Researcher in Inflation, Climate & Energy (Structural Economics Division) bei Bank of England

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 5,000 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 Analysis Directorate (MA) provides the core analytic support that underpins the setting of Bank Rate by the Monetary Policy Committee (MPC) to meet the inflation target. We are closely linked to the MPC Unit, which supports the external members of the MPC.

Department Overview

The Structural Economics Division (SED) is one of five divisions within MA. We work closely with other MA divisions on forecasting, scenario analysis, and supporting the MPC in its decision-making and communication. 

SED’s mission is to deliver incisive, impactful medium-term analysis and research on the evolving structure of the UK economy both cross-sectionally and over time, giving the MPC and wider Bank a clear picture of key structural changes and their underlying drivers. 

SED produces medium-term analysis and research on inflation dynamics, the macroeconomic effects of climate change, energy markets, household behaviour, labour markets, corporates and fiscal. We also run the Decision Maker Panel survey, jointly with colleagues at Stanford, Nottingham and King’s College London universities, and the NMG survey of households, jointly with colleagues in Financial Stability. Outputs include contributions to the MPC rounds including scenario design, Special Topics Meetings (STMs) with MPC, research papers and Research Awaydays. We collaborate extensively with other areas of MA and the Bank, in particular Financial Stability Strategy and Risk, International Directorate (including the Climate Hub) and Advanced Analytics. The teams are centres of excellence and expertise, and members are frequently directly contacted by MPC members for advice. 

The division is structured into five specialist teams on different parts of the real economy and issues pertinent to monetary policy making: (1) Labour and Corporate team, (2) Decision Maker’s Panel team, (3) Household and Fiscal team, (4) the Monetary Transmission Mechanism team, and (5) where the successful candidate for this role will be based, the Inflation, Climate and Energy team.

Job Description

We are recruiting for a Research Economist to join the Structural Economics Division (SED) within the Monetary Analysis directorate (MA). We encourage applications from individuals who have recently obtained or are about to obtain a PhD (by 2026). 

The Inflation, Climate & Energy team is responsible for medium-term analysis on topical structural issues affecting UK inflation dynamics. This is both from a domestic perspective of inflation drivers –such as the links with domestic cost pressures, as well as externally such as structural changes in energy markets (particularly its greening) and the physical impacts of climate change. The team employs a range of structural econometric and quantitative modelling techniques based on recent advances in the literature, making extensive use of both aggregate and detailed microdata to study the business cycle, external shocks and inflation dynamics. 

A key deliverable across all of our teams in SED is horizon scanning and producing medium-term analytical projects that focus on the most important issues shaping the constantly evolving macroeconomic landscape. You will eventually be expected to propose and lead such projects as you develop. You should already have a strong analytical background with exceptional technical and research skills. As a researcher, you will have dedicated time for research and will also be expected to proactively draw insights from your field of expertise to inform the policy discussion. Strong communication skills, both written and verbal, and the ability to engage with a range of audiences are also key requirements of the role. 

The roles will be tailored to suit individual strengths but will generally involve:

• Building dynamic stochastic general equilibrium (DSGE) models to understand the implications of structural changes in the economy to inflation dynamics
• Using empirical methods (primarily time series models) to synthesise information from a range of data sources and answer key policy questions
• Pursuing an individual research portfolio that aligns with the research ambitions of the Bank 
• Presenting analysis to the MPC and advising Committee members and senior management in your field of expertise
• Supporting the production and communication of the MPC’s forecast, scenario analysis and policymaking process

The Inflation, Climate & Energy team works closely with other teams in SED and more broadly across the Monetary Analysis and other areas of the Bank. You will also have opportunities to engage directly with MPC members and contribute meaningfully to the policymaking process.

Role Requirements

Minimum Requirements

Technical skills

• Relevant qualifications: A PhD in economics, finance or another relevant subject (or expect to complete one by 2026).
• Application of expertise: Experience of drawing conclusions from varied and conflicting information sources in relevant area of expertise.
• Application of statistical/economic skills: Ability to work with a range of statistical/economic tools/models to infer conclusions from conflicting data sources.
• Research/technical skills: A research agenda. An ability to program in at least one major language (e.g. MATLAB, Julia, R, Python, etc.) and, ideally, an understanding of version control systems (e.g. Git).
• [Desired] Model development: Experience of developing macroeconomic models – in particular, DSGE modelling and/or structural time-series models like Bayesian or frequentist VARs, or structural models of inflation dynamics/energy markets/production networks. 

