IFEP Concentration Registration Priority. Prerequisite: SIPA IA6200 Accounting.
This course provides an introduction to corporate finance, focusing on how firms assess funding needs, evaluate investment opportunities, and select financing strategies. The course equips future policymakers and practitioners with core analytical tools in financial decision-making. Topics include working capital management, cost of capital, security valuation, capital structure, and free cash flow analysis. Emphasis is placed on applying financial concepts to real-world situations through case studies, quantitative problem sets, and hands-on modeling. Students will gain exposure to Excel-based analysis and decision-making under uncertainty. Prior coursework in accounting is required, and fluency in Excel is essential.
This course examines the real-world application of corporate finance across both developed and emerging markets. Drawing on the instructor’s 30 years of experience in global equity research, the course examines how investors value companies, how firms build and allocate capital, and how financial markets respond to corporate behavior and economic conditions.
Topics include capital structure, valuation techniques, investor activism, corporate governance, ESG considerations, asset bubbles, fraud detection, and private equity. Special sessions feature guest speakers from Wall Street and case-based discussions grounded in current market trends.
Students will gain practical exposure to forecasting, strategic financial analysis, and investor behavior through interactive lectures and assignments. Readings include both foundational finance texts and real-world case studies.
Pre-reqs
: At least one prior finance course (IFEP IA7301 Corporate Finance is strongly recommended; IFEP IA7022 or IFEP IA7045 acceptable). A background in accounting (e.g., SIPA IA6200) and working knowledge of Excel are preferred.
This is an experiential course designed to introduce students to impact investing and provide them with the skills used by impact investors every day. Students will work on the key "products" required in an impact investment transaction including: sourcing a possible impact investment; pitching a potential investment; writing an investment memo with a full impact analysis; and creating and negotiating a term sheet for a possible impact investment. Through case studies, hands-on assignments, and team-based presentations, students will learn how to evaluate and structure impact investments. The course emphasizes applied tools used in the field and offers insight into pathways for careers in impact finance.
The course provides students with a theoretical and empirical overview of the policies designed to address poverty and inequality in the developing world, as well as the political context in which these policies are chosen and implemented, with a particular (though not exclusive) focus on the Brazilian experience. The first meetings focus on normative perspectives and the general political implications of poverty and inequality. We then briefly examine differences in social policies between developed and developing countries and proceed to discuss various practical approaches to the issue. By the end of the course, students should have enhanced their understanding of the theoretical underpinnings of poverty- and inequality-reducing policies, as well as how politics shapes their implementation.
This course is designed to be an applications oriented course and will draw heavily upon real world change of control case studies. The course builds on the prior courses in corporate finance. The course will not introduce significantly new finance principles or analytical techniques other than those to which the student has been exposed to previously in the prerequisite introductory courses in finance at Columbia. The course will seek to apply basic finance principles and analytical techniques to actual problems likely to be encountered by senior management of major corporations or those who are the advisors to such management in the context of an M&A transaction. At the conclusion of the course, the student will have gained an appreciation for the role M&A plays on today's corporate landscape and have formed an opinion as to whether or not an M&A transaction makes sense" for the firm. The student should expect at the conclusion of this course to have gained a level of competency in M&A commensurate with an entry-level investment banking associate in M&A. Whether or not the student "practices" M&A, the course will afford the student with an insider's look into what is an undeniable major force on today's corporate landscape. Accordingly, students who are interested in investment banking, consulting, equity research, corporate development, corporate lending, strategic planning, private equity, leveraged finance, or proprietary trading many wish to consider this course."
This course examines how the current racial and social justice awakening, at the intersection of race and gender—is reshaping American politics and policy. Through case studies and guest speakers, students will examine the impact of movements such as # MeToo and Black Lives Matter on voting rights, governance, and philanthropy. The course asks whether the United States has fulfilled its promise of representative government and considers how policymakers might address persistent systemic barriers to political power based on race and gender.
Students will analyze structural inequality and its effects across institutions, policies, and public discourse. Emphasis will be placed on actionable strategies to advance equity within inherently inequitable systems. The course is designed to equip emerging policy professionals with the tools to foster more inclusive leadership and effect lasting change.
Pre-reqs: CEEN IA7200: Fundamentals of Environmental Economics and Policy,
or
CEEN IA7300: Energy Systems Fundamentals,
or
SUMA PS5155: Energy Markets and Innovation. Instructor permission is also required for registration. Join the waitlist in Vergil to request registration.
Artificial intelligence (AI) is a hot topic. More than 800 million people now use ChatGPT each week, trillions of dollars are being invested in data centers globally, and policymakers around the world are considering how best to respond to the growth in AI.
Meanwhile countries around the world are struggling to respond to climate change. Based on global average temperatures, July 22, 2024 was the warmest day ever recorded; 2024 was the warmest year ever recorded; and the 10 warmest years on record are the past 10 years. Yet despite encouraging developments, including the dramatic drop in the price of renewable energy in the past decade, global emissions of greenhouse gases continue to climb.
Can AI help reduce emissions of greenhouse gases? Will increased power demand for AI lead to greenhouse gas emission increases, outweighing any benefits? Can AI help with adaptation to climate change? Should policymakers encourage the use of AI to help fight climate change and discourage AI applications that may increase greenhouse gas emissions? If so, how?
This course will cover these questions. The course is an advanced seminar. After an initial class session covering core AI concepts, we will explore different ways AI could help reduce greenhouse gas emissions and adapt to climate change, as well as ways in which AI could lead to greenhouse gas emissions increases. We will explore barriers to the use of AI to respond to climate change, risks of using AI for that purpose, policy options for addressing these risks and barriers, and ways in which different stakeholders can work together in using AI tools to fight climate change.
Today’s leaders must confront increasingly complex challenges, from climate change to inequality, that demand innovative and collaborative approaches. This course introduces students to the Social Value Investing framework, a five-point management model developed at Columbia University to guide and evaluate cross-sector partnerships (CSPs). Drawing on decades of faculty research, students will examine how leaders across the public, private, nonprofit, and philanthropic sectors have built effective alliances to address critical social and environmental problems.
Through a mix of theory, case studies, and applied tools, students will gain practical insights into the formation, governance, and performance measurement of CSPs. Emphasis will be placed on organizational design, leadership practices, and techniques for managing impact across sectoral boundaries. Weekly sessions will include lectures, group exercises, short videos, case-based discussions, and applied impact measurement activities.
Note: Students who have taken
Public Management Innovation
with Professors Buffett and Eimicke are not eligible to enroll.
This course examines the evolution and future of electricity markets worldwide in the context of liberalization, decarbonization, and technological change. As clean energy costs decline and electrification accelerates, the power sector faces increasing pressure to deliver reliable, affordable, and low-emission electricity. The course provides an interdisciplinary perspective on the structure and operation of electricity markets, exploring regulated and competitive models across advanced and emerging economies. Students will analyze how policy frameworks, regulatory structures, and market incentives shape investment, pricing, and dispatch decisions.
Pre-requisites:
A calculus-based micro-economics course (SIPA IA6400) or equivalent. This is an advanced course in development economics, designed for SIPA students interested in rigorous, applied training. Coursework includes extensive empirical exercises, requiring programming in Stata. The treatment of theoretical models presumes knowledge of calculus. Topics include: the economics of growth; the relationship between growth and poverty and inequality; rural-urban migration; the interaction between agrarian institutions in land, labor, credit, and insurance markets; prisoners’ dilemmas and the environment; and policy debates around development strategies. Recurrent questions include: Are markets efficient, and if not, in what specific ways are they inefficient? What are the forces driving development and underdevelopment? What are the causal links between poverty and inequality and economic performance? What is the role of interventions by states or civil organizations in bringing about development? The course will integrate theoretical ideas and empirical analysis, with an emphasis on questions relevant for economic policy.
Pre-requisites:
A calculus-based micro-economics course (SIPA IA6400) or equivalent. This is an advanced course in development economics, designed for SIPA students interested in rigorous, applied training. Coursework includes extensive empirical exercises, requiring programming in Stata. The treatment of theoretical models presumes knowledge of calculus. Topics include: the economics of growth; the relationship between growth and poverty and inequality; rural-urban migration; the interaction between agrarian institutions in land, labor, credit, and insurance markets; prisoners’ dilemmas and the environment; and policy debates around development strategies. Recurrent questions include: Are markets efficient, and if not, in what specific ways are they inefficient? What are the forces driving development and underdevelopment? What are the causal links between poverty and inequality and economic performance? What is the role of interventions by states or civil organizations in bringing about development? The course will integrate theoretical ideas and empirical analysis, with an emphasis on questions relevant for economic policy.
