International Capital Markets

Lecture

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.
• Instructor: Benedict O Okoh
  CULPA: 1 Info
• 3 points

International Capital Markets

Recitation

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

• 0 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

Green Transition in Emerging Markets

Greening Emerging Markets

The transition to a net-zero economy is of particular relevance to Emerging and Developing economies, which are both the most vulnerable to climate change and also the largest emitters of greenhouse gases.

The transition is creating considerable challenges but also opening up significant opportunities: over $200 trillion of investments will be needed in order to ensure that global temperatures stay well below 2°C above pre-industrial levels, with most to be invested in the infrastructure sector of emerging and developing economies.

The class will explore the challenges of the transition to a low-carbon economy. It will also examine the new mechanisms that are being put in place to channel finance toward the greening of emerging and developing countries.

• R 10 a.m.-11:50 a.m.
• Instructor: Christian Deseglise
  Wikipedia Info
• 1.5 points

Emerging Financial Systems: Brazil, Indi

Fin.Systems:BR,IN,ID,MX

This course examines the workings of a select group of emerging economies’ financial systems, providing students with the tools to assess the efficacy of the financial system as a key pillar for a country’s sustained economic development and growth. Characteristics to be analyzed and compared include the roles of domestic private, public sector, and foreign banks; impact of fintech developments on competition between incumbents and challengers; business strategy and market valuation; systemic resilience and regulation; breadth and depth of domestic capital markets; access to foreign capital; climate change and sustainable finance; and potential for advancement by current leading emerging economies’ banks.

• M 3:10 p.m.-5 p.m.
• Instructor: Fernando Sotelino
  Info
• 3 points

International Trade

Lecture

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.

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

International Trade

Recitation

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.

• 0 points

International Trade and Financial Market

Intl Trade & Financial Ma

This half-course examines the intersection of international trade and financial markets, exploring how global commerce both shapes and is shaped by macroeconomic policy, financial conditions, and firm-level strategic behavior. The course aims to bridge two traditionally distinct analytical lenses — international macroeconomics and micro-level trade and corporate dynamics — to provide students with an integrated understanding of how trade policies, capital flows, and multinational production networks interact in a financially interconnected world.

The first half of the course (Macro) focuses on the policy dimensions of international trade. It investigates how trade policies influence growth, inflation, and monetary policy in advanced economies, and how these same dynamics play out in emerging markets with more volatile macro-financial linkages. Students will analyze theoretical frameworks for tariffs and trade balances alongside empirical evidence from historical and contemporary policy shifts. Case studies will explore the commodity–currency nexus, crisis transmission through trade channels, and how financial markets price trade risk.

The second half (Micro) transitions to the firm and industry level, examining global supply chains and multinational corporations. The discussions will explore how geopolitical tensions, industrial policies, and technological change are reshaping global production networks. Students will assess the evolving role of multinational enterprises as both transmitters and mitigators of global shocks. Case studies will focus on critical materials and the technology sector, highlighting the strategic and policy implications of concentrated global value chains.

• Instructor: Benjamin R Mandel
  Info
• 1.5 points

Seminar in International Political Econo

Sem. Int'l Political Econ

This graduate seminar explores the politics of international economic relations, with a focus on contemporary issues in trade, finance, monetary policy, foreign investment, climate change, and globalization. Rather than surveying the entire field of international political economy (IPE), the course investigates selected topics in depth, emphasizing how interests, institutions, and interactions shape economic policy across borders.

• T 10 a.m.-11:50 a.m.
• Instructor: Jeffry A Frieden
  Info
• 3 points

Corporate Finance

Lecture

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

Corporate Finance

Recitation

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.

• F 8 a.m.-9:50 a.m.
• F 10 a.m.-11:50 a.m.
• 0 points

Topics in Corporate Finance

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.

• T 3:10 p.m.-5 p.m.
• Instructor: Michael N Eastwood
  Info
• 3 points

Foreign Exchange Markets Theory and Prac

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.

• R 7:10 p.m.-9 p.m.
• 1.5 points

Sovereign Debt and Power Dynamics

Sovereign Debt & Power

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.

• M 3:10 p.m.-5 p.m.
• Instructor: Martin Guzman
  Wikipedia Info
• 3 points

Theory and Practice of Financial Regulat

Financial Regulation Theo

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.

• M 10 a.m.-11:50 a.m.
• Instructor: Christine Cumming
  Info
• 3 points

Leadership and Policy Development: Domes

Leadership & Policy Devel

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.

• T 1:10 p.m.-3 p.m.
• Instructor: Jacob J Lew
  Info
• 3 points

International Finance & Monetary Theory

Lecture

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.

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

International Finance & Monetary Theory

Recitation

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.

• 0 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 8 a.m.-9:50 a.m.
• Instructor: Richard H Clarida
  CULPA: 2 Info
• 3 points

International Finance, Liability Flows a

Intl Finance & Stability

This course explores the benefits and risks of international financial flows, with a focus on the economic stability of emerging markets and non-major developed economies. Students will examine the drivers and implications of cross-border liability flows, consider the perspectives of local and global policymakers, and analyze how capital movements shape national debt dynamics and financial resilience. Drawing on theory, current research, and real-world cases, the course covers topics such as exchange rate regimes, uncovered interest parity, financial crises, capital flow management, and the effects of monetary tightening in major economies. Readings include academic work and institutional analyses from the IMF, BIS, and World Bank.

• T 3:10 p.m.-5 p.m.
• Instructor: Sigridur Benediktsdottir
  Info
• 3 points

Macroeconomic Policy and Global Financia

Macroecon & Global Fin Ma

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.

• W 1:10 p.m.-3 p.m.
• 1.5 points

Global Financial Crises: Lessons on Cris

Global Financial Crisis D

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.

• 1.5 points

Advanced Analytics for Financial Stabili

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.

• 1.5 points

Central Bank Crisis Management

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.

• M 1:10 p.m.-3 p.m.
• Instructor: Patricia C Mosser
  Info
• 3 points

Applied Geopolitics: Risk Analysis

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.

• M 3:10 p.m.-5 p.m.
• 1.5 points

State-Owned Investors: A Public Policy a

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.

• 1.5 points

Geoeconomic Fragmentation

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.

• Instructor: Edward B Fishman
  Info
• 1.5 points

Economic Measurement of Discrimination

Econ Measures-Discriminat

Discrimination is the differential treatment of people based on identity or perceived identity (race, gender, ethnicity, LGBTQ+ status, age, religion, disability, immigration status, etc.). Such behavior violates some legal, social, and moral norms and has a negative impact on those discriminated against.

For these and other reasons, it is important to be able to formally identify discrimination from data. But how do we know that A’s treatment of B is because of B’s identity as opposed to some other characteristic of B or A that we may not even have a variable for?

In this class, we will explore economists’ methodologies for answering this question. We will survey the economic literature on discrimination against a variety of types of people in a variety of markets and across countries. Students are encouraged to explore discrimination in contexts not covered in the reading in their final projects.

• W 10 a.m.-11:50 a.m.
• Instructor: Ebonya L Washington
  Info
• 3 points