Internship Monetary Policy and Analysis

Our Monetary Policy and Analysis Division is currently looking for a motivated and suitably qualified student to take up a paid internship.

Place: Frankfurt am Main
Commencing: immediately, subject to agreement
Duration: three to six months

What we have to offer

You will be part of the Monetary Policy and Analysis Division in the Directorate General Economics. Our division is responsible for analysing and assessing the euro area monetary policy stance as well as longer-term strategic and conceptual issues. As an intern, you will join the Monetary Policy Strategy Section. We are responsible for questions about the transmission channels of monetary policy, monetary policy objectives and strategy, the interaction with other policy areas (e.g. fiscal and macroprudential policy), the conduct of unconventional monetary policy, and the interaction of monetary policy with household and firm heterogeneity.

What we are looking for

  • Relevant experience with DSGE modelling and estimation as well as sound knowledge of quantitative methods, e.g. proven through research papers, a master and/or bachelor thesis or a part of a dissertation.
  • Very good knowledge of macroeconomic and monetary theory
  • Very good knowledge of programming software, e.g. MATLAB (Dynare), Python or Julia (documented by self-written code) 
  • Excellent ability to analyse, assess and communicate complex topics in a simple yet effective manner
  • Knowledge of models with agent heterogeneity and non-linear solution methods for DSGE models would be considered as an asset

Possible tasks in your role include

  • Supporting the analytical and policy work of the team
  • Contributing to the development of models and tools to analyse questions about monetary policy
  • Assisting in long-term research projects
  • Providing input to briefings, papers and reports on analytical and policy topics as well as research projects
  • Helping prepare presentations to relevant European and international working groups and committees
  • Participating in and contributing to internal communication and opinion formation

The Deutsche Bundesbank promotes the equality of men and women in the workplace. We therefore particularly welcome applications from women. Part-time work is generally possible. Where candidates are equally qualified for the position, preference will be given to applicants with a disability.

If you have any questions relating to the work itself, please contact Dr Rafael Gerke on +49 (0)69 9566 33721. For organisational matters, please contact our careers team on

We look forward to receiving your online application stating your preferred dates for taking up the internship.