This course builds on the core Global Economic Environment curriculum to equip students with toolkits for applying open-economy macro frameworks to the analysis of the fundamental forces shaping economic turning points and the development of public-market trading strategies around them. Key concepts in global macro investing are delivered through a mix of interactive lectures, case-study discussions, and directed conversations with practitioners. The course is structured in three sections: (1) a review and extension of core macroeconomic principles, an annotated discussion of key macroeconomic indicators, a structured look at the principal features of major risk assets (i.e., equities, currencies, fixed income, and commodities), and the development of templates for global macro trading strategies and risk management; (2) case studies around recent, disruptive major global macro inflection points; and (3) the application of the course’s key learning objectives to the development of broad global macro trading strategies around prevailing macroeconomic conditions, special cases, and instances of asset mispricing. This course will provide introductory knowledge and skills for students wishing to pursue activities in markets-focused macroeconomic research and strategy, global tactical asset allocation, the application of macroeconomic overlays on a wide range of investment platforms, strategic planning, and policy development.
This course examines the underlying economics of successful business strategy: the strategic imperatives of competitive markets, the sources and dynamics of competitive advantage, managing competitive interactions, and the organizational implementation of business strategy.The course combines case discussion and analysis (approximately two thirds) with lectures (one third). The emphasis is on the ability to apply a small number of principles effectively and creatively, not the mastery of detailed aspects of the theory. Grading is based on class participation and online case quizzes (35%), two case write-ups (20%) and a final group paper (45%). The course offers excellent background for all consultants, managers and corporate finance generalists.
This course covers a subject that is crucial for management success in the future: how government policy and regulation affect the online-based industry and its users, and how the industry in turn can affect government action. The skills needed to navigate this interaction are critical for managers in the emerging digital economy, as well as to forward-looking policy making. This course takes an innovative approach, bringing together several strands of the MBA program, together with public policy and technology management, and applies them to the online media and information sector. It aims to give students the MBA tools to run or use digital and online businesses in an environment full of government initiatives and restrictions. The course is valuable for future entrepreneurs, investors, creators, marketers, advertisers, users, and public officials.
This course builds on the core Global Economic Environment curriculum to equip students with toolkits for applying open-economy macro frameworks to the analysis of the fundamental forces shaping economic turning points and the development of public-market trading strategies around them.
Key concepts in global macro investing are delivered through a mix of interactive lectures, case-study discussions, and directed conversations with practitioners. The course is structured in three sections: (1) a review and extension of core macroeconomic principles, an annotated discussion of key macroeconomic indicators, a structured look at the principal features of major risk assets (i.e., equities, currencies, fixed income, and commodities), and the development of templates for global macro trading strategies and risk management; (2) case studies around recent, disruptive major global macro inflection points; and (3) the application of the course’s key learning objectives to the development of broad global macro trading strategies around prevailing macroeconomic conditions, special cases, and instances of asset mispricing.
This course will provide introductory knowledge and skills for students wishing to pursue activities in markets-focused macroeconomic research and strategy, global tactical asset allocation, the application of macroeconomic overlays on a wide range of investment platforms, strategic planning, and policy development.
This course examines the underlying economics of successful business strategy: the strategic imperatives of competitive markets, the sources and dynamics of competitive advantage, managing competitive interactions, and the organizational implementation of business strategy.
The course combines case discussion and analysis (approximately two thirds) with lectures (one third). The emphasis is on the ability to apply a small number of principles effectively and creatively, not the mastery of detailed aspects of the theory. The course offers excellent background for all consultants, managers and corporate finance generalists.
Financial Empowerment Lab NYC is a new “experiential” course at Columbia University for business and law students, being developed by Stephen Zeldes and Ed Morrison that will launch in Spring 2025 (running mid-January through late April). The course will focus on financial health and empowerment in underserved
NYC communities, including Harlem and Washington Heights. Teams of 3-4 students each will partner with local non-profits and Community Development Financial Institutions (CDFIs) on a semester-long project that will culminate in a pre-specified deliverable. In the process, students will be exposed to clients of the organization, develop a better understanding of the financial and legal challenges facing underserved populations, and work on a project that will help the organization better fulfill its mission. This course emphasizes practical learning, innovative problem-solving, and strategic collaboration, enabling students to apply their skills in a meaningful context that contributes to economic justice and positive social change.