Pre-requisites:
A calculus-based micro-economics course (SIPA IA6400) or equivalent. This is an advanced course in development economics, designed for SIPA students interested in rigorous, applied training. Coursework includes extensive empirical exercises, requiring programming in Stata. The treatment of theoretical models presumes knowledge of calculus. Topics include: the economics of growth; the relationship between growth and poverty and inequality; rural-urban migration; the interaction between agrarian institutions in land, labor, credit, and insurance markets; prisoners’ dilemmas and the environment; and policy debates around development strategies. Recurrent questions include: Are markets efficient, and if not, in what specific ways are they inefficient? What are the forces driving development and underdevelopment? What are the causal links between poverty and inequality and economic performance? What is the role of interventions by states or civil organizations in bringing about development? The course will integrate theoretical ideas and empirical analysis, with an emphasis on questions relevant for economic policy.
Gender has important implications for international security policy. Gender bias influences policy choices. It can lead to misunderstandings of military capability, especially for nonstate armed groups whose members include women combatants and supporters. It can aggravate the causes of war and lead to increased incidence of internal and interstate violence in settings where women are systematically mistreated or where sex imbalances create instability. Gender shapes how we are impacted by wars and disasters, as inequalities present in daily life become exacerbated in times of crisis. Gender bias can discourage talented women from pursuing careers in security policy, denying states access to the talent and abilities in half their populations. The intersection between gender and international security has been codified internationally since at least 2000 with the passage of United Nations Security Council Resolution 1325 on Women, Peace and Security (WPS). Other international security organizations, including NATO, have created leadership positions and devised plans related to WPS. Finally, the United States passed the Women, Peace, and Security Act in 2017 and created associated policies focused on integrating gender into the work of the U.S. Department of State and the U.S. Department of Defense.
The course will be a sustained exploration of the ways in which gender identities and associated identity power dynamics influence international conflict, internal conflict, and international security policy. Students will gain this knowledge through specific examples and case studies and will learn how to conduct their own gender analyses of situations and environments. During the semester, students will practice their gender analysis skills through research, writing, and presentations related to gender and security. The course will be a discussion-based seminar enabling students to work through ideas and concepts collaboratively.
To begin the exploration of the topic, the class will work to craft definitions of international security and gender and discuss why these concepts can be challenging to define or understand. Subsequent classes will build upon these definitions and discuss how gender intersects with other identity factors. The course will focus on the ways in which security institutions themselves are gendered and how to create gender responsive policies. After examining the gender dynamics of security institutions, students will examine gendered strategies in conflict and in state responses
This course provides an applied introduction to cost-benefit analysis (CBA) as a tool for evaluating public policies. Students will learn how to interpret and produce CBAs through lectures, problem sets, and real-world case studies focused on environmental, financial, agricultural, and transportation policies. Emphasis is placed on CBAs conducted by government agencies, including critical review of regulatory analyses and formulation of public comments.
Through individual and group assignments, students will gain hands-on experience constructing spreadsheet models, estimating impacts, applying discounting techniques, and performing sensitivity analyses. The course culminates in a student-led cost-benefit analysis project and the submission of formal comments on a government regulation.
Prerequisites:
SIPA IA6350 or SIPA IA6400 (Microeconomic Analysis) or equivalent. Familiarity with Excel is expected.
This course explores the opportunities and challenges presented by Europe’s efforts to lead the global transition to net-zero greenhouse gas energy systems. Centered on the European Union and its member states, the course also considers key geopolitical developments shaping the region’s energy future, including the war in Ukraine, transatlantic relations, and trade tensions with China.
Students will examine how climate goals intersect with energy security, affordability, and political feasibility. The course covers policy design, institutional dynamics, and market responses across power generation, transportation, and industrial energy systems. Topics include energy storage, electrification, decarbonization of hard-to-abate sectors, and the integration of renewables into power grids.
Through case studies and discussion, students will assess how EU energy and climate policies translate into real-economy investment and innovation. The course emphasizes critical engagement with required readings, active participation, and an understanding of the political and economic factors that shape Europe's transition agenda.
This intensive seven-week course is recommended for students already familiar with energy transition issues.
This course examines the pathways, technologies, and policies for transitioning energy systems from fossil fuels to low-carbon alternatives. Energy systems underpin modern economies and human well-being but remain the primary driver of climate change. The course introduces the scientific, economic, and political foundations of energy decarbonization and surveys the barriers to reducing emissions across major sectors, including power, transportation, buildings, and industry.
Students will engage with case studies, debates, and guest lectures to explore topics such as carbon pricing, innovation policy, equity considerations, and decarbonization in emerging economies. The course integrates perspectives from international climate negotiations and country-specific approaches, with a focus on U.S. policy design and implementation.
Spring 2027 Course Dates: Feb. 19-20, Feb. 26-27, March 5-6.
The aspirations outlined in the 2030 Agenda for Sustainable Development are in jeopardy as the world faces cascading and interrelated global crises and conflicts. It has become increasingly apparent that traditional funding modalities are falling tragically short to meet the financing requirements in addressing the SDGs - currently estimated to be around US$4.2 trillion per year. Hence, there is an urgent need to leverage alternative and innovative sources for financing development initiatives.
This course will explore the intersection of development finance, strategy, and policy. It will examine the landscape of traditional development financing, provide an overview of the various innovative development financing mechanisms, and reflect on the process to design them. The course will be highly interactive, involving six classes taking place over three weekends. It will have leading experts as guest speakers, and practical activities including an individual opinion piece, a group project and presentation, and a simulation exercise on partnership building.The course objectives include: (1) examining tradition and innovative approaches to financing of development initiatives and their relevant advantages and disadvantages; (2) reflecting on the process of designing innovative financing mechanisms and (3) developing practical skills necessary such as, writing clearly and persuasively for different audiences, developing proposals for innovative financing, and building partnerships with diverse stakeholders.
While the professors background is investing, this course is to a great extent a study of the elements that make a business great. As a result this class provides a sound intellectual framework to think about business in general, and as such it is equally appropriate for students who will work for a great business, build a great business, or invest.COURSE DETAILS: Value Investing is simply the purchase of any asset at a price that is significantly less than its true value. To learn how to do that when investing in common stocks, Warren Buffet has said investment students need to study two things: How to value a business. How to think about market prices. Through practical work as business analysts, the students in this class will primarily learn and intensely practice the skills and framework necessary to understand (and therefore value) a business.The professor has historically found the most value by investing in great (or future great) businesses. As a result, A SIGNIFICANT part of the course will be spent on: Detailed study of what makes a great business, and how to identify/build great (or future great) businesses Realization that to accomplish anything great", it is enormously helpful to identify, understand and align yourself with certain "truths" (For example the necessity of a broad understanding of people, group dynamics, the importance of independent thinking, basic probability, basic finance and accounting, EVA, the implications of proper focus, etc., etc.)."
The objective of this course is to learn and apply practical approaches to leveraging business innovation to spur socially and environmentally sustainable development, based on an understanding of the role of enterprises—especially small and growing businesses (SBGs)—in emerging markets and developing economies (EMDEs). Students will learn—from the course professors, as well as a group of guest lecturers specialized in a range of economic sectors, social or environmental priorities, and types of client—about the leading approaches to enterprise development and their foundations in systems thinking, political science, innovation theory, complexity science, and institutional, ecological, and business economics. Over the years, enterprise development has grown from implementing organizations directly providing services to businesses to the use of more systems-aware, facilitative approaches that include work with larger private sector companies, communities, local governments, and civil-society, and use tactics like business incubators and blended finance in ways that break away from a traditional grant-led donor paradigm and align commercial incentives with social and environmental priorities.
The ten-session course will begin with understanding market systems and their context in the surrounding socio-ecological system, then cover the financial systems, business enabling environment, and ‘knowledge’ systems of data and decision-making that make healthy market systems thrive. Students will learn fundamental market systems development concepts like facilitation and complexity-aware programming as well as concrete skills like market systems analysis, public-private partnership design, and incubator–accelerator tactics. Students will complete a semester-long project—including mid-term feedback from a simulated client—in market systems analysis and intervention design oriented to one of five types of client: traditional bilateral or multilateral institutions; impact investors; private philanthropy; multinational companies; and the governments of developing countries. Interventions will harness business growth to accelerate equitable economic development that achieves both social and environmental outcomes. A group of active professionals in the field will provide guidance on the semester-long projects to help demystify ‘development consulting’ and prepare students with the skills and mindsets to enter a rapidly evolving field. Fol
This course examines the uses and misuses of historical analysis in policymaking and strategic thinking. Although leaders often invoke historical analogies, they tend to rely on a limited set of familiar episodes. Students will explore the value and limitations of using history to inform decisions about present and future challenges. The course introduces key tools of historical reasoning, including concepts such as continuity and change, contingency, human agency, and structural constraint. Students will also consider the risks of overreliance on analogy or using history to support predetermined conclusions. The goal is to deepen understanding of frequently cited historical examples while encouraging more original and critical approaches to thinking about the future.
