Economics of Finance

This course applies the economic approach to understanding financial markets, institutions, and business behavior. Students will learn core economic theories relevant to finance and apply them to practical problems. Topics include consumption and exchange, decision-making under uncertainty, asset pricing, market efficiency, and the limits of rationality. The course emphasizes conceptual understanding and economic intuition over technical rigor. Designed for students interested in the foundational principles underlying finance, it differs from
International Capital Markets
by focusing on theory over market structure and from
Corporate Finance
by approaching similar topics from an economic rather than a corporate perspective. While mathematical fluency helps, the course prioritizes clarity of thought over computation. Students should have prior exposure to microeconomics and basic algebra.

• T 1:10 p.m.-3 p.m.
• M 5:10 p.m.-7 p.m.
• Instructor: Richard Robb
  Info
• 3 points

International Capital Markets

This course provides a practitioner’s perspective on how global capital markets operate, focusing on the instruments, institutions, and frameworks that channel capital to companies, households, and governments. Students will explore interest rate and FX swaps, derivatives, credit default swaps, asset-backed securities, and structured finance, alongside tools for interpreting yield curves and understanding credit markets. The course integrates current developments, including monetary policy, inflation trends, and systemic risk, with a close look at how financial actors respond. Unlike
Economics of Finance
, which emphasizes theory, this course emphasizes institutional function and market behavior. The course is structured to help students think critically and confidently about real-world financial markets

• T 5:10 p.m.-7 p.m.
• T 3:10 p.m.-5 p.m.
• R 1:10 p.m.-3 p.m.
• None None-None
• Instructor: Richard Robb
  Info
• Instructor: Elham Saeidinezhad
  CULPA: 5 Info
• 3 points

Emerging Capital Markets: Theory & Pract

This course examines the evolution of capital markets in emerging economies and the forces shaping their current and future trajectories. Through a combination of case studies, financial theory, and practitioner insights, students will explore sovereign defaults, financial crises, policy responses, and structural reforms across Latin America, Asia, and beyond. Key topics include the influence of global liquidity cycles, the rise of China, ESG investment trends, and the implications of new technologies such as generative AI.

• T 7:10 p.m.-9 p.m.
• Instructor: Alejo E Czerwonko Pupi
  Info
• 3 points

Infrastructure Investment and Developmen

Infrastructure Invest & D

This intensive short course explores the financing, development, and policy landscape of energy and infrastructure projects. Students will examine how partnerships are structured to allocate risk, how capital is raised and deployed across project stages, and how political and regulatory environments shape investment decisions. Through real-world case studies, from carbon pipelines and LNG terminals to rail and airport concessions—students will analyze evolving infrastructure models and evaluate the roles of private, public, and multilateral actors. The course emphasizes practical skills in investment strategy, policy analysis, and project structuring.

• M 3:10 p.m.-5 p.m.
• Instructor: Joel Moser
  Info
• 1.5 points

Navigating China's Economy

No business and no government can ignore China. The People's Republic of China is the world's second-largest economy and is on track to surpass the US economyin the future. China represents enormous 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 China's footsteps, the conceptual framework in the course should help one appreciate the risks and rewards in these economies better as well. In this course, we will discuss what motivates the Chinese as savers, consumers, workers, and entrepreneurs. We will examine both the people factor and the government factor that underpin China's 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 China's business environment and other related topics.

• R 2:20 p.m.-5:35 p.m.
• Instructor: Shang-Jin Wei
  Wikipedia h-index: 96 Info
• 3 points

International Trade

This course explores both the theory and policy of international trade. In the first half, students will learn why countries trade, what determines trade patterns, and how trade affects prices, welfare, and income distribution. Key models covered include the Ricardian, Specific Factors, and Heckscher-Ohlin models, along with extensions on migration and offshoring. In the second half, the course focuses on trade policy instruments such as tariffs, quotas, and subsidies, examining their effects under different market structures. Topics include the political economy of trade, strategic trade policy, climate and agricultural subsidies, and international trade agreements. Prior coursework in microeconomics is required. Students will develop both analytical and applied understanding of global trade issues.

• M 7:10 p.m.-9:10 p.m.
• T 5:10 p.m.-7 p.m.
• Instructor: Sebastian Heise
  Info
• 3 points

Theory of International Political Econom

Int'l Political Economy

This course introduces the major theoretical approaches and substantive issues in international political economy (IPE). Students will explore realist, liberal, and critical perspectives while engaging with topics such as trade, finance, monetary systems, sovereign debt, economic crises, and development. Through close examination of historical and contemporary case studies, the course considers the interplay of power, institutions, and markets in shaping global economic outcomes. Special attention is paid to the post-Bretton Woods monetary order, capital account liberalization, IMF policies, and the transition from globalization to geo-economic competition.

Enrollment in this course is restricted to students who have officially declared the IFEP concentration, as reflected in their Stellic profile. If space allows, enrollment may be extended to additional students at a later date.

• W 7:10 p.m.-9 p.m.
• Instructor: Markus H Jaeger
  Info
• 3 points

Corporate Finance

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.

