Research Associates Are Prepared to Continue Their Economics Journeys

As a data-driven institution, the St. Louis Fed conducts extensive economic research and analysis. The Bank’s Research Division employs economists to produce new research to better understand the economy and to contribute to monetary policy discussion by advising St. Louis Fed President Jim Bullard.

To help those economists, the St. Louis Fed also employs research associates (RAs), who are typically fresh out of college with bachelor’s degrees in economics and strong backgrounds in mathematics and statistics. These RAs work alongside the economists, usually for two to four years, before continuing their careers: enrolling in graduate school, working in government or private businesses, or staying at the St. Louis Fed to work in other operations.

This year, all five of the senior RAs—the most experienced of the RAs at the Bank—are leaving to attend top 20 economics doctoral programs to continue their journey in the economics profession:

• Iris Arbogast—University of Chicago
• Praew Grittayaphong—University of Michigan
• Maggie Isaacson—University of Pennsylvania
• Jesse LaBelle—Northwestern University
• Olivia Wilkinson—University of Wisconsin-Madison

From left, St. Louis Fed senior research associates Praew Grittayaphong, Maggie Isaacson, Jesse LaBelle, Iris Arbogast and Olivia Wilkinson will all be attending top-20 economics doctoral programs.

In addition, Arbogast, Isaacson and LaBelle each received the prestigious National Science Foundation (NSF) Graduate Research Fellowship to support their graduate studies. This award is extremely competitive: Nationally, the NSF awarded only 43 graduate research fellowships this year in the field of economics.

“Having three team members receive NSF grant awards in a single year is an incredible achievement,” St. Louis Fed Senior Vice President and Research Director Carlos Garriga said in an announcement about the RAs’ accomplishments.

“I am extremely excited to follow their careers once they graduate with doctoral degrees,” he said.

Building Collaboration and Camaraderie

All five senior RAs came to the St. Louis Fed shortly after the start of the pandemic, with the first coming in April 2020 and the last coming in July 2020. Over the next three years, they collaborated with the economists in all aspects of the field; the work ranged from conducting data analysis to co-authoring papers in the Review, the St. Louis Fed’s flagship research publication.

At the St. Louis Fed, RAs are assigned to work directly with specific economists, which provides RAs with mentoring and a deep understanding of the intellectual process used in economics. The five RAs spoke with Open Vault about their experience at the St. Louis Fed, including how it had helped them prepare for the next steps in their economics journeys.

“I had the opportunity to build a close relationship with two economists I worked with and see their research work from the beginning all the way up to the end,” said Praew Grittayaphong, who hopes to work on economic policy for developing countries after she earns her Ph.D.

However, the collaboration wasn’t just with the economists.

“I wasn’t expecting to learn so much from my fellow RAs,” said Olivia Wilkinson, who plans to study the impact of government policies on the labor market.

And the camaraderie built between the five RAs over the past three years helped them set a path to a doctoral program.

“The graduate school process was so much easier when you’re doing it with four other people who all had different backgrounds and different advice from their mentors,” Wilkinson added.

Learning Opportunities and Mentorship

During their time at the St. Louis Fed, the RAs had challenging work and responsibilities.

For example, an economist assigned Wilkinson to write the first draft of the code solving an economic model that he had built.

“That took me three times the amount of time it would have taken him to get that done, but he knew that it was something that I was interested in learning,” she said.

This sort of collaboration and mentorship with the economists has allowed the RAs to grow and stretch themselves, according to the RAs.

“The economists have all been really willing to help me anytime that I’ve needed help or advice,” Maggie Isaacson said. “Even offering restaurant recommendations.”

Of course, this environment wasn’t created by chance. The Research Division has a formal mentoring program designed to help RAs connect with economists they don’t work for directly.

“The St. Louis Fed did a fantastic job of preparing me for graduate school,” Iris Arbogast said.

The collaborative environment and the mentoring available at the St. Louis Fed have helped prepare them not only for graduate school but also for the job market once they get their doctorates, the RAs noted.

Before starting at the St. Louis Fed, the RAs had little idea about the mechanics of how to get a research job in economics. As RAs, however, they could sit through job candidate talks.

“I’ve been able to see what research looks like coming from a Ph.D. and what it takes to be hired at a place like the Fed,” Wilkinson said. “Being aware of the kind of things that the hiring committee is looking for is really cool.”

RAs Offer Advice to Those Interested in Studying Economics

Arbogast said she hopes that more students would consider the value of an economics degree.

“A lot of people think that economics isn’t a way you can impact the world,” she said. “And I think that it’s important for undergraduates to know that it is.”

As a first-generation college graduate, Jesse LaBelle initially didn’t have a sense of how the academic process worked or what classes he should take to prepare for graduate school. He had already finished his sophomore year in college when he realized that he needed to take more math classes if he wanted to excel in economics.

Asking questions and finding a mentor are critical, he said.

“You have to reach out to someone who’s working in the field, such as a professor at your college, and start a mentor relationship with them,” he said.

Applying for research internships and taking advanced math classes are also critical for undergraduates majoring in economics, Arbogast and Wilkinson added.

In recent years, economics has been criticized for the lack of women and underrepresented minorities in its ranks, and the American Economic Association has been taking steps to promote greater diversity in the field.

“My advice to any woman who might be interested in the field is to not give up,” Grittayaphong said.

Connect with people who can help you find a sense of belonging in this community, and don’t be afraid to reach out for help, she said.

Though the lack of diversity in your first economics class might seem daunting, Grittayaphong said, “Keep trying and keep holding onto that desire to do economics.”

The profession is changing, Isaacson said, adding, “I’d like to believe that we can help be part of that.”