This course provides an in-depth examination of the foreign exchange (FX) market—the largest and most liquid financial market in the world. Students will explore the structure of the FX market, key market participants, and trading conventions. Through a combination of theory, practical tools, and analysis of current market developments, the course offers insights into how currencies are traded, valued, and influenced by macroeconomic policy and geopolitical trends.
Topics include currency movements and valuation, FX market structure, trading practices, U.S. dollar dominance, FX intervention by central banks, and reserve management strategies. Guest speakers from both the public and private sectors will provide professional perspectives, and students will engage in topical discussions linking theory to real-world events.
This hands-on, skills-based course trains students to plan, manage, and execute the key elements of a modern American political campaign. Students learn the fundamentals of campaign management, including research, targeting, message development, fundraising, media strategy, digital engagement, crisis communications, and voter outreach. Through simulations and guest lectures by campaign professionals, students gain real-world insights and practical competencies in managing electoral campaigns at all levels.
A central component of the course is a team-based mock campaign project, in which each student assumes a specific campaign role, such as campaign manager, field director, press secretary, or pollster—and contributes to the final campaign plan. Teams respond to real-time political developments and present their final plans to a panel of experts.
By semester’s end, students will have developed a professional-grade campaign plan and acquired the tools to enter the field of political campaigning with confidence and applied knowledge.
This course examines the United Nations Development System (UNDS) as the world’s most prominent multilateral development actor. Students will explore the governance and funding structures of over 35 UN agencies, programs, and funds, and analyze how they collaborate to achieve country-level results. Topics include joint responses to global crises, UNDS reforms, SDG financing, and partnerships with governments, donors, civil society, and the private sector. Drawing on real-world case studies and practitioner insights, the course emphasizes practical competencies in multilateral development cooperation.
This course introduces students to the theory and practice of risk management in crisis and conflict settings, with a focus on the United Nations’ efforts to deliver on mandates in complex environments. Drawing on UN doctrine and international standards such as ISO 31000, the course emphasizes practical skills and real-world applications across the UN’s peace and security, development, human rights, and humanitarian pillars. Students will engage with case studies, guest speakers, and group simulations, culminating in the development of a comprehensive risk assessment for a selected UN mandate. Topics include security risk management, access and protection, strategic communications, human rights, program and partner risks, political engagement, civil affairs, DDR, and mission transitions.
This course will introduce students to manifestations of gender-based violence around the world—including intimate partner violence, sexual assault, child marriage and forced genital mutilation, femicide and “honor killings,” human trafficking, conflict-related sexual violence, and technology-facilitated gender-based violence. The course will also examine the legal and policy frameworks governing these manifestations at the international, regional, and national levels—including global treaties, national laws and action plans, and programmatic support for survivors—and evaluate research on how and why ending gender-based violence globally advances prosperity and stability.
Oceans are critical to life on Earth. They supply more than half of the oxygen we breathe, regulate our climate, and connect peoples and continents.
The class will provide an overview of the most contentious and vexing issues and challenges regarding the ocean that are facing policy makers in the U.S. and across the globe today, and will examine their implications for global security and sustainable development of ocean resources.
The class will discuss policy, international institutions, governance models, scientific and economic issues, and potential solutions.
This course surveys the distinctive character of Asian energy security requirements, how they are changing over time, what political-economic forces are driving their transformation and what those requirements imply for broader economic and political-military relationships between Asia and the world. It gives specials attention to Asia’s energy dependence on the Middle East and the extent to which Russia and alternative sources, including nuclear power, provide a feasible and acceptable alternative. Cross-national comparisons among the energy security policies of China, India, Japan, Korea, and Western paradigms are used to explore distinctive features of Asian approaches to energy security.
This course examines the political, legal, and policy landscape of reproductive rights and health in the United States following the Supreme Court's 2022 decision in
Dobbs v. Jackson Women’s Health Organization
, which overturned
Roe v. Wade
. Students will analyze the immediate and long-term implications of this decision on federal and state policy, access to care, constitutional law, and U.S. politics. Topics include the use of executive action, litigation strategies, the role of public opinion, religious arguments, medication abortion, and the global reverberations of
Dobbs
. The course also provides a firsthand look at federal policymaking and features guest speakers from government and advocacy.
Improving women’s economic security and boosting women’s labor force participation is not only critical for advancing gender equality but also for driving economic growth. This class will introduce students to the main factors contributing to women’s economic insecurity in the United States and around the world, including legal barriers, insufficient care infrastructure, lack of access to good-paying jobs, and discrimination and harassment, including sexual harassment, in the workforce. The course will also explore solutions – domestic and global laws, legislative proposals, and policies – to address these barriers and to advance progress on women’s economic security, along with the current debates on these policy interventions. Students will also learn about the role that social norms play in women’s ability to participate fully in the economy.
This course examines how public policy can support the advancement of women in leadership roles across sectors. Despite increased global attention, women continue to be underrepresented in senior leadership positions, and progress toward achieving gender equity remains slow. Through a combination of readings, class discussions, guest speakers, and applied policy analysis, students will explore the structural and cultural barriers to women’s leadership and design policy solutions to address them. Topics include gender norms, discrimination and harassment, workplace equity, and mandates such as Title IX and corporate board quotas.
NOTE: YOU SHOULD NOT ENROLL IN THIS COURSE IF YOU HAVE TAKEN OR PLAN ON TAKING REAL ESTATE FINANCE (B7331)
The goal of this course is to make you knowledgeable and conversant about the principles of real
estate, with many changes as the world has adjusted to the new circumstances of COVID-19. As both a physical asset and an investment asset with a defined location in space, real estate is strikingly different from other asset classes. Real estate forms part of the alternative investment asset class and institutional investors invest a substantial part of their portfolio in real estate. We will look at the investors in real estate and the investment management firms and how they are investing
internationally. We will give an overview of investing in all major commercial property types: office,
logistics, retail, hotels, and residential, niche sectors like senior housing and student housing, and the purchase of a home and consider how these are changing to a quickly evolving world. The goal is to give an overview of the international real estate market and provide you with the tool set to identify investment opportunities globally, certainly for investing but also to find a place to live and figure out how to work.
Pre-req: Microeconomics.
This course is an introduction to the economics of energy markets. We will study the main sources of inefficiencies in energy markets—market power and externalities—and their implications for policymaking. We will cover, for example, how oil and natural gas prices are determined globally, deregulation and market power in electricity markets, and policy responses such as carbon permit trading.
We will also discuss recent challenges faced by policymakers in energy markets, such as the incorporation of renewables, transmission, transport, and the broader energy transition to net zero.
Students will work in groups to deliver a project and presentation focusing on a real-world energy policy question of their choice. The objective of the group project is to provide hands-on experience in energy policy analysis using the main economic concepts discussed in the class.
Pre-req: SIPA IA6501 - Quant II.
The goal of this course is to provide students with a basic knowledge of how to perform some more advanced statistical methods useful in answering policy questions using observational or experimental data. It will also allow them to more critically review research published that claims to answer causal policy questions. The primary focus is on the challenge of answering causal questions that take the form “Did A cause B?” using data that do not conform to a perfectly controlled randomized study. Examples from real policy studies and quantitative program evaluations will be used throughout the course to illustrate key ideas and methods.
First, we will explore how best to design a study to answer causal questions given the logistical and ethical constraints that exist. We will consider both experimental and quasi-experimental (observational studies) research designs, and then discuss several approaches to drawing causal inferences from observational studies including propensity score matching, interrupted time series designs, instrumental variables, difference in differences, fixed effects models, and regression discontinuity designs.
As this course will focus on quantitative methods, a strong understanding of multivariate regression analysis is a prerequisite for the material covered. Students must have taken two semesters of statistics (IA6500 & IA6501 or the equivalent) and have a good working knowledge of STATA.
This course explores the economics and politics of sovereign debt, focusing on the sustainability of public borrowing and the power dynamics shaping debt resolution processes. Students will analyze how debt decisions are made under uncertainty and examine the implications for domestic economies and the global financial system. The course is divided into two parts: the first covers the structure of sovereign debt, market incentives, and macroeconomic linkages; the second examines sovereign debt crises, including restructuring processes, negotiation challenges, and the roles of key institutions such as the IMF. Case studies—including Argentina, Greece, Puerto Rico, and ongoing restructurings in developing economies—provide practical insight. The course is designed for students interested in policymaking, international finance, or advanced academic work in this field.
The purpose of this half-semester course is to familiarize students with how the Internet and cybersecurity works; to provide a foundation of knowledge for later courses; and to familiarize students with the devices, protocols, and functions of computers, the Internet, industrial control systems, and cybersecurity. This course is not intended to be a computer science course, but to provide the students with the lexicon of cyberspace and the understanding of how hardware, software, and networks fit together to create the Internet experience. We will also illuminate some essential and current cybersecurity policy topics, including privacy and risks of emerging technology.
It is a broader course meant to complement Cyber Risks and Vulnerabilities and other coursework throughout SIPA.