• T 1:10 p.m.-3 p.m.
• F 10 a.m.-11:50 a.m.
• Instructor: Deborah McLean
  Info
• 3 points

Financial Risk Management and Public Pol

Financial Risk Mgmt & Pub

This course explores the intersection of financial risk management and public policy, focusing on the regulatory and institutional frameworks that have evolved since the global financial crisis. Students will learn to apply core risk management concepts—such as market, credit, counterparty, and liquidity risk—in assessing financial stability and regulatory policy. The course emphasizes intuition and applied techniques, using graphical and numerical methods rather than advanced math. Topics include Value-at-Risk, leverage, securitization, risk regulation, systemic crises, and macroprudential oversight. Students will engage with real-world cases and financial data, develop familiarity with regulatory reforms (e.g., Basel III), and understand the rationale behind central bank interventions and stress testing.

• W 3:10 p.m.-5 p.m.
• Instructor: Allan M Malz
  CULPA: 1 Info
• 3 points

The Global Payments Ecosystem

This course will outline the Global Payments System, both domestic and cross-border, emphasizing Large Value Transfers and the infrastructure of the global financial and monetary system. Payment system operators, by definition, pose systemic risks to the global financial system and the global economy, given their criticality and interconnections to businesses, financial institutions, and households worldwide. The course will also examine the digital transformation in payments, the implications of sanctions, and financial crimes such as fraud, Know Your Customer (KYC), Anti-Money Laundering (AML), and cybersecurity.Financial market Infrastructures (FMIs) and Payment Settlement Systems (RTGSs) like Fedwire, CHIPS, Target, DTCC, SWIFT, and CLS will be reviewed in the context of their economic functions, interconnectivity, governance, and regulation. There will be a particular focus on regulation, application of relevant law, and the risk environment for payment system operators and their customers. A review of relevant policy considerations will be undertaken. The impact of emerging technologies, including tokenization, Central Bank Digital Currencies (CBDC), and AI, will be explored in a rapidly changing environment. No discussion on the Global Payments System is complete without discussing the geopolitical environment. This course will explore how these forces have played out in the past and the near future, including a student mock debate about how they might evolve in an increasingly divided world.

• M 1:10 p.m.-3 p.m.
• Instructor: Yawar Shah
  Info
• 1.5 points

Sovereign Risk

This course explores sovereign risk through the lens of credit rating agency methodologies, historical debt crises, and contemporary developments in sovereign debt markets. Students will examine the interplay of fiscal, institutional, political, financial, and geopolitical dynamics that shape sovereign creditworthiness. Students will gain fluency in rating criteria, peer comparisons, and debt sustainability analyses, with a focus on Moody’s sovereign bond rating methodology. The course culminates in a mock credit rating committee exercise. Students will emerge with practical skills in sovereign risk assessment and a deeper understanding of global debt trends.

Enrollment in this course is restricted to students who have officially declared the IFEP concentration, as reflected in their Stellic profile. If space allows, enrollment may be extended to additional students at a later date.

• T 5:10 p.m.-7 p.m.
• Instructor: Thomas Byrne
  Wikipedia Info
• 3 points

Global Financial Services in the 21st Ce

This course offers students a strategic and applied framework for understanding the global financial services industry, spanning commercial and investment banking, asset and wealth management, central banking, and financial regulation. Students will examine the sector’s evolution, current challenges, and future direction. Topics include risk management, regulatory change, financial technology, global competitive positioning, and the strategic dilemmas faced by CEOs in a post-2008 financial landscape. The course emphasizes leadership and critical thinking over technical specialization, and culminates in a team-based final project presented to industry executives. The course is intended for students preparing for leadership roles in global finance and policy.

• W 1:10 p.m.-3 p.m.
• Instructor: Richard Goldberg
  Info
• 3 points

Portfolio Management and Public Policy

Portfolio Manage & Pub Po

This advanced course equips students with foundational knowledge in portfolio management, with a particular emphasis on the intersection of investment theory and public policy. Students will explore core concepts from Modern Portfolio Theory (MPT) and evaluate its practical limitations and real-world applications. Topics include asset allocation, portfolio construction, risk metrics, factor investing, ESG integration, and key performance indicators such as Sharpe and Sortino ratios. The course also critically examines the impact of public policies, such as monetary, tax, pension, trade, and climate policy, on institutional investment strategies. The course prepares students for professional roles in asset management, multilateral institutions, or regulatory bodies by combining theoretical frameworks with applied investment decision-making in a policy context.

• M 7:10 p.m.-9 p.m.
• Instructor: Robert Kiernan
  Info
• 1.5 points

International Finance & Monetary Theory

Intl Finance & Monetary T

This is a theory and applications course in international macroeconomics and finance. It provides students with the basic tools to analyze real-life macroeconomic, policy, and financial market situations. The class is suitable for those interested in working at domestic or international policy institutions, in diplomatic service, the financial sector, or the media. Lectures are fairly rigorous, though if the student has some first-year economics, knows basic algebra and graphs, they will handle the material fairly easily. While theory is central, policy and market relevance is emphasized through: i) discussions on topical issues; ii) study of key historical and current episodes to illustrate ideas; iii) relevant pieces of policy/media/finance sector analysis. In terms of topics, part one will develop analytic frameworks to understand exchange rates in terms of short- and long-term determinants. Part two explores the balance of payments and the interaction between the macroeconomic policy, the exchange rate, and macroeconomic outcomes. Then part three will cover various advanced topics such as the choice of exchange rate regime, the euro, currency crashes, and default.