Interpersonal skills

• Work independently: Ability to identify, scope and progress concrete pieces of analysis on complex issues.
• Work with others: Ability to work collaboratively and inclusively with colleagues, including via a network of contacts and a diverse range of stakeholders.
• Communicate with impact: Ability to explain complex material and convey key messages, in written and verbal form.
• [Desired] Manage projects: Experience of co-ordinating analytical projects.

Our Approach to Inclusion

The Bank values diversity, equity and inclusion. We play a key role in maintaining monetary and financial stability, and to do that effectively, we believe we need a workforce that reflects the society we serve. 

At the Bank of England, we want all colleagues to feel valued and respected, so we're working hard to build an inclusive culture which supports people from all backgrounds and communities to be at their best at work. We celebrate all forms of diversity, including (but not limited to) age, disability, ethnicity, gender, gender identity, race, religion, sexual orientation and socioeconomic status. We believe that it’s by drawing on different perspectives and experiences that we’ll continue to make the best decisions for the public.

We welcome applications from individuals who work flexibly, including job shares and part time working patterns. We've also partnered with external organisations to support us in making adjustments for candidates and employees in the recruitment process where they're needed.

For most roles where work can be carried out at home, we aim for colleagues to spend half of their time in the office, with a minimum of 40% per month.  Subject to that minimum requirement, individuals and managers should work together to find what works best for them, their team and stakeholders.

Finally, we're proud to be a member of the Disability Confident Scheme. If you wish to apply under this scheme, you should check the box in the ‘Candidate Personal Information’ under the ‘Disability Confident Scheme’ section of the application.

Salary and Benefits Information

We encourage flexible working, part time working and job share arrangements.  Part time salary and benefits will be on a pro-rated basis as appropriate.

We offer a salary as follows:

• Leeds circa £49,920 to £56,160
• London circa £55,440 to £62,370

In addition, we also offer a comprehensive benefits package as detailed below:

• Currently a non-contributory, career average pension giving you a guaranteed retirement benefit of 1/80th of your annual salary for every year worked. There is the option to increase your pension (to 1/65th) or decrease (to 1/105th) in exchange for salary through our flexible benefits programme each year.  The Bank has the discretion to vary standard accrual rates and dial up and dial down rates at any time and to withdraw dial up and dial down options at any time.
• A discretionary performance award based on a current award pool.
• An 8% benefits allowance with the option to take as salary or purchase a wide range of flexible benefits.   
• 26 days’ annual leave with option to buy up to 12 additional days through flexible benefits. 
• Private medical insurance and income protection.

National Security Vetting Process

Employment in this role will be subject to the National Security Vetting clearance process (and typically can take between 6 to 12 weeks post offer) and the passing of additional Bank security checks in accordance with the Bank policy.  Further information regarding the vetting and security clearance requirements for the role will be provided to the successful applicant, and information about how the Bank processes personal data for these purposes, is set out in the Bank's Privacy Notice. 

The Bank of England welcomes applications from all candidates, but as a UK Visas and Immigration (UKVI) approved sponsor, we have a responsibility to comply with the Immigration Rules and guidance.  As such, our ability to employ individuals who require sponsorship for immigration purposes is limited.  The Bank cannot guarantee that you and / or the role you are applying for will be eligible for sponsorship and that any application made to UKVI will be successful.  Eligibility will therefore be considered on a case by case basis. 

The Application Process

Important: Please ensure that you complete the ‘work history’ section and answer ALL the application questions fully.  It is important that you fill out the work history and application form questions, as your answers will form a critical part of the initial selection process.
 

The assessment process will comprise of two assessment stages.

This role closes on 24 September 2025.

Please apply online, ensuring that you complete your work history and answer ALL the application questions fully and in detail as your application will not be considered if all mandatory questions are not fully completed.

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