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.
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.
This course addresses the main global macroeconomic risks faced by businesses and governments in the present post-financial crisis era. Some of the questions that we examine include: What are the risks of future financial crises and what are the consequences of new financial regulation? Are the large government debts in the industrialized world going to be problematic over the longer term? What are the main risks with the path of current monetary policies in different nations? How are technological innovation and globalization structurally changing the labor market? And how should companies, government, and workers respond? How is the growth of emerging economies changing energy and other commodity markets and how is this impacting the environment? Is the US dollar declining in importance as the worlds reserve currency? The class will address these topics as a conversation through which the two faculty members will highlight the linkages between theory and practice. Since the course draws heavily from current events, it is critical for students to stay informed about current macroeconomic news, and active class participation throughout the term is very important and highly encouraged.
Understand the art of deal-making and business development in Africa from a leading practitioner, with an emphasis on Sub Saharan Africa. This course will be relevant to students with an interest in the private, public, and nonprofit sectors in Africa, and emerging markets more broadly.
Students will gain a deep understanding of the dynamic business ecosystems across Africa and the macroeconomic policies shaping the continent’s future. We will dissect case studies of prominent deals, local success stories and failures, profiles in leadership, economic policy, and the experience of multinational firms in Africa. Students will gain applied practice in building a business in Africa, in investment analysis, learn how to originate and pitch a transaction to an important Africa-based client, and deliver arguments to a global multinational demonstrating why investing in Africa promises superior risk weighted returns.
What “prize” does Africa offer businesses and investors from its’ exploding population, and what is the consequence for the world if Africa fails to deliver resources to its’ people? What is the future for “engine room” countries such as South Africa, Nigeria, Egypt and Ethiopia? Which companies have “made it”, what are the “traps” for firms, and how can entrepreneurs structure businesses and deals to mitigate risk? How do we compare and contrast the impact of different economic policy models on private sector development in emerging markets? How are the USA and China fairing in their battle for Africa?
Students will learn the latest trends across industries in Africa, from consumer, energy, fintech and industrial processes and how technology is revolutionizing Africa, helping to leapfrog from traditional processes to efficient, fast moving and transformative processes. Develop a clear understanding of the forces driving the continent, and where the opportunities by country and industry lie. Learn the regulatory traps, and how they impact business development. And experience firsthand how negotiating the public–private interface, networking, and sensitivity to subtle language, cultural and historical references can make the difference between success and failure when doing business in Africa. As Africa enters the age of the African Continental Free Trade Agreement, prepare yourself for the world’s last largely untapped market.
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.
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.
Following the dramatic change in US trade policy in recent years, businesses are now forced to navigate an increasingly complicated patchwork of “managed trade” agreements, myriad tariff rates, and complicated non-tariff barriers such as product certification, safety standards, and import-export controls on strategic resources and technologies. This course will explore the economic impact of these developments on business and analyze some of the specific strategies companies can and are implementing to mitigate the impact of greater trade frictions, increased policy volatility, higher costs, and more difficult compliance.
This course has been developed and will be delivered by a teaching team with substantial experience in senior leadership roles in national and international policy, strategy in large multinationals with cross-border value chains, and advisory with hundreds of companies as the co-lead of BCG’s world-wide trade practice. Participants in the course will, therefore, gain insights on trade-barrier mitigation strategies from the perspective of practitioners and through the lens of specific, practical case studies of how companies have adapted sourcing, supply chains, manufacturing, sales, and distribution to rapidly changing policies and challenges. Students will be equipped with a solid grasp of the shifting fundamentals of what remains of the global trading system, varied regional and sectoral structures, and the emerging great-power economic multiplex. Group work is a fundamental component of this course.
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.
Advanced Global Macroeconomic Investing is a practitioner‑developed and led elective that prepares students to apply modern macroeconomic analysis to portfolio construction, asset‑allocation decisions, and systematic and discretionary global‑macro strategies. Building on the CBS core and the foundations of Global Macroeconomic Investing (B8213/B7213), the course trains students to connect macroeconomic regimes, structural forces, policy developments, and market dynamics to actionable investment frameworks.
The course focuses on the implementation of advanced tools used across leading macro hedge funds and institutional investment teams, including risk‑budgeting techniques, alternative risk premia, regime‑switching models, high‑frequency economic indicators, machine‑learning applications, geopolitical and structural trend analysis, and cross‑asset volatility and convexity frameworks. Students also examine real‑world execution challenges such as liquidity management, policy reaction functions, and trading in dislocated markets.
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.