• R 10 a.m.-11:50 a.m.
• R 1:10 p.m.-3 p.m.
• R 5:10 p.m.-7 p.m.
• R 7:10 p.m.-9 p.m.
• Instructor: Alan Taylor
  Wikipedia Info
• 3 points

Global Monetary Policy in the 21st Centu

This seminar examines the evolution of global monetary policy from 2000 to the present, focusing on the actions and strategies of the Federal Reserve, the European Central Bank, and the Bank of England. Students study the major economic disruptions of the era, including the Global Financial Crisis, the Eurozone sovereign debt crisis, the COVID-19 pandemic, and the recent surge and subsequent decline in global inflation. The course analyzes how central banks operated under constraints such as the effective lower bound and explores the adoption of unconventional monetary tools. Students will assess the effectiveness, repercussions, and future trajectory of monetary policy in advanced economies.

• R 3:10 p.m.-5 p.m.
• Instructor: Richard H Clarida
  CULPA: 2 Info
• 3 points

Global Financial Markets and Monetary Po

Global Fin Mkts & Mon Pol

This seminar will focus on key topics in international finance and monetary theory, with particular attention to the relationship between monetary policy and financial markets. Central banks play a significant role in shaping global financial markets, but financial markets can, in turn, influence central banks and monetary policy. Understanding the feedback effects between the two is essential for both market participants and policymakers. The course covers the relationship between financial conditions and monetary policy; yield curves, term premia, and the real equilibrium interest rate; exchange rates, inflation, and central bank credibility; energy prices and supply shocks; and the recent resilience of emerging markets to higher global policy rates.

Each weekly session will integrate theory, empirical research, and case studies. Sessions will begin with a brief overview by the instructor, followed by a class discussion based on the assigned readings. Students are expected to be well prepared and to participate actively. Some sessions will also include brief student presentations.

• M 7:10 p.m.-9 p.m.
• Instructor: Daniel J Waldman
  Info
• 1.5 points

Economic and Financial Statecraft

Economic &Financial State

A seminar on the contemporary history and practice of economic statecraft. The course focuses on how the United States and other countries weaponize economic, financial, and technological interdependence to advance strategic objectives. Topics include economic sanctions and restrictions on trade and investment. Case studies include efforts to use economic statecraft to curb Iran’s nuclear program, counter Russia’s aggression in Ukraine, and check China’s drive for technological supremacy. The course also explores how the rise of digital currencies, the rapid advance of artificial intelligence, and a fragmenting global economy are reshaping the landscape of geoeconomic competition.

Enrollment in this course is restricted to students who have officially declared the IFEP concentration, as reflected in their Stellic profile. If space allows, enrollment may be extended to additional students at a later date.

• M 3:10 p.m.-5 p.m.
• Instructor: Edward B Fishman
  Info
• 1.5 points

Time Series Analysis

This course will cover practical time series forecasting techniques and consists of two parts. The first part focuses on the Box-Jenkins approach (ARIMA), including identification (selection) of the appropriate model, estimation of its parameters, and diagnostic checking of model adequacy. The second part of the course is on nonlinear models for time series, with emphasis on conditional volatility and ARCH models. By the end of the course, you will be able to apply these techniques to actual data, primarily financial and economic time series. 

Enrollment in this course is restricted to students who have officially declared the IFEP concentration, as reflected in their Stellic profile. If space allows, enrollment may be extended to additional students at a later date.

• R 3:10 p.m.-5 p.m.
• F 10 a.m.-11:50 a.m.
• Instructor: Martsella Davitaia
  Info
• 3 points

National Security, Industrial Policy, &

Nat Sec, Indus Pol & Int

Industrial policy is returning, and this is not just a US phenomenon  China, the European Union (EU), Japan, and Korea have each increased subsidies in support of key industries, while a number of countries, such as Australia and the United Kingdom (UK) have been updating their national lists of sensitive sectors that are required to remain in the hands of domestic firms and individuals  New export control measures have been introduced by the United States and other nations, and a combination of legal and policy tools are being utilized to support priority sectors, limit, and direct foreign investment and collaboration, and alter trade and investment flows  Most of these measures have been introduced in the name of national security or some combination of national security, supply chain resilience, and climate change  The significant US measures have introduced tension between the US and some of its allies, and of course, geopolitical tensions with China are a significant feature of the background to the measures—even as the world community finds it hard to get together and address the global challenges that it is now facing (climate change etc.)  Against this background, this year’s international trade regulation seminar will examine the root causes of this phenomenon, the legal and policy instruments that are being utilized by the US and other jurisdictions, and more generally the consequences for the world trading system and multilateral cooperation  The seminar will be composed of a mixture of SIPA and CLS students.

• M 4:20 p.m.-6:10 p.m.
• Instructor: Merit E Janow
  Wikipedia Info
• 3 points