This course explores the strategic, policy, and institutional dimensions of cyber conflict. It focuses on the national security implications of cyber threats and responses, rather than the technical mechanics of cyberspace. Students will examine how cyber operations unfold at both tactical and strategic levels, assess the comparison of cyber power to other domains of conflict, and trace the development of U.S. cyber policy and organizational structures. There are no prerequisites, though students without prior exposure to cybersecurity are encouraged to complete the assigned foundational readings before the first class or take a 1.5-credit introductory course.
This course examines the evolving role of cyberspace in modern warfare. Since the emergence of the Internet, scholars and policymakers have debated whether cyber capabilities represent a fundamental shift in the nature of conflict or a complement to conventional military power. Students will engage key conceptual debates about cyber conflict, assess how major powers including the United States, Israel, Russia, and China develop and employ cyber capabilities, and consider whether cyber operations should be viewed as a distinct strategic domain. The course also explores the future of cyber warfare, including the role of non-state actors and the integration of emerging technologies such as artificial intelligence and space-based systems. Through case studies and policy analysis, students will develop a framework for understanding how cyber strategy is shaped and executed in theory and practice.
The purpose of this course is to familiarize SIPA students with the function of the internet while focusing on the flaws and vulnerabilities that can be exploited in attacks or impact user privacy. This course will approach each session in the following manner: discussion of recent cyber events, discussion topic(s) to be covered, and the ramifications when used in the real world.
This course is intended to build on the Basics of Cybersecurity with a tighter focus on specific vulnerabilities and information transmission and how these can be exploited by hackers, criminals, spies, militaries, or business interests.
This course is intended to be an introduction to cyber risk and vulnerabilities and is thus suitable for complete newcomers to the area. It is a big field, with a lot to cover; however, this should get students familiar with all of the basics. The class is divided into weekly topics; the first five iteratively build on each other, and the others either addressing recent technologies or hosting relevant guest speakers.
Many cyber jobs are opening up with companies that need international affairs analysts who, while not cybersecurity experts, understand the topic well enough to write policy recommendations or intelligence briefs. Even if you don’t intend your career to focus on cyber issues, having some exposure will deepen your understanding of the dynamics of many other international, privacy, and public policy issues.
This course introduces cybersecurity as a business risk, emphasizing its impact beyond IT and into areas such as regulation, governance, finance, and reputation. Students explore core concepts in cybersecurity, risk management frameworks, and the evolving threat landscape. The course examines how leading organizations assess, quantify, and address cyber risk through strategies such as risk mitigation, transfer, and resilience. Topics include incident response, supply chain vulnerabilities, regulatory compliance, critical infrastructure, and cyber conflict. Through policy memos and a group-designed risk taxonomy, students build practical tools for evaluating and managing cyber threats in public, private, and nonprofit sectors.
This course develops the skills necessary to prepare, analyze, and present data for policy analysis and program evaluation using R. Building on the foundations from Quant I and II—probability, statistics, regression analysis, and causal inference—this course emphasizes the practical application of microeconometric methods to real-world policy questions. (Note: macroeconomic topics and forecasting methods are not covered.)
The central objective is to train students to be effective analysts and policy researchers. Key questions include: Given the available data, what analysis best informs the policy question? How should we design research, prepare data, and implement statistical methods using R? How can we assess causal effects of policies rather than mere correlations? What ethical considerations arise when working with data on marginalized populations?
Students will learn through hands-on analysis of datasets tied to a range of policy issues, including: caste-based expenditure gaps in India, racial disparities in NYPD fare evasion enforcement, water shutoffs in Detroit, Village Fund grants in Indonesia, public health insurance and child mortality, and Stand Your Ground laws and gun violence. The course culminates in a student-led project on a policy topic of their choosing.
This course examines the role of cyberspace in national strategy and grand strategy, with a primary focus on the United States and select comparative cases. As the United States shifts from counterterrorism and counterinsurgency toward renewed great power competition, questions about the utility of force, alliance structures, economic statecraft, and international institutions are increasingly framed by strategic thinking. Although cyberspace influences nearly all instruments of national power, its role in debates about grand strategy remains underexplored. This course addresses that gap by evaluating how traditional concepts of strategy and grand strategy apply in the digital domain. Students will assess how cyberspace shapes the formulation and execution of strategy through military operations, diplomacy, intelligence, and economic tools.
Education is often the first casualty of crisis—and the cornerstone of recovery.
This course examines how education systems sustain continuity of learning amid conflict, displacement, and climate-related shocks. As crises intensify worldwide, understanding how to keep children learning under disruption has become one of the defining challenges of our generation. Students analyze the principles and practice of Education in Emergencies (EiE), including the legal and policy frameworks that protect the right to learn, the minimum standards guiding education responses, and coordination and financing within the evolving global aid architecture. Cross-cutting barriers—gender inequality, gender-based violence, early marriage, child recruitment, and disability inclusion—are addressed throughout. Students will explore how education can drive equity, peacebuilding, and climate resilience in crisis contexts, gaining the analytical and practical tools to design and lead responses in global organizations. Methods include case studies, simulations, and interactive sessions with humanitarian leaders. Applied projects may focus on aid and finance, emergency response, policy design, or education system resilience, or other topics of interest for students, supporting clear pathways to professional impact.
This course provides students with a strategic and applied framework for understanding the transformative impact of financial technology (FinTech) on the global banking and financial services industry. Through case studies, industry analysis, and collaborative projects, students will examine how traditional banks, fintech unicorns, big tech firms, and non-bank financial institutions are reshaping the competitive landscape.
The course traces the evolution of fintech across key sectors such as payments, lending, and capital markets, while analyzing the emergence of disruptive technologies including artificial intelligence, machine learning, blockchain, open banking, and digital currencies such as central bank digital currencies (CBDCs), cryptocurrencies, and decentralized finance. Students will also explore the regulatory and governance challenges that accompany rapid innovation in financial services.
Emphasizing strategic thinking, leadership, and applied analysis rather than technical specialization, the course concludes with an individual research paper and a team-based final project. It is designed for students preparing for leadership roles in the rapidly evolving global digital financial ecosystem.
There are over 40 million refugees in the world. Governments, intergovernmental organizations, civil society actors and other stakeholders have developed a host of public policy, social, and labor market responses to the inflow of refugees. The actions at the global, regional, national, and local levels differ in their nature, scale, and impacts.
Offering a deep immersion into the processes, challenges, and impacts of designing global public policies for refugees and their host communities, Refugees & Global Public Policy provides a mix of theoretical and practical insights into refugee governance that connects global norms, discussions, and challenges with local preferences, priorities, and actions.
The course offers a mixture of seminarstyle discussions, interactions with UN and civil society experts, site visits, and a role-play simulation on refugee camps.
The course’s 15 main sessions are divided over 5 days in 3 weeks: 3 Saturdays, from 9am-5.30pm with a focus on academic sessions and 2 Fridays from 9-5pm with a focus on site visit at the UN and NGOs in New York. A concluding session with group presentations will be held on Friday in week 5.
The global part of the course introduces students to the key notions, norms, and global policy responses in the context of forced migration. Bringing together legal, sociological, policy, and development perspectives, the course advances participants’ understanding of how different actors are involved in the legal and policy regimes with regard to resettlement, healthcare, education, and labor market participation of refugees.
The course emphasizes the agency of refugees and gender differences in the experiences and effects. It addresses the role of multilateralism, international relations, as well as international and regional cooperation. Participants will learn about implications of human rights, gender, and legal statuses, as well as links to humanitarian and development discourses, including the Sustainable Development Goals.
The local part of the course offers a specific understanding of the refugee law and policy in the US, and specifically in New York. Over the past 30 years, the US has admitted more than two million refugees. Half a million in the last decade alone.
Participants will meet with resettlement agencies, United Nations officials, refugee-led organizations, and NGOs promoting economic and social integration in New York City to obtain first-hand perspectives of the policies and prog
This course examines the theory, design, and implementation of financial regulation. Students will explore the rationale for regulatory oversight in financial systems, focusing on the challenges of liquidity and solvency risk, information asymmetries, market failures, and systemic vulnerabilities. The course considers both regulation, meaning rules grounded in law, and supervision, referring to oversight practices that enforce those rules.
Through case studies and recent financial failures such as FTX and Silicon Valley Bank, students will consider how regulatory frameworks have evolved over time, largely in response to crises and scandals. The course emphasizes the complexity of balancing regulatory objectives, managing trade-offs between credibility and flexibility, and understanding how regulatory design affects the behavior and incentives of financial market participants.
Topics include capital and liquidity requirements, stress testing, internal governance, the role of market discipline, regulatory responses across financial subsectors, the growth of shadow banking, and developments in macroprudential supervision. Students will also examine the limitations and unintended consequences of regulatory interventions.
Pre-reqs: Economics or Quantitative Analysis.
