability




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  • European Central Bank

PhD traineeship in the field of macroprudential policy and financial stability, Frankfurt

Organization: ECB - European Central Bank


Country: Germany

City: Frankfurt, Germany

Office: ECB Frankfurt

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Closing date: Thursday, 23 November 2017

PhD traineeship in the field of macroprudential policy and financial stability

We are looking for PhD trainees who want to become part of a multicultural team that strives for continuous innovation to make a positive impact in the life of European citizens through its contributions in the fields of macroprudential policy and financial stability. You will be part of the Directorate General Macroprudential Policy and Financial Stability (DG/MF). Our Directorate has approximately 100 staff members providing analyses and policy advice on issues relating to macroprudential policies, financial stability, financial regulation and financial stability arrangements. In particular, we are working on identifying and measuring systemic risks, assessing the impact of regulations and macroprudential measures and responding to the challenges facing the banking and non-banking sectors. In the area of financial stability, we analyse developments in the banking sector and the broader financial system in the euro area and the European Union (EU) from a systemic risk perspective. In the areas of financial regulation and financial stability arrangements, we monitor developments and analyse relevant policy issues from a financial stability and financial integration perspective. In relation to macroprudential policies, we are responsible for preparing European Central Bank (ECB) macroprudential policy decisions and liaising with ECB Banking Supervision and the ECB’s decision-making bodies, as well as with the relevant national and international authorities. To this end, we also provide information and background studies that support and inform the corresponding policy processes. We also support the activities of the European Systemic Risk Board and contribute to policy discussions at the European and international levels. To further enhance the diversity of our team, we particularly encourage applications from female candidates.

As a PhD trainee you will be entrusted with a project in one of the following areas: Developing systemic risk indicators and early warning systems, and modelling macro financial linkages

The aim of these projects is to contribute to the further development of the analytical toolkit for measuring and assessing systemic risk in various parts of the financial system. This refers both to the time series dimension (such as macro-feedback effects, the bank-sovereign nexus or the pro cyclicality of the financial sector) and to the cross-sectional dimension (such as risks related to interconnectedness, common exposures, too-big-to-fail externalities, implicit guarantees, contagion and spillover effects), including the measurement of banks‘ systemic footprint and modelling of risk in the banking sector (e.g. profitability, asset quality, risk-taking);
Macroprudential policy assessment and calibration

These analytical projects contribute to the assessment of macroprudential tools and their calibration and to the development of the tools for activating and calibrating macroprudential instruments. This includes, in particular, time series analysis, microeconometrics, the use of microeconomic data to analyse macro-financial aggregates, network analysis, agent-based modelling and the development of networks linking balance sheet items of individual financial institutions to sectors, countries or financial markets.

Regulatory impact assessments and interactions between regulations

These projects aim to empirically assess the impact of regulatory requirements - in particular the reforms following the financial crisis - on banks‘ intermediation activities and financial sector outcomes. Additional topics of interest include the impacts on bank lending, the real economy and market liquidity and the interaction between micro- and macroprudential instruments and between prudential and monetary policy.

Developing models to identify and assess systemic risk stemming from the non-banking sector

The purpose of these projects is to develop tools to identify and monitor financial stability risks stemming from non-banks and from market activities such as derivatives and securities financing transactions, focusing on how these transactions can contribute to excessive risk taking and leverage and on how they influence asset liquidity.

As a PhD trainee in DG/MF you will discover the business area through different tasks and projects. You will be assigned your own supervisor but you will be expected to use your own initiative and work in a largely autonomous way to complete your project. You will be able to develop your potential, gain an overview of all of the tasks performed by the Directorate General and may occasionally also contribute to its regular work. You will also have access to the ECB’s library, as well as computing, programming and statistical resources

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