Macroeconomics is in the news every day. Anyone who pays attention to the news knows that the crash in the US housing market in 2008 caused dramatic perturbations to financial markets all around the world. This, in turn, triggered very strong responses by governments in the US (in particular the Federal Reserve and the Treasury), as well as in other countries. This meltdown in financial markets and the interventions from policymakers raise a number of key questions about the health and the future of the economy in the US and abroad, which we will address in the Global Economic Environment II course.This course is a sequel to the core course Global Economic Environment. Building on the fundamentals introduced in that course, we develop a conceptual framework to explain the complex interactions between macroeconomic policy, asset prices, and business cycle fluctuations. In particular, we examine macroeconomic forecasting, determinants, and implications of budget deficits, the conduct and implementation of monetary policy, and the determinants of inflation in the U.S. and other market economies around the world. Special attention is given to the interactions between macroeconomic forces and asset prices.Since an important goal of this course is for students to become informed and sophisticated consumers of economic news, the issues discussed in this course draw heavily from current events and real-world examples.
Note I: The core course GEE while recommended is not a pre-requisite for taking GEEII. Students who expect to exempt from the core course GEE are recommended to take GEEII instead.
Benjamin Franklin once reportedly said that “nothing can be said to be certain, except death and taxes.” Had he known about the future estate tax, he would have been able to eloquently tie these certainties together. The estate tax is but one tax we will cover in this course. Taxes play an integral role not only in our personal lives, but also in driving the determinants and consequences of nearly every business decision. This course provides a conceptual framework to understand how taxes affect optimal business decisions. Additionally, this course will provide guidance on how to determine when and whether such strategies should be utilized. Regardless of what direction your business career takes you, understanding these forces and the strategies available will prove to be a valuable asset. Using examples from a wide range of contexts including investments, capital structuring, compensation planning, and mergers and acquisitions, students will become familiar with the structure of tax law, learn to recognize tax planning opportunities, gain an understanding of how to balance tax efficiency with business needs, and gain experience using a knowledge of how tax works to appropriately improve business outcomes.
Cross-border trade, tariffs, migration, and industrial policy affect the profitability of firms and purchasing power of households. News about them affect exchange rates and other asset prices.
This course develops a series of conceptual frameworks to help the students better understand the complex effects of trade, industrial, and immigration policies on business, employment, investment, and the economy. We examine the rationales behind various policy ideas and analyze the practical implementations of such policies in both advanced economies and developing countries.
An important feature of the course is a discussion of contemporary news and real-world events at the beginning of each session. We will show how our understanding of the news can be enhanced by our frameworks. By the end of this course, the students will become better informed and more sophisticated consumers of business and economic news, with tools to translate them into possible business or investment actions.
In a data-driven business world, understanding cause-and-effect relationships is crucial for decision-making. This course introduces MBA students to modern experimental techniques, with a focus on randomized control trials (RCTs, also often called A/B tests), which are widely used to gain actionable insights in real business contexts. Students will learn how to design, execute, and analyze experiments that reveal the true impact of business strategies and allow for data-driven decisions. By the end of the course, students will have the practical tools and confidence to understand and apply experimental methods in answering questions and optimizing business practices in a variety of industries.
No business and no government can ignore China. The Peoples Republic of China is the second largest economy in the world and is on course to overtake the US economy sometime in the future. China represents huge opportunities for businesses and public policies but it also presents a set of tough challenges. This course is designed to provide a framework for understanding these issues. As several other emerging market economies hope to follow Chinas footsteps, the conceptual framework in the course should help one to better appreciate risks and rewards in these economies as well. In this course, we will discuss what motivates the Chinese as savers, consumers, workers, and entrepreneurs. We will explore both the people factor and the government factor underlying Chinas growth story. We will not be satisfied with simply repeating the conventional wisdoms, but will probe deeper than what we often read or hear. We will also combine conceptual knowledge with practical insight by inviting distinguished speakers with rich business or government experience to share their perspectives on Chinas business environment and other related topics.
You cant disrupt any industry without dislodging its incumbents. And no incumbent goes down without a fight. Sometimes those fights happen in court. But usually, they take place in the halls of government: in city councils, state legislatures, municipal regulatory agencies, even local community boards. For 90% of technology startups, not understanding how to anticipate, handle and solve your coming regulatory problems is just as problematic as not being able to hire engineers or raise venture funding. Failure to anticipate politics can be fatal. However, there is a playbook for startups to disrupt and thrive. This class is designed to teach its students exactly how. Working in groups, students pilot new industries through the regulatory process, navigating the halls of power and the economics of disruption by analyzing the regulatory and political obstacles in their way. Students will figure out how to properly assess their opponents, develop and execute the right narrative in the media, build a grassroots movement, effectively lobby elected officials, regulators and political staffers, overcome entrenched interests standing in their way, and ideally, not only win legality for their idea, but build a regulatory moat to box out potential competitors.