About the Agency
The Director of the Office of Macroeconomic Analysis serves as the principal advisor to the Deputy Assistant Secretary for Macroeconomic Analysis and the Assistant Secretary for Economic Policy on issues related to the business cycle and longer-term macroeconomic growth. The incumbent formulates, initiates, and leads highly sophisticated and in-depth studies of a wide variety of issues related to U.S. economic conditions, U.S. macroeconomic policy, and the U.S. federal budget. The resulting analysis is a major input for developing Treasury and Administration economic policy positions. The incumbent also ensures that the Secretary and senior staff of the Treasury Department have the information they need about macroeconomic developments to engage with the public, the business community, other U.S. government officials, and their international counterparts. In addition, the incumbent directly advises the Assistant Secretary for Economic Policy on sensitive issues and critical matters pertaining to policies, priorities, and program direction of the Treasury Department.
The Director of the Office of Macroeconomic Analysis shall fulfill the duties of the office by:
Analyzing the U.S. economy by drawing on advanced statistical methods and comprehensive knowledge of relevant data and institutions. The Director’s primary focus is on macroeconomic performance and growth, both over the near term and the longer run. Responsibilities include evaluating the impact of fiscal and monetary policies on such variables as real GDP growth, inflation, unemployment, business investment, saving, and productivity. The incumbent will identify emerging problems and propose policies to address them. Much of this analysis is carried out with econometric models; however the incumbent must be able to critically assess the limits of econometric models. A thorough understanding of national income accounting and existing macroeconomic policies is essential to performing these duties.
Leading Treasury economists in the twice-yearly efforts of the “Troika” group to prepare the Administration’s economic forecast. In this capacity, the incumbent represents the Assistant Secretary for Economic Policy in meetings with counterparts in the White House Council of Economic Advisers and the Office of Management and Budget. The incumbent needs to establish the close and effective relationships with these counterparts that are essential to achieving consensus on areas of disagreement. In addition to helping shape the general contour of the forecast, the incumbent will identify, formulate, and oversee needed research on special topics relevant to the short- and long-term prospects for the economy, such as the economy’s growth potential, the level of the NAIRU (non-accelerating inflation rate of unemployment), and issues related to the Phillips Curve.
Initiating and directing preparation of background and briefing materials, issue papers, drafts of public speeches, and Congressional presentations, as well as draft letters to Congress and members of the public on U.S. economic and federal budget issues. Such material will typically be prepared for the Secretary of the Treasury, Deputy Secretary, Assistant Secretary for Economic Policy, and other senior Treasury officials and often has considerable influence on the policy decisions of these Treasury officials and their capacity to engage with the public, the business community, other U.S. government officials, and their international counterparts. In addition to understanding the substantive issues, the incumbent must be able to translate technical and analytically complex economic concepts into accessible language.
Representing the Office of Economic Policy at interagency, departmental, and other conferences, meetings, and hearings at the request of the Assistant Secretary for Economic Policy or one of the Deputy Assistant Secretaries in the Office of Economic Policy. The incumbent will represent the leadership of the Office of Economic Policy and has the authority to answer substantive questions and to make commitments for these individuals (within established policies). In this capacity, the incumbent will engage with senior-level officials in other Treasury offices, senior-level officials from other domestic and international government agencies, business executives, officials of trade unions, and other stakeholders.
Monitoring, interpreting, and communicating day-to-day developments in the U.S. economy as part of formulating Treasury’s position on the economic outlook. The incumbent must have thorough knowledge of how incoming data affects the current-quarter GDP estimates as well as what it implies for the near-term outlook. The incumbent is responsible for providing accurate and timely information on these issues to senior Treasury officials, including the Secretary.
Directing a team of staff economists to produce supporting work for all of the activities described above. In addition to directing the day-to-day activities of this team, the incumbent will formulate and implement the long-term strategic goals of this team. The incumbent is responsible for hiring new economists, attending to issues related to the morale and career development of this team, and ensures that staff members understand how their work fits in with Treasury priorities. The incumbent must also be able to effectively manage the financial resources of the Office such that key goals are met.