What You Will Do:

The Anchor Economy Initiative seeks a rising senior or graduate student intern to participate in and complete research projects using the Anchor Economy Dashboard. The Anchor Economy initiative is a high-priority initiative within the Community Development and Regional Outreach (CDRO) department of the Federal Reserve Bank of Philadelphia. The overarching goal of the Anchor Economy initiative is to identify the impact of higher education and hospital anchor institutions on local communities and explore how this sector of the economy can be used to spur growth, increase economic mobility and equity, and prevent economic decline. The initiative was launched in June 2021. The internship will run approximately 10 weeks during Summer 2023 and will report to the Director of the Anchor Economy Initiative.

The Anchor Economy intern will contribute to analyses of a dataset (“Dashboard”) that captures the economic contribution of “eds and meds” for 524 metropolitan statistical areas (MSAs) across the country, covering direct, indirect and induced impacts from higher education institutions and hospitals. One to three data analysis projects will be completed by the intern during the summer, with results written up in a research brief to be published on the Philadelphia Fed’s website. Topics will be determined by the start of the internship but may include:

  • Creating state-level reports on anchor institution impact which is now produced at the regional level. This would include allocating 2004 regional impacts to states, following a methodology set up for 2019 data allocation. In addition, it would include developing – with the design team – an appropriate standardized report that will allow audiences to gain topline understanding of statewide anchor impacts.
  • Analyzing county-level data we’ve collected about higher education institutions and hospitals to understand where within a region the most anchor institution activity is. The analysis may include the top 10-20 largest metro regions and would include a map of anchor activity within those regions. This analysis may also include rural (non-metro) regions to map where their anchor activity is mainly taking place.
  •  Supporting an analysis of high reliance regions, without R1 universities or academic medical centers. These regions are distinct because they rely on the type of hospitals and universities are most vulnerable to economic forces.
  • Supporting the Anchors for Equity Research in Action labs, which are long-term engagements with communities in the Third District working in collaboration with their anchor institutions to address a workforce challenge. This support would include scheduling meetings and preparing materials for meetings.

What You Have:

Required skills:

  • Data analysis, through both course work and projects.
  • Demonstrated ability in analyzing large datasets using R or Stata
  • Mapping capability such as with ArcGIS
  • Experience conveying research and data analysis results in clear language and through tables and graphs.
  • Interest in how anchor institutions shape regional economies and communities.

Additional Information:

  • The Federal Reserve Bank of Philadelphia believes that diversity, equity and inclusion among our employees is essential to our success as an organization, and we want to recruit, develop and retain the most accomplished people from a diverse candidate pool. To support a workplace culture of belonging, we offer eight employee resource groups (ERGs) and a 100 percent rating on the Human Rights Campaign (HRC) Corporate Equality Index. The Federal Reserve Bank of Philadelphia is proud to be an equal opportunity workplace.
  • We have eight employee resource groups (ERGs) to support a diverse workforce. Abilities (supporting disabilities and allies), African Heritage, Asian-Pacific, Freedom (supporting LQBTQ+ and allies), Talent Forward (supporting career growth), Women United, Working Families and Veterans. ERGs are open to all employees.
  • We will ensure that individuals with disabilities are provided reasonable accommodations to participate in the job application or interview process, to perform essential job responsibilities, and to receive other benefits and privileges of employment.
  • All Federal Reserve Bank of Philadelphia employees must comply with the Bank’s ethics rules, which generally prohibit employees, their spouses/domestic partners, and minor children from owning securities, such as stock, of banks or savings associations or their affiliates, such as bank holding companies and savings and loan holding companies. If you or your spouse/domestic partner or minor child own such securities and would not be willing or able to divest them if you accepted an offer of Bank employment, you should raise this issue with the Recruiter for this posting, who can provide you contact information for our ethics officer if necessary. You should review the Bank’s Employee Code of Conduct to ensure compliance with conflict of interest rules and personal investment restrictions.
  • Background investigations and drug testing are required for all new hires as a condition of employment, after the job offer is made. Candidates for positions deemed as “safety sensitive” will also be screened for the presence of marijuana. Employment may not begin until the Bank accepts the results of the background investigation.
  • All employees will be subject to FBI fingerprint / criminal background and Patriot Act/ Office of Foreign Assets Control (OFAC) watch list checks at least once every five years.
  • Certain eligibility rules apply. You will provide work authorization to prove their eligibility to work in the United States.
  • The above statements are intended to describe the general nature, level of work and the requirements of this position. They are not intended to be an exhaustive list of all responsibilities associated with this position or the personnel so classified. While this job description is intended to be an accurate reflection of this position, management reserves the right to revise this or any job description at its discretion at any time.
  • This position can be remote, hybrid, or in person.
  • This position can be part time (20+ hours per week) or full time.
  • Learn more about the Philly Fed and its culture. Learn more about working for the Philly Fed.

About 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.