The purpose of this course is: (1) to familiarize participants with contemporary issues in US and international economic policy development; (2) to better understand the interplay of domestic and international political factors that influence public sector decision-making, and (3) to improve skills for drafting memoranda and making presentations to senior policymakers. The class will focus on domestic and international economic policy issues in which the US has played a significant role or has a substantial interest. It will focus on topics that arise in a variety of contexts: unavoidable issues with looming deadlines; managing to avoid a potential crisis; and affirmative initiatives where policy leaders choose an objective to advance. Discussions will put class participants in seats at different policy tables, and memos will reflect these varying perspectives.
This course will be conducted in a small group discussion-based format. Participation will be key to making the sessions productive and worthwhile. Students will get the most from these sessions if they come to class prepared with questions based on the readings, as well as their own perspectives on the issues at hand.
The first lecture will offer an introductory framework and there will be a session dedicated to writing for the workplace. All other meetings will alternate between a lecture/discussion on a particular topic and student presentations on that topic. Students will take opposing views and present their arguments through a memo and an oral presentation. After the presentations, Professor Lew will moderate a discussion in which the class can express views on the presentations and policy options presented. The discussion will simulate a meeting of key decisionmakers with Professor Lew playing the role of the decisionmaker.
According to the 2025 Global Humanitarian Overview, humanitarian partners are seeking over $47 billion to assist nearly 190 million people facing life-threatening and urgent needs across 72 countries. These alarming figures are driven by various factors, including conflicts, political instability, climate change, disease outbreaks, poverty, and natural disasters. Additionally, a rise in nationalism is impacting multilateral cooperation, which is essential for the effective functioning of the humanitarian system. Together, these issues have exacerbated pre-existing vulnerabilities, leading to unprecedented levels of need.
Relief work is crucial; it saves lives and, when executed effectively, can protect livelihoods, alleviate human suffering, and help communities rebuild. The adaptability and flexibility of humanitarian organizations and workers have demonstrated their capacity to adjust to new realities. The current obstacles also present opportunities for humanitarian actors to strive for a long-term goal: the decentralization and localization of the humanitarian system.
This course focuses on the management of humanitarian operations, offering students the opportunity to explore the strategic and day-to-day work of humanitarian organizations, including various UN agencies, as well as international and local organizations. It aims to help students develop an analytical framework that can be applied in both headquarters and field settings, along with a tools to evaluate populations' needs, write successful grants, and monitor the impact of humanitarian assistance. This practical course will appeal to those interested in working with an aid agency, whether directly with disaster-affected populations or indirectly, as well as to those who seek to gain a deeper understanding of the humanitarian system and the opportunities and challenges it presents.
This short course is designed to enable participating students to weigh and apply humanitarian principles, concepts, best practices, and minimum standards to a simulated humanitarian emergency response. The simulation exercise challenges student participants with issues and dilemmas confronting humanitarian practitioners when responding to a complex emergency, and inspires them to work within the humanitarian system and architecture to solve problems in creative ways.
In their roles as staff of humanitarian response agencies charged with responding to a large-scale crisis, student participants will analyze a dynamic stream of assessment data, prioritize key humanitarian needs, and make critical decisions about the appropriate type and scale of needed interventions. Participants will also be introduced to the importance and mechanisms of international humanitarian coordination in assembling the response.
The simulation will include a day-long exercise followed by a day of debriefing, analysis, and identification of key challenges and lessons. The Humanitarian Crisis Simulation focuses on humanitarian operations from the perspective of humanitarian assistance agencies operating in the field. The course should, therefore, be of interest to those wishing to work with humanitarian agencies responsible for planning and conducting responses to vulnerable populations affected by disaster, or to those who want to better understand the humanitarian assistance system and the challenges confronting humanitarian decision-makers.
Registration is only available to MPA-DP Students.
This is a required course for MPA-DP students in their second semester, focused on tools and methods for effective program design in sustainable development. Drawing on insights from over 90 MPA-DP alumni working in diverse global contexts, this course emphasizes applied learning, systems thinking, and adaptive leadership.
Students will learn and apply tools to diagnose development challenges, design interventions for social impact, and address cross-cutting themes such as communication, ethics, equity, and inclusion. The course supports students in developing a comprehensive project proposal, structured around contextual analysis, implementation planning, and critical reflection on development practice.
This intensive, two-day course introduces students to the collaborative social justice model, with a focus on Medical-Legal Partnerships (MLPs) as a policy tool to advance racial and health equity. MLPs bring together professionals across disciplines, particularly law and medicine, to jointly address the structural causes of poor health, including poverty, discrimination, and housing insecurity. The course explores how these partnerships operate, their policy reform potential, and the risks and challenges of interdisciplinary collaboration. Through guest speakers and hands-on group work, students will examine how to design and advocate for collaborative social justice initiatives that protect marginalized communities and promote systemic change. Students will gain practical tools for developing cross-sector partnerships and translating them into effective policy interventions.
Spring 2026 Course Dates: March 27-28
In Conduct of Diplomacy, we will use an interdisciplinary lens to study the strategic and tactical considerations that shape a credible foreign policy and effective international diplomatic engagement.
Drawing examples from U.S. practice, we will explore various forms and attributes of diplomacy, including the international legal framework and the nature of diplomatic missions. We will consider various tools for conflict resolution, including mediation and reconciliation.
We will look at a number of important policy areas where diplomatic strategy can advance national interests, including with respect to the use of force, economic statecraft, human rights, international development, technology, and climate change. In doing so, we will assess the notion that the United States is “the indispensable nation,” as former U.S. Secretary of State Madeleine Albright and others have suggested.
Towards the end of the semester, we will have an opportunity to test the theoretical and practical knowledge that we have gained by engaging in two simulations—one involving Russia and Ukraine, and the other involving China and Taiwan—before concluding with a discussion of multilateral diplomatic engagement.
A central issue of our time is the strength of democracy in an era of mounting threats of authoritarianism, rising inequality, and economic insecurity for many working people. What role does worker organization–especially through labor unions–play in shaping these outcomes? This seminar will probe the relationship between labor, inequality, and democracy from a variety of perspectives in law, political science, sociology, history, and economics. Our discussions will address questions such as: What is the connection between workplace democracy and political democracy? How have global trade, outsourcing, contracting, on-call and contingent employment arrangements, monopolistic business practices, and technology shaped labor markets and broader economic and political outcomes for workers? How do racial and gender hierarchies structure labor markets, and what role does labor organizing play in addressing this stratification? How can labor law be reformed to achieve greater workplace, economic, and political democracy and what are new hooks and opportunities for labor organizing?
Many scholars and policymakers argue that international relations has “returned” to great power politics. The United States, the preeminent power since the fall of the Soviet Union in 1991, faces internal and external challenges to its position. Its leaders argue it should seek a “sphere of influence” in the Western Hemisphere. China’s significant economic growth over the last several decades has manifested in growing military power and institutional might: it has used its increasing power to contest territorial norms in the South China Seas, and build new and, some would argue, competitive economic institutions, such as the Asian Infrastructure Investment Bank (AIIB) and the Belt and Road Initiative (BRI). Russia may be beset by domestic political challenges and a sluggish economy, but nevertheless has flexed its military capabilities in Ukraine.
In this course, we will undertake a theoretical, historical, and contemporary analysis of competition among great powers. What sources of power do states mobilize as they compete? How does great power competition affect middle and small powers? When great powers compete, how does this shape prospects for cooperation in international politics? We analyze both historical case studies (for example, the Concert of Europe), as well as contemporary cases.
Political manipulation is the shaping of what people know, how they interpret it, and what they feel about it in order to shift political outcomes in the manipulator's favor. This course examines how states, leaders, parties, movements, and platforms manipulate attitudes in world politics: which attitudes they target, which tactics they use, what those tactics do to international outcomes, and what, if anything, makes publics resistant. It draws on public opinion research and political psychology, and it treats manipulation as a practical problem for policy analysts as much as a normative one. The same theories that explain how manipulation works are the ones that allow an analyst to recognize it, anticipate it, and counter it.
The course proceeds in four units. Unit 1 (Weeks 1–3) establishes what manipulation is, how it differs from persuasion, influence, and power, and what it targets: attitudes, and the psychology of attitude change. Unit 2 (Weeks 4–6) moves to world politics and asks whose foreign policy attitudes exist to be manipulated, how those attitudes change when people hold them as members of nations, and what manipulated attitudes do to international outcomes. Unit 3 (Weeks 7–11) works through the manipulator's toolkit, framing, misinformation, social media and artificial intelligence, and emotion, and closes with the evidence on resisting manipulation. Unit 4 (Weeks 12–14) applies the course to three current issues, nationalist propaganda, human rights, and historical memory, in sessions built around the group policy briefings.
The course is open to SIPA graduate students and to undergraduates in the Global Affairs and Public Policy major, and it sets distinct academic requirements for the two cohorts (see Requirements for Graduate and Undergraduate Students below). Graduate students lead discussion and produce a team policy memo and briefing. Undergraduates write weekly response posts, take a take-home midterm and final examination, and document the policy analysis process of the group they join.
