Ph.D. Internship Programme

The Research Department of the Central Bank of Malta is offering an Internship Programme of a duration ranging from 3 to 6 months for Ph.D. students who have completed their exams and are at an advanced stage in their research programme.

Although the ideal candidate should have research interests and technical knowledge in line with the projects described below, the Bank is willing to accept candidates whose research proposal could fit more broadly its research agenda.

The purpose of the Programme is dual: selected candidates will closely collaborate with senior staff of the Research Department enabling them to familiarize with the Bank's research activities and with policy work in ESCB institutions, while at the same time they engage staff members with novel research and advanced techniques developed in academia.

Project 1: Implementation of Density Forecasts and Macro-at-Risk Approaches

A quantitative assessment of risks to the economic outlook play an important role in both economic policy and private sector decisions. Lately, policy institutions are stressing the importance of having a structured and econometric-based approach to the treatment of risks of macroeconomic projections.

This project aims at filling this methodological gap by developing a toolkit able to accurately estimate the risks surrounding the Bank's projections and to account for the considerable volatility and the significant data revisions affecting the Maltese data.

A detailed description of the project describing tasks and requirements can be found here: Project 1

Project 2: Develop our understanding of short- and medium-term economic impacts of adverse climate outcomes

The understanding of the physical impacts of climate change are highly relevant to the Bank's primary mandate to help maintain price stability in the euro area. In the short term, extreme weather events could lead to the destruction of housing and productive capital leading to short-lived disruptions in supply and short-lived inflation spikes. In the medium-to-long run however, climate change can lead to more persistent reductions in output and upward pressures on inflation.

In this light, the CBM is planning to start looking at the empirical links between climate change and macroeconomic outcomes. The approaches utilized are planned to be in line with Kotz (2023) and Ciccarelli et al (2023).

A detailed description of the project describing tasks and requirements can be found here: Project 2

Research agenda

Apart from these two suggested projects, the Bank's Economic Research Department is currently conducting research work in the following broad areas:

A.    Study of country/bank specific characteristics for monetary policy transmission

B.    Inflation nowcasting using webscraped retail price data

C.   Sectoral effects of extension of ETS system

D.   Impacts of inflation on households - microsimulations using HFCS data

E.    Development of multicountry DSGE model with energy/climate features

The Bank will offer IT support. Access to confidential data may be granted, if needed for research purposes.

During the Internship, selected candidates will present the progress of their work in internal seminars. By the end of the Internship selected candidates are required to prepare a research paper to be published in the Bank's working paper series.


Applicants must have completed all courses and be at an advanced stage of their Ph.D. in economics, econometrics or finance. They must be fluent in English.

How to apply

To apply the Internship Programme, candidates should submit in pdf:

1.    A cover letter.

2.    A Curriculum Vitae.

3.    A research proposal describing the research question(s), the methodologies adopted and the empirical/theoretical contribution(s).

4.    Two reference letters from faculty supervisors.

5.    A working paper/publication

6.    Transcripts (of Ph.D level courses)

7.    Preferences regarding the starting date and the duration of the Internship

Applicants are requested to send the required documentation either through EconJobMarket or by email. The same email address can be used in case of questions.

Although the target date for applications is July 1, 2024, we will accept applications until September 30, 2024.

Shortlisted candidate will be contacted to schedule an online interview.

The Central Bank of Malta is an inclusive employer, and it encourages applications from candidates irrespective of their gender, gender identity, ethnicity, sexual orientation, age, religion, disability or other characteristics.