I have been interested in working at the Reserve Bank ever since I learned about their role within the New Zealand economy while taking economics at secondary school, and this interest developed further once I learned more about the Bank’s high quality reputation at University. In addition, the Reserve Bank has historically hired some of the best economists from New Zealand and around the world so I was attracted to the idea of developing my technical skills under the guidance of some incredibly capable people over the internship period.
During my internship, I have been working within the International Markets and Analysis team, whose role is to monitor international financial market movements and determine how these will impact the New Zealand economy and the implementation of monetary policy. Within this team, I have been working on a paper investigating the impact of market term premiums on the yield curve, which I had the opportunity to present at a roundtable to the Economics and Financial Markets departments and receive some very valuable feedback.
I have also been responsible for providing an update on Brexit developments as part of a paper for the Monetary Policy Committee, and worked on some smaller projects creating a domestic bank funding monitor and doing a preliminary investigation into the economic data available on the regional Federal Reserve Bank websites. Another highlight has been the chance to run the morning markets updates during the last week of my internship, which gave me the chance to demonstrate the skills I have developed over my time at the Reserve Bank.
The Reserve Bank has a reputation for promoting a strong work-life balance, and I have been fortunate to experience this by joining their indoor football team and playing some squash during my lunch hour with some of the recent graduates. I have also attended a range of internal committee meetings, and the most recent Financial Stability Report press conference, which has given me some exposure to how high level decisions are made within the Reserve Bank.
I have had the chance to experience first-hand how monetary policy operates in New Zealand, and apply the knowledge and skills I have developed at University in a professional environment. I have been extremely lucky to work closely with other members of the International Markets team and receive advice that will be extremely useful as I go back to University.
I would recommend this internship to any economics or finance students because it allows you to understand how the knowledge and skills you develop at university are applied in the real world. The economists here are very welcoming and the Reserve Bank set me up with an incredibly capable personal mentor, who was extremely helpful since he had also come through the University of Canterbury and interned at the Reserve Bank. This inclusive environment means that you can make a genuine contribution to projects and discussions within your team over the internship period, and get a good idea of what working at the Reserve Bank actually involves.