This course introduces the study and practice of international conflict resolution, providing students with a broad understanding of the subject and a framework for approaching more specific strands of study offered by CICR. Can a war be stopped before it starts? Is it realistic to talk about ‘managing’ a war and mitigating its consequences? What eventually brings adversaries to the negotiating table? How do mediation efforts unfold and how are the key issues resolved? Why do peace processes and peace agreements so often fail to bring durable peace? Students will address these and other fundamental questions in order to develop an understanding of international conflict resolution.
The rising costs of food, child care, housing, and health care are outpacing wage growth in the United States, resulting in an affordability crisis that is imperiling women and working families’ economic security. Ensuring that women and working families in this county can make ends meet and attain economic stability is a policy priority on both sides of the aisle and imperative for reducing poverty and sustaining the overall health of the U.S. economy. This policy lab will introduce students to some of the key federal and state anti-poverty social policies supporting women and working families along with the current policy debates surrounding these programs, with an emphasis on understanding the implications of the recently enacted tax and budget bill, One Big Beautiful Act.
This course explores the challenges and opportunities in international peacemaking, with a particular focus on mediation as a tool for advancing political solutions to violent conflict. Complementing other CICR courses, it offers students the opportunity to deepen their understanding of how various mediators—including the United Nations, multilateral institutions, states, and non-governmental organizations—are responding to shifting dynamics in global conflict and politics.
The course considers key questions: What factors hinder current conflict resolution efforts? How have mediators adapted to changes in geopolitics, the fragmentation of non-state armed groups, and a crowded mediation landscape? How should they continue to adapt, especially amid declining resources for peace and humanitarian efforts and growing resistance to established norms?
Students will also examine how mediators can engage conflict parties on emerging issues, including the effects of the climate crisis and digital technologies on conflict dynamics and peace processes.
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This course examines the pivotal moments in international finance since the fall of the Berlin Wall in 1989, a turning point that marked a shift in global priorities from security to prosperity. Students will explore how macroeconomic conditions and policy decisions can trigger decisive changes in markets and economies, often overturning conventional wisdom. The course also develops an understanding of the psychology and dynamics of financial markets, which remain among the most powerful and cyclical forces shaping global outcomes.
For future policymakers, this knowledge provides valuable insight into how financial markets influence, and are influenced by, policy decisions. For those pursuing careers in finance, the course offers a practical framework for assessing markets, macroeconomic trends, and their interactions as events unfold.
Drawing on first-hand experience, the instructor shares personal insights and case studies from major financial episodes, highlighting the strategies and decision-making approaches of policymakers and market participants. Through these examples, students will gain perspective on effective responses to economic challenges and on the complexities of the macroeconomic policy process in both large and small economies, during periods of stability and crisis alike.
How has the quest to produce enough food shaped societies, economies, and the environment in the United States and beyond? This course examines the powerful historical forces that have driven transformations in food production and policy over the past century, and how those forces continue to shape debates around sustainability, food security, and development today.
Students will explore the evolution of agricultural science and technology, the impact of government programs such as subsidies and rationing, and the ways ideas born in the U.S. have been adopted, adapted, or resisted globally. From the rise of large-scale production to the emergence of movements for organic and regenerative practices, we will trace how food systems reflect shifting values, power dynamics, and visions of progress.
This seminar invites students interested in sustainability and social change to critically engage with the past to better understand the urgent questions of the future.
The extraordinary policy responses of global central banks to the 2023 banking turmoil, the COVID-19 pandemic, and the 2007-2009 financial crisis have fostered debate about both the appropriateness and the effectiveness of central bank actions. This course will discuss the theory and practice of “unconventional” monetary policy tools – i.e., those used to address financial crises, widespread deflation, and deep recessions or depressions. Examples in the course will be drawn from a broad array of crises, countries, and central banks in both the developed and emerging world over many decades.
The bulk of the course will focus on how central banks adapt their policy rules and tools in response to extraordinary financial or economic turmoil. Different types of monetary policy tools will be discussed and analyzed, with particular focus on the design and the effectiveness of various crisis policy tools. Central to understanding policy effectiveness will be consideration of how financial and macroeconomic conditions impact central bank policy design, and in turn, how financial markets and the macroeconomy respond to extraordinary policies.
Examples of the use of crisis management tools – both more and less successful – across jurisdictions will be discussed in the latter half of the course. The course finishes with discussions of several important and timely dilemmas: Where is the “line” between crisis monetary policies and traditional fiscal policy actions? Why was the (inflation) impact of COVID-19 policy responses so different from previous episodes of instability? How do central bank “undo” their crisis management policies and return to “normal”? What difficulties do central banks face in handling economic side effects and the political consequences of extraordinary policies?
Prerequisites:
Macroeconomics (SIPAU6401 or PEPMU6104)
OR
permission of the Instructor. If you have taken a quantitative macroeconomics course prior to SIPA and wish to take the class, please contact the instructor during registration.
Instructor permission and application required. Join the waitlist in Vergil to request registration.
This course prepares students to engage in peacebuilding practice by developing fieldwork-related competencies rooted in critical reflection, professional strategy, and ethical engagement. Students examine foundational values, frameworks, and dilemmas in the peacebuilding field, while cultivating skills in project design, monitoring and evaluation (MEAL), communication, collaboration, and cultural awareness.
Structured as the first part of a spring-summer-fall sequence, the course introduces peacebuilding theory and practice through seminar-style discussions and applied assignments. Students collaborate with vetted field-based partner institutions to design projects aligned with real-world needs. These projects are implemented through optional summer internships, followed by a fall debrief session with the incoming cohort.
Coursework emphasizes partnership with local actors, conflict sensitivity, reflective practice, and an openness to critique and adaptation. Students are expected to grapple with the complexity of field conditions and to develop strategies for self-care, ethical engagement, and navigating uncertainty. Assignments include reflective journals, a midterm conflict analysis and thematic research paper, and a final project design paper.
Please note: All fieldwork and associated travel are voluntary and student-funded, though external funding opportunities may be available.
Prerequisite: Instructor-Managed Waitlist.
How can we build peace in the aftermath of extensive violence? How can international actors help in this process? This seminar focuses on international peacemaking, peacekeeping, and peacebuilding efforts in recent conflicts. It adopts a critical, social science approach to the topic of building peace (it is not a class on how to design and implement peacebuilding programs, but rather a class on how to think about such initiatives). It covers general concepts, theories, and debates, as well as specific cases of peacebuilding successes and failures. Throughout the course, students will acquire a broad understanding of the concepts, theoretical traditions, and debates in the study of peacemaking, peacekeeping, and peacebuilding. The course also will introduce students to new issues in the field, such as the micro-foundations of peace settlements, the importance of local perceptions, and the attention to the everyday in the study of conflict-resolution. Furthermore, by the end of the semester, students should have an in-depth understanding of some of the most salient peace processes in recent years, including those in the Democratic Republic of the Congo, and Rwanda. Interested students should join the waitlist and make sure that they attend the first class meeting.
Corruption undermines governance, saps resources and undermines development. It is also exceptionally difficult to identify, address, and resolve due to the intrinsic opacity of its operative mechanisms, endemic nature inside systems, and persistence.
This course will teach:
How to identify corruption, both in general and in its particular manifestations;
Current strategies to respond to corruption, particularly within developing countries; and,
Expected/possible future trends in corruption.
This course will also focus on practical problem-solving and policy-making solutions, including through classroom debate, scenario assessment, simulation, and paper-writing.
This course introduces students to the theory and practice of political risk analysis, focusing on how geopolitical dynamics shape markets, investment strategies, and global governance. Students will examine frameworks such as the G-Zero world, J-Curve, and state capitalism, and explore how they apply to real-world risks across countries and sectors. Taught by leading experts in the field, the course emphasizes interdisciplinary tools and methodologies for identifying, assessing, and managing political risk—including scenario planning, risk indices, and game-theory modeling. Through a combination of case studies, interactive practicums, and group presentations, students will apply these tools to current global challenges such as political transitions, social unrest, climate change, technological disruption, and great power conflict. The course prepares students to think strategically and forecast risk in public, private, and multilateral settings.
Instructor permission required. Join the waitlist in Vergil to request registration.
Today’s most pressing challenges, including climate change, social inequities, and financial instability, are complex, global, and systemic. This course explores how investors can respond through system-level investing, an emerging approach that considers the deep interconnections among financial markets, the real economy, and long-term environmental, social, and governance (ESG) outcomes.
Building on traditional and sustainable finance principles, system-level investing expands beyond portfolio-level risk and return analysis to address the broader systems that support market performance. Students will explore how investors can influence and manage systemic risks to improve investment outcomes and support societal resilience. Topics include foundational finance theory, tools for system-level investing, real-world case studies, and evolving practices across asset classes.
