Head of Macro Model Development Division

City Of London, England, United Kingdom

12/13/2024

We are running a pooled recruitment campaign for three roles as part of the Bank's Monetary Policy Transformation programme: Head of International Forecasting and Modelling Transformation, Head of Economic Outlook Division, and Head of Macro Model Development Division.

Please note that the Head of Transformation Delivery Division role is not included in the pooled recruitment campaign process for the roles within the Bank's Monetary Policy Transformation programme. If you are interested in the Head of Transformation Delivery Division role, you will need to submit a separate application.

If you are interested in more than one of the pooled campaign positions, you do not need to submit separate applications; however, please clearly indicate which role(s) you wish to be considered for in your application.

As part of this campaign, we may also consider creating additional roles in the future, particularly where these roles are critical for securing specialised technical skills essential to the success of the transformation programme or to address any vacancies MA and ID supporting monetary policy that may arise through this process. We encourage all interested candidates to express their interest through this process.

This role is to lead a new division that supports the MPC by helping it model and think through key aspects of the economy - directly informing the policy process. MMD will be a centre of excellence for model development, developing the core modelling capability supporting the MPC's policymaking. It develops new material models for a number of policy purposes: forecasting and scenario analysis, policy analysis, nowcasting and wider analytical purposes, including sectoral models) and will support modelling efforts in other divisions.

Brief description

This role will oversee the Bank's model development, developing capability to bring together systematically the insights from different models and frameworks. The division will set standards for governance, and model maintenance and evaluation to ensure capabilities remain up to date and effective. Staff in the division stay close to developments in the academic literature and wider central banking to ensure we stay close to the frontier for our modelling capabilities, in part through maintaining a network of academic consultants.

The HoD will work with academic and Research teams across the areas supporting MPC and the wider Bank to incorporate developments into the modelling process and to create a culture of continuous improvement in the Bank's modelling capability in support of MPC, and drive tangible actions to raise standards systematically.

As a senior leader in the key areas of the Bank supporting monetary policy, you will have the opportunity to oversee transformational initiatives that define, and support, an approach to monetary policy making that is fit for the future. These newly established roles reflect the Bank's commitment to respond fully to the recommendations of the Bernanke Review, and so help the Bank to:

(i) Modernise and develop "close to the frontier" capabilities in terms of the Bank's processes, expertise, modelling and data infrastructure.

(ii) Build effective mechanisms for continuous improvement, to help maintain our capabilities close to the frontier of monetary policymaking internationally.

(iii) Leverage those capabilities, to deliver more transparent communications and support monetary policymaking in a wide range of circumstances, including heightened uncertainty, large shocks and structural change.

Detailed description

The job involves:

• Establishing a new division (building on an existing team which will transfer from another division), bringing in the right technical skills (focusing in particular on economic modelling and data science) and leading the division in a way that maximises its impact, fostering a culture of intellectual curiosity, empowerment and inclusion. This includes playing a central role in implementing the area's strategy for diversity and inclusion leading in a manner which is human, humble and in step with the changing world, fostering a kind, inclusive and open environment for discussion across the Directorate.
• You will be responsible for establishing the division's structure and staffing to effectively achieve its objectives. Divisions in the areas supporting monetary policy ordinarily comprise around 30 people, but the appropriate size and shape of this division will need to be determined as an early responsibility of this role. While some team members may already be in place at the division's inception, having transferred as part of the area's restructuring, you will oversee the overall organisation and alignment of the team.
• Working closely with divisions/teams that will implement and use the models in the policy process (e.g. Economic Outlook Division, Monetary Policy Strategy Division, CECD, etc), ensuring internal stakeholders across the Bank are engaged and informed throughout the transformation.
• Supporting Monetary Policy Transformation, by leading on the development the core modelling capability supporting the MPC's policymaking.
• Contributing to the broader running of MA/MPT as part of its leadership team, implementing central initiatives, setting local policy and work priorities.

Minimum (essential) criteria:

• The ability to develop, build, manage and lead diverse and inclusive teams, including through providing excellent feedback and investing in others.
• A strong background in macroeconomics, quantitative modelling and monetary policy, with the ability to oversee the technical work of others.
• The ability to provide thought leadership to effectively deliver a programme of work through others and challenge where appropriate.
• The desire and ability to develop effective relationships with a diverse range of stakeholders, across all levels of seniority.
• An ability to communicate clearly and convincingly by distilling complex issues into their essentials (both in writing and verbally);
• A clear commitment to diversity and inclusion.

Desirable criteria:

• Strategic leadership skills to establish a clear vision and understand how the work of the division fits into the broader work of MA and the wider monetary policy environment.
• Deep expertise in modelling innovation

Our Approach to Inclusion

The Bank values diversity and inclusion - we want to reflect the society we serve; we want the best people to work for us and we want our workplace to be inclusive. We are an equal opportunities employer and welcome applications from all qualified persons.

This role is open to job shares, flexible and part-time working patterns. There are a number of senior roles in the areas supporting monetary policy that are filled by job shares or individuals working flexibly and we have a good track record of making these working arrangements a success.

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.

How to apply

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.

A full description of the selection process, as part of a wider information pack, will be shared with candidates who progress to first interview.

We expect to be able to inform those candidates who are advancing to first interview stage by the end of January 2025.

Salary and Benefits Information
The position offers a competitive salary.
In addition, we also offer a comprehensive benefits package as detailed below:

• A non-contributory, career average pension giving you a guaranteed retirement benefit of 1/95th of your annual salary for every year worked. There is the option to increase your pension (to 1/50th) or decrease (to 1/120th) in exchange for salary through our flexible benefits programme each year.
• A discretionary performance award based on a current award pool.
• A 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.