Summer Intern, Supervision Regulation & Credit, ...

Company Federal Reserve Bank of Philadelphia The Federal Reserve Bank of Philadelphia is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. It helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. The Federal Reserve Bank of Philadelphia serves eastern and central Pennsylvania, southern New Jersey, and Delaware. Bring your passion and expertise, and weu2019ll provide the opportunities that will challenge you and propel your growth The Federal Reserve Bank of Philadelphia is seeking a PhD level or graduate student with preferred majors in Economics or Finance. This opening requires an on-site presence. The work schedule is Monday u2013 Friday (40 hours per week). This is a 10-week paid internship. The hourly rate for this position is as follows: $28.00- graduate level student $32.00 - PhD level student What You Will Do: The project aims to assess the degree to which fixed rate mortgage (FRM) monthly payments vary within the same contract. While principal and interest are fixed, other costs such as property taxes vary during the life of a mortgage. Then, we ask how payment changes affect incentives for homeownership and credit outcomes. The intern will use ICE McDash data on mortgages to create an index to track monthly payment growth within each FRM contract. Descriptive analysis would include comparing the dynamics of fixed rate payment growth to other indicators of housing monthly costs (e.g. rent indices and changes in monthly payments for adjustable-rate mortgages). Trends analysis would also test for correlations between within-contract monthly cost growth and business cycle and interest rate environment at origination. Pending the results of the descriptive analysis and the available time in the internship, we would also assess how changes in monthly FRM housing costs affect household credit outcomes (including mortgage performance and credit utilization). Lastly, the intern may assist on relating the findings to existing economic models of the costs and benefits of homeownership. What You Have A masteru2019s or PhD student pursuing a degree related to Economics or Finance. Other fields related to the ones listed are also encouraged to apply. Required Skills: + 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 Competencies: + 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 Additional Information: The Federal Reserve Bank of Philadelphia takes your information privacy seriously. Federal Reserve Bank of Philadelphia staff will only email you from the

Created: 2026-01-14