The covert struggles over hegemony in Greenland and Africa’s Sahel as well as the role of intelligence in assassinations and general targeting in the Russo-Ukrainian and the US-Iranian War are the most recent examples of the role of clandestine activities—spying, bribery, propaganda and covert action-- in the evolution of the international system. Since World War II ushered in the modern espionage era, secret intelligence and intelligence services have shaped the course of international history. This course introduces the student to the great sweep of world history from 1938 to 2027 through the lens of the role played by spies, code-breakers, saboteurs, intelligence analysts and the organizations for which they worked. How much did all of this secret stuff matter? Why did countries set up organizations to undertake spying and covert action? Have these activities made them, especially the US, more or less secure? And what has been the cost to private individuals of these activities? Although the focus will mainly be on the activities of US, Russian (Soviet) and British intelligence, the class will also explore cases involving Chinese, Cuban, Danish, Egyptian, French, German, Ghanian, Indonesian, Iranian, Israeli, Jordanian, PLO, Saudi and Vietnamese intelligence.
Impact Investing II: Blended Finance'' equips students with a detailed understanding of the tools, strategies and innovative approaches being utilized by investors seeking both financial and impact returns, via blended finance transactions. Students in this course will study cases, dig into transactions and be prepared to be a professional contributor to a transaction at a future employer. Moreover, the course provides students with a further understanding of opportunities that blended transactions can provide impact investors as they aim to unlock capital markets' support to mitigate climate change, reverse biodiversity loss, address social inequality, reduce poverty, and generate other system-level challenges.
The wealth of a nation enables its decision-makers to pursue welfare objectives on behalf of their citizens. How can a country’s wealth be effectively managed to achieve its desired goals? This fundamental inquiry lies at the core of public policy.
Historical circumstances have led many nations to accumulate substantial financial assets or benefit from abundant natural resources. Such wealth presents both significant opportunities and complex challenges. The central task for policymakers in this context is to safeguard the nation’s existing wealth, ensure its sustainable growth, and deploy it effectively to advance key policy objectives.
This course examines a particularly important set of institutional arrangements established by countries to manage national wealth. It identifies the challenges involved in governing the wealth entrusted to State-Owned Investors (SOIs), who are guided by domestic policy priorities while operating within an increasingly complex geopolitical environment. The course engages students in a comprehensive exploration of these issues, beginning with an overview of the forces that led to the creation of SOIs and a brief history of their development. It then deepens the analysis through a study of SOI interactions with the broader domestic public sector and the global community. Finally, it applies key concepts through case studies that illustrate the current role of these institutions both domestically and internationally, offering a practical framework for policymakers seeking to establish or manage SOIs in their own countries.
By developing a strong understanding of the financial and policy dimensions of SOIs, students will be better equipped to engage directly in leveraging national wealth as policymakers in pursuit of welfare goals, or indirectly as market participants operating in a global financial environment where these institutions play an increasingly prominent role.
The field of responsible investment has grown rapidly over the last twenty years, with the climate crisis serving as the paradigmatic ESG issue for investors. In the private sector, investors pledge to decarbonize their portfolios, ask for carbon reporting to manage that task, join together to engage corporations on their transition plans. As activity has grown, questions about the effectiveness and limitations of climate finance approaches to the climate crisis have grown along with them. A narrow focus on decarbonization has begun to give way to broader considerations of the transition and the risks and opportunities it poses for affected workers and communities, on the belief that social cohesion is a precondition for successful transition. Private sector initiatives have been complemented with public policy and public investment efforts to shape environmental, social, and economic outcomes. Climate finance is in a moment of reflection, change, and doubt.
This course will survey and analyze the ways that public and private investment are being or could be directed in support of a Just Transition (i.e., a low-carbon transition that does not worsen social inequalities), and various ways to think about how effective climate finance can be. We will look at investors’ approaches to the decarbonization of the economy in political and social context, asking: how do or should investors integrate concerns for workers, communities, and environment into climate finance? what kinds of public policies are needed to ensure that investment points towards a Just Transition? The result, we hope, will lead both to a better understanding of the roles public and private investment in a Just Transition, climate policy, and an expanded critical capacity to analyze how well it’s working.
ESG and Corporate Political Strategy examines how organizations align environmental, social, and governance (ESG) priorities with corporate political strategies to shape policy, manage risk, and advance system-level change. As public expectations of corporate responsibility grow, firms must navigate both market and non-market arenas to sustain value, engage with stakeholders, and influence the rules by which they operate.
This course equips students with practical tools and analytical frameworks to understand and implement integrated strategies that align ESG goals with legislative, regulatory, and political engagement. Case studies and applied exercises explore how companies influence policy, respond to regulatory shifts, and act as stewards of systemic transformation. Topics include corporate lobbying, public positioning on social issues, regulatory influence, and the strategic use of litigation and partnerships.
Ideal for students pursuing careers in business, policy, nonprofit, or advocacy sectors, this course complements
Social Impact: Business, Society, and the Natural Environment
and is open to graduate students across SIPA, Columbia Business School, the Climate School, and other Columbia schools.
The Quantitative Valuation of the Environment course will explore theory and methods of economically valuing environmental benefits and disbenefits, and how they can be applied in decision-making processes to improve stated outcomes. Specifically, it examines model specification for stated preference valuation, generating awareness of the theoretical and empirical questions being investigated in the area, generating awareness of environmental and resource issues currently being debated, and practical issues such as how these welfare economics measures can be used in efficiency measures such as benefit cost analysis.
This course introduces the history, strategy, and practice of human rights campaigning, with a focus on media-driven advocacy. Students will examine the foundations of campaigning journalism, explore modern digital mobilization tactics, and learn to develop and execute impactful advocacy campaigns. The course emphasizes the intersection of strategic communications, digital tools, and policy advocacy, and provides hands-on experience in campaign design, messaging, and evaluation.
Students will develop an original advocacy campaign on a contemporary human rights issue using the 2026 FIFA World Cup as a global platform. Course assignments include writing advocacy letters and op-eds, designing media strategies, and producing a final campaign pitch deck. Case studies will include successful campaigns addressing labor rights, gender equity, and corporate responsibility in sport.
The course is suitable for students interested in human rights, journalism, digital strategy, and public advocacy. Sessions include skill-building workshops, guest speakers, and applied project work in collaboration with Human Rights Watch and other advocacy professionals.
The Social Impact: Business, Society, and the Natural Environment course explores the relationship between corporations, society, and the natural environment. Specifically, it examines the ways in which governments, (for-profit and non-profit) organizations, and investors (fail to) have positive impact and manage issues where the pursuit of private goals is deemed inconsistent with the public interest.
A seminar on the growing fragmentation of the global economy. The course explores how the rise of geoeconomics—marked by the proliferation of sanctions, tariffs, export controls, and industrial policies—is reshaping the global financial system, energy markets, supply chains, and technology industry. Topics include dedollarization and digital currencies, the bifurcation of the global oil market, China’s dominance of critical minerals and clean-energy supply chains, and the race for leadership in artificial intelligence. The course also examines alternative futures for the world economic order as the era of globalization gives way to something new.
Pre-req: any Quant III course. Instructor Managed Registration. Join Vergil waitlist and apply at
https://forms.gle/fjM8zkoSx9encCo49
.
The main outcome of the course will be a complete, novel empirical research paper. During the first half of the course, you will review empirical methods, learn about the structure of a high-quality research paper, and process the data for your project. The focus will be on learning how empirical methods—including not only regression-based causal inference but also data processing and measurement—are used in practice. We will draw on examples of excellent applied economics research papers to highlight best practices. By the middle of the semester, you will be expected to have completed initial analysis of your project. The remaining portion of the semester will be spent revising and improving drafts of the research paper, culminating in a presentation of results and submission of a final, publication-quality research paper. An emphasis of the class will be on real-world practice of handling, cleaning, and processing data. To this end, students will help build and maintain a database of data sets used for their analyses. Over time, this database will become a resource that future students can draw on for their own analyses.
This course has two primary objectives: to develop your ability to negotiate in a purposeful, principled, and effective way, and to teach you how to build consensus and broker wise agreements. Centered on public policy and international affairs, the curriculum uses immersive simulations and active learning methods to translate theory into practice.
Learning happens dynamically through both in-class and out-of-class exercises. You will navigate a wide variety of negotiation challenges, including international conflicts on the brink of war, diplomatic negotiations over catastrophic environmental accidents, local government collective bargaining talks, environmental dispute settlements, and high-stakes trade negotiations.
This seminar critically examines the evolution and current trajectory of Russian security policy, with particular attention to the ongoing war in Ukraine and its broad strategic implications. The course explores the political, historical, and structural factors that shape Russia’s national security outlook, as well as its use of military force, energy policy, diplomacy, and information operations to advance its interests. The course discusses Russia’s relations with the United States, Europe, China, and the Global South; the role of nuclear strategy and arms control; and lessons from recent military interventions. Readings and case studies are regularly updated to reflect the rapidly changing geopolitical landscape.
