Economist, External MPC Unit

  • Location


  • Sector:

    Banking, Financial Services

  • Salary:

    £45,900 - £52,000 (subject to experience and skillset)

  • Published:

    6 months ago

  • Expiry date:


  • Client:


The company:

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 of England is a diverse organisation. Each of its 4,000 plus people are committed to public service and dedicated to promoting the good of the people of the United Kingdom by maintaining monetary and financial stability.

The Monetary Policy Committee (MPC) Unit is a small team that works closely with the four external members of the MPC. Each external member has an Economist and a Monetary Policy Advisor working for them to produce analysis and research that underpins their policy decisions, and to support them in their public communications. We interact extensively with Monetary Analysis (MA), which provides analytic support to the entire MPC.


Department Overview

A vacancy has arisen to work with Professor Silvana Tenreyro. Silvana has been an external MPC member since 2017, and her current term lasts until July 2023. She is also a Professor in Economics at the London School of Economics and the President Elect of the European Economics Association. In the past, she worked at the Federal Reserve Bank of Boston and on the equivalent committee for the Central Bank of Mauritius.

We offer fascinating involvement in the policymaking process and the opportunity to work on a wide range of issues. The environment is encouraging and flexible, with time to think and opportunities for learning or longer-term research. An important role of the Unit is to stimulate economic and monetary policy debate within and outside the Bank.

Job description

This vacancy is a permanent position as Economist to Silvana Tenreyro. You will work at the heart of monetary policy, supporting Silvana with her policy decisions, public communications and research. The precise balance of responsibilities is very flexible and can be adapted to suit the successful candidate’s preferences and ability.

Policy work will involve analysis on a broad range of macroeconomic issues important to Silvana’s economic forecasts and her policy discussions and decisions. It will include drawing on your own interests and expertise to carry out original analyses that offer new perspectives on the relevant economic data. You will discuss ideas and results directly with Silvana to help her formulate and explain her policy views.

Work on communications will support Silvana’s accountability to the public by helping her explaining her views to a variety of audiences. This could involve carrying out research as an input into her policy speeches, preparing presentations and drafting remarks for other public appearances, or participating in her calls or meetings with businesses around the country.

You will also engage with and contribute to frontier research, in order to advance policymakers’ understanding of critical economic issues. Depending on experience and interest, this could be anything from assisting on Silvana’s research priorities, to influencing the international policy debate by progressing your own research agenda.

All aspects of the job will involve communicating extensively with economists and researchers in other departments. We will encourage you to collaborate on projects with colleagues around the Bank. You will be managed and supported by the Advisor, who will provide training and advice on the job and your career. We are fully committed to having a diverse and inclusive working environment. This role can be done as part of a job share and/or with flexible or part-time working: Silvana works flexible hours, and we encourage working in a way that suits your own preferences or needs.

Role Requirements

Minimum Essential Criteria:

  • A relevant postgraduate qualification, such as a Masters in economics or finance, or equivalent work experience.

  • Experience collecting and analysing economic data.

  • Excellent written and oral communication skills.

  • Can develop ideas independently and work on them to completion.

  • Can quickly build up a network of contacts in the Bank.

  • An interest in monetary policy issues.

  • Engagement with and interest in frontier economic research.

Desirable Criteria

  • Practical programming skills and use of relevant packages (e.g. R, Matlab, Stata).

  • Understanding of structural macroeconomic models or econometric modelling.

  • Experience carrying out economic research (such as during a PhD) or the potential to do so in future.

  • Excellent knowledge of the UK and international macroeconomic data.

  • Can critique theoretical and empirical results and put forward alternative perspectives.

We anonymise applications so hiring managers will not be able to see your personal information, your original CV or any covering letters when reviewing your submission. Please complete work history and the application form questions as requested because incomplete submissions will not be reviewed.   

We continue to build an inclusive culture where everyone can be their whole selves and produce their best work. Our focus on inclusion is intended to build greater diversity in order to reflect the society we serve and be an employer of choice.

 This specific role offers a salary of £45,900 - £52,000 (subject to experience and skillset).

The total package also includes:

  • A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked.

  • A discretionary performance award based on a current award pool and target award of 10%, with a maximum potential award of 25%

  • A 7% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits

  • 25 days annual leave with option to buy up to 13 additional days through flexible benefits

  • Private medical insurance and income protection insurance