Financial Economics

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.

• W 8 a.m.-9:50 a.m.
• F 3:10 p.m.-5 p.m.
• Instructor: Drausio Giacomelli
  Info
• 3 points

International Capital Markets

• T 1:10 p.m.-3 p.m.
• T 5:10 p.m.-7 p.m.
• R 5:10 p.m.-7 p.m.
• R 7:10 p.m.-9 p.m.
• Instructor: Richard Robb
  Info
• 3 points

Emerging Capital Markets: Theory & Pract

• T 7:10 p.m.-9 p.m.
• 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

India: A Study of an Emerging Market Eco

India-Emerging Market Eco

This course is devoted to an in-depth study of India’s economy. Topics include growth, poverty, inequality, the fiscal deficit, public debt, the current account deficit, exchange-rate management, the financial sector, taxation, trade policy, foreign direct investment, capital account convertibility, urban land markets, and labor-market policies. Post-independence economic history and political economy would be integral to the study of these topics.  The course assumes knowledge of introductory micro- and macroeconomics.

• R 3:10 p.m.-5 p.m.
• Instructor: Arvind Panagariya
  Wikipedia Info
• 3 points

The Israeli Economy

This course examines the evolution of the Israeli economy from its founding to the present, with particular attention to contemporary economic conditions, policy challenges, and growth strategies. Drawing on economic theory and comparative perspectives, students analyze major structural transformations in the Israeli economy, including its emergence as a global center for innovation and technology. The course explores key issues such as economic growth, productivity, labor markets, inequality, fiscal and monetary policy, and international integration, while also assessing the effects of recent domestic and global economic shocks and the policy responses they have generated. Through the study of Israel as a young, small, open economy, students develop a deeper understanding of the opportunities and constraints facing policymakers in an increasingly interconnected global economy.

• W 3:10 p.m.-5 p.m.
• Instructor: Karnit Flug
  Info
• 1.5 points

Navigating China

IFEP Concentration Registration Priority.
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.

• W 9 a.m.-12:15 p.m.
• Instructor: Shang-Jin Wei
  Wikipedia h-index: 96 Info
• 3 points

International Trade

IFEP Concentration Registration Priority.
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.

• W 3:10 p.m.-5 p.m.
• T 7:10 p.m.-9 p.m.
• Instructor: Arvind Panagariya
  Wikipedia Info
• 3 points

International Political Economy

Int'l Political Economy

IFEP Concentration Registration Priority.
This course examines the intersection of international politics and international economics. It covers an analysis of the historical background to and contemporary reality of the political economy of international trade, finance, monetary relations, foreign investment, and climate policy; problems of economic development; and globalization.

• TR 10 a.m.-11:50 a.m.
• F 3:10 p.m.-5 p.m.
• Instructor: Jeffry A Frieden
  Info
• 3 points

Corporate Finance

IFEP Concentration Registration Priority. Prerequisite: SIPA IA6200 Accounting.
(Note: Based on their performance in SIPA IA6260 Accounting Fundamentals, IA6260 students may be allowed to register if space remains.) 

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

IFEP Concentration Registration Priority.
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

IFEP Concentration Registration Priority.
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), Stablecoins, 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

IFEP Concentration Registration Priority.
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.

• 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

IFEP Concentration Registration Priority.
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

• 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 Financial Crises: Lessons on Cris

Global Financial Crisis D

IFEP Concentration Registration Priority.
The course examines the dynamics at play during financial crises, integrating theoretical underpinnings of financial stability with a review of key historical financial crises and. Drawing from historical financial crisis episodes - including the Great Financial Crisis, Asian Financial Crisis and the European Sovereign Debt Crisis - students will learn about how financial shocks transmit via different markets, institutions and global channels and will analyze the role of systemic vulnerabilities.

• M 1:10 p.m.-3 p.m.
• Instructor: Silvia Pezzini
  Info
• 1.5 points

Advanced Analytics for Financial Stabili

IFEP Concentration Registration Priority.
The course explores how advanced analytical tools are applied in financial stability analysis, with a focus on the frameworks used by central banks and regulatory authorities. Students will engage in both conceptual and practical exercises to design monitoring systems, analyze vulnerabilities, and apply data-driven methods to the OTC derivatives and hedge fund sectors.

• T 1:10 p.m.-3 p.m.
• Instructor: Silvia Pezzini
  Info
• 1.5 points

Global Financial Markets and Monetary Po

Global Fin Mkts & Mon Pol

• M 5:10 p.m.-7 p.m.
• Instructor: Daniel J Waldman
  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.
• R 5:10 p.m.-7 p.m.
• F 10 a.m.-11:50 a.m.
• F 1:10 p.m.-3 p.m.
• Instructor: Martsella Davitaia
  Info
• 3 points

Economic Inequality and Its Policy Impli

Economic Inequality & Pol

This course examines the rise of economic inequality through the lens of empirical research and policy analysis. Emphasizing the upper end of the income and wealth distribution, the course explores key drivers of inequality, including firm dynamics, tax evasion, intergenerational mobility, technological change, and globalization. Students will engage with cutting-edge research, international comparisons, and the policy tools used to address inequality, including taxation, welfare programs, and state capacity. Weekly sessions combine instructor-led discussion and student response papers based on selected academic readings. The course assumes prior coursework in microeconomics and econometrics.

• M 10 a.m.-11:50 a.m.
• Instructor: Wojciech Kopczuk
  CULPA: 5 Wikipedia h-index: 34 Info
• 3 points

Digital Trade and the World Trading Syst

Digital Trade & World Tra

IFEP Concentration Registration Priority.
This seminar focuses on a specific trade issue, and has a different substantive content each year. The purpose of the seminar is to provide a comprehensive discussion of a particular topic that comes under the aegis of the WTO (World Trade Organization) mandate. Following an introduction by Profs. Janow and Mavroidis, well-known experts in the field of international trade (economists, lawyers and political scientists from both academia and international organizations) will present papers that will be discussed in class. In past editions, we have dealt with preferential agreements and the problems they raise for WTO, concerns of developing countries, the challenges posed by Chinese state owned enterprises etc. The seminar is open to students of both CLS, and SIPA. Students are required to write a comprehensive paper by the end of the semester on a topic that has been discussed during the semester, and has been agreed with the two professors.

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