Drawing on the co-instructors' experience at MERL Tech Initiative and Dalberg Design, this course challenges the notion that technology alone can solve complex development problems and that a human-centered ecosystem approach is critical. While innovations like mobile money and AI are often hailed as silver bullets, history shows that their impact depends on context, users, and systems. Drawing on lessons from decades of “tech for good” — from community radio to drones — we encourage students to question technological determinism and instead focus on the lived realities and needs of users.
To do so, the course adopts a human-centered design (HCD) and systems-thinking approach. We start the course with UX principles and how they are applied in digital development, and follow this with weekly case studies in class, e.g., designing a digital ID for refugee camps, AI chatbots for low-income women entrepreneurs, participatory digital campaigns, capacity building in communities, community health worker tablets/iPads and so on.
Students will learn how to design relevant solutions by understanding users — such as refugees, entrepreneurs, or health workers — within their social, cultural, and institutional contexts. Emphasizing empathy, participation, and sustainability, the course moves from abstract theory to practical, user-driven design methods, supported by tools and case studies from Savita’s experience in digital development with clients including Mastercard Foundation, Gates Foundation and many others, and Claudia’s experience at Dalberg Design. Assessment is through a combination of participation in class, case study design and a group project.
This course seeks to help students learn
how
to think, not
what
to think – we pursue fuller thinking by drawing on the broadest range of evidence from right and left, Arab, Israeli and Palestinian, Jewish and Muslim, and others. No questions are banned: all perspectives are open to challenge. What tools are required to engage, understand and be involved with improving the Israeli-Palestinian issue by acquiring greater intelligence, nuance, and awareness of the claims and sensitivities of both sides? Too often, American and European policymakers bring our own biases and blind-spots to the negotiating table, and do not understand the beliefs of local nations. Which leads to the question: How do policy practitioners help participants in the conflict move forward, while taking seriously the claims and cultures of the people involved? This course respects and meets the people involved in the conflict in their words, narratives, and deeds. The longest war in the Middle East is not only about that region: American university campuses, political parties, and different communities are being torn apart by slogans of “Zionism is racism”, “white colonial settlements”, “apartheid”, “globalize the Intifada”, and “Islam is terrorism”. Why does this conflict matter so much? How do we approach it with intellectual honesty, empathy, openness, facts and mutual respect?
This course analyzes the impact of domestic and regional conflicts in the Middle East on global security. Key concepts include: regime change, revolution, civil war, conflict management, security sector reform, arms transfers, nuclear proliferation, counterterrorism, and international criminal justice. These conceptual tools are used for comparative analysis of three sub-regional conflict zones: Saudi Arabia / Iran / Iraq, Egypt / Syria / Lebanon, and Palestine / Jordan / Israel. Each of these regions has galvanized substantial global engagement.
Why has the Chinese Communist Party (CCP) repeatedly treated technological catch-up as essential to national survival and political power, and how has its approach changed over time? This course analyzes the politics of the People’s Republic of China (1949–present) with a particular focus on the CCP’s attention to advanced technology as a core element of national power. This course will explore questions such as: How do Maoist and Dengist development policies influence contemporary China? Why did China become overwhelmingly competitive in EVs and solar but remain dependent in leading-edge semiconductors? What is new — and not new — about how China is approaching AI today? At a time of intense attention to China’s technological advances, it will ground current debates in the history that continues to shape China today. Drawing on leading scholarship from history, political science, sociology, and economics, it will provide students with a rich understanding of the evolution of the PRC and its emergence as a technological superpower that is reshaping the global balance of power.
Gender equality, and women’s and girls’ empowerment, are now widely accepted as development goals in their own right, and essential to inclusive and sustainable development. But despite progress in many areas, gender gaps and discrimination persist. How did gender equality move from the periphery to the center of development discourse, and what difference has this made? Is gender equality a human right, an essential aspect of human development, or “smart economics”? What are the implications of a gender equality agenda for men and boys, and for broader understandings of gender identities and sexualities? What policies, strategies and practices have been effective – or ineffective – in narrowing gender gaps and improving outcomes for both women and men in particular development settings? And what are possible responses to the "gender backlash" that has emerged in some countries and institutions?
In this course, we approach gender, politics and development in terms of theory, policy and practice. We explore multiple constructions of gender in development discourse; the intersection of gender with race, ethnicity, caste, class, sexual orientation, disability and other social categories, and with dominant economic and political trends; and the ways in which gender norms inform the different approaches of governments, development agencies, civil society organizations, and the private sector. We apply a critical gender lens to a wide range of development sectors and issue areas, including economic development, political participation, education and health, environment and climate change, and conflict and displacement. We also consider current debates and approaches related to gender mainstreaming and gender metrics in development practice. Students engage with the course material through class discussion, exercises and case studies, and the development of a gender-related project proposal. Guest speakers share practical strategies for advancing gender equality in the current environment.
This course aims at familiarizing students with major issues surrounding global economic governance, exploring both the issues that have been or are now subject to current debates, as well as the institutional questions involved. “Global economic governance” is understood in a broad sense, and thus includes not only global but also regional frameworks, and both formal institutions as well as informal groupings of countries (such as the G7/8 and the G20) and rules of international transactions that have been left to bilateral agreements or are under the domain of national sovereignty but do have global implications. “Economics” is also understood in a broad sense, to include social and environmental issues.
The course will start with three general lectures that will place the debates on global governance in relation to those on globalization, and will give a first look at the objectives of international cooperation, the historical evolution of the current governance, and typologies of the different rules, organization,s and governance structures that have been created at varied times. It will then deal in detail with major issues that involve international cooperation: the role of the UN system, development cooperation, global monetary and financial management, trade and investment, international tax cooperation, and climate change. It will end with discussion of the governance of the system, and a recapitulation of governance issues and reform proposals in light of global economic developments in the 2008-2019 period, during COVID-19, and during the current crisis that mixes geopolitical issues with an economic crisis.
Instructor permission required. Join the waitlist in Vergil to request registration.
The class compares a variety of proposals that have been advanced to promote constitutional world order. We begin with traditional conceptions of the balance of power among independent “Westphalian” states and then explore arrangements designed to produce alternative forms of constituted international and world order. These include liberal and authoritarian internationalism, collective security through the League Covenant and the United Nations Charter, John Rawls’s
Law of Peoples
and various other contemporary models of international law, global governance networks and global democratization.
In addition to assessing the particular merits and limitations of these visions of world order, we will examine the underlying principles of international politics, ethics and constitutional design that characterize these efforts to establish rules for the globe.
This course examines the foreign policy of the People’s Republic of China from 1949 to the present, analyzing the political, strategic, and economic drivers of Beijing’s engagement with the world. Topics include China’s relations with the United States, Russia, Asia, and the Global South; key historical turning points such as the Cold War, reform era, and post-Tiananmen period; and contemporary challenges including cross-Strait relations, great power competition, and global governance. Emphasis is placed on the causes and consequences of China’s external behavior and how domestic politics, nationalism, and leadership shape policy. Graduate students participate in additional precepts and complete analytic memos designed to build policy-relevant skills.
This course examines the foreign policy of the People’s Republic of China from 1949 to the present, analyzing the political, strategic, and economic drivers of Beijing’s engagement with the world. Topics include China’s relations with the United States, Russia, Asia, and the Global South; key historical turning points such as the Cold War, reform era, and post-Tiananmen period; and contemporary challenges including cross-Strait relations, great power competition, and global governance. Emphasis is placed on the causes and consequences of China’s external behavior and how domestic politics, nationalism, and leadership shape policy. Graduate students participate in additional precepts and complete analytic memos designed to build policy-relevant skills.
This course is the second half of the year-long International Fellows Program (IFP) seminar examining the United States’ evolving role in global affairs. Building on themes from the fall, the spring semester focuses on the challenges confronting a new U.S. presidential administration and the strategic decisions that will shape American leadership in a contested international environment. Through a combination of seminar discussions, case studies, guest speakers, and two regional crisis simulations, students will examine U.S. policy responses to geopolitical competition, regional instability, and transnational threats. Enrollment is limited to students in the International Fellows Program (IFP).
Fieldwork is integral to the academic preparation and professional development of doctoral students. This course provides the academic framework for fieldwork experience required for the student’s program of study. Fieldwork documentation and faculty adviser approval is required prior to registration. A final written report must be submitted. This course will count toward the degree program and cannot be taken for pass/fail credit or audited. With approval from the department chair or the doctoral program director, doctoral students can register for this course at most twice. In rare situations, exceptions may be granted by the Dean's Office to register for the course more than twice (e.g., doctoral students funded by industrial grants who wish to perform doctoral fieldwork for their corporate sponsor). The doctoral student must be registered for this course during the same term as the fieldwork experience.