Beginning in fall 2008, the Barcelona GSE will offer a new Msc in Macroeconomic Policy and Financial Markets, a breakthrough program designed to transform career-driven, intellectually curious students into expert users of cutting-edge tools in macro and financial economics analyses equipped with a deep understanding of the dynamic factors affecting aggregate economy.
The master program was founded by Albert Marcet, Research Professor at the Institut d'Anàlisi Econòmica, who began the program in response to the increasing demand for graduates who are competent users of the latest tools in macroeconomic and finance quantitative research. “I am constantly being asked by contacts in government agencies and private financial firms if I know any good candidates for positions there” says Marcet. “I finally thought, why not create a program that will equip bright and hard-working students with the valuable skills that are so in demand at these firms”?
The Msc in Macroeconomic Policy and Financial Markets is designed for students with a strong intellectual drive and keen work ethic who seek an in-depth understanding of business cycles, fiscal policies, and other broad-based macroeconomic concepts, and their effects on the aggregate behavior of the economy. The master program will provide students with a comprehensive yet clear introduction to important macroeconomic principles and relevant policies. Students will also learn to use the cutting edge research tools that are rapidly becoming absolutely imperative for a successful career in government agencies or financial firms.
University of Minnesota Professor and Federal Reserve Bank of Minneapolis Adviser Timothy Kehoe, who is part of the program faculty and member of the School’s Scientific Council, says “Barcelona has become one of the best — and possibly the best — place in Europe to study modern macroeconomics. The new MSc Program in Macroeconomic Policy and Financial Markets offers students a unique opportunity to learn the tools of modern macro from experts in the field in an exciting and stimulating environment. Any potential student interested in a career doing serious policy analysis will find focus on tools in this program invaluable.”
Program Director Albert Marcet with Deputy Director Juan Carlos Conesa at the UAB
This unique, hands-on master will be taught over the course of 1 year with an emphasis on clear instruction, succinct explanations, and practical examples. The well-regarded faculty, known for their research as well as their prestigious affiliations, includes Professors Jordi Caballé (PhD, University of Pennsylvania), Juan Carlos Conesa (PhD, University of Minnesota), Timothy Kehoe (PhD, Yale University), Albert Marcet (PhD, University of Minnesota), Laura Mayoral (PhD, Universidad Carlos III de Madrid), Michael Reiter (PhD, University of Munich), and Juan Francisco Rubio (PhD, University of Minnesota).
The Master will cover fundamental concepts ranging from government fiscal policy and supply and demand to complex DSGE models and VAR’s, always focusing on clear and direct explanations of concepts and principles as well as the tools needed to conduct analyses. Professor Marcet describes the program as “straightforward enough that students do not necessarily need an extensive economics background to succeed in the courses, yet comprehensive enough to thoroughly prepare graduates for immediate employment in competitive positions in private financial institutions and government agencies”.
According to program Deputy Director Juan Carlos Conesa, the master program is ideal for “students exploring the dynamic frontier of computation and economics. This includes students with backgrounds in economics who want to delve into analytical aspects, as well as students with math, engineering, or scientific backgrounds who seek to better understand the models, theories, and policies of macroeconomics and finance”. The program also targets professionals working in related areas who seek to upgrade their toolkit and reinforce empirical knowledge.
In addition to being accessible to a wide variety of students, the Msc in Macroeconomics Policy and Financial Markets is an attractive degree to “central banks, private investment banks and consulting firms, as well as international finance and development agencies such as the International Monetary Fund, the World Bank or the OECD”, says Professor Marcet. “These types of firms are actively seeking graduates who have a comprehensive understanding of aggregate economy and financial markets and who are capable of using cutting-edge tools to conduct empirical work of the highest caliber. I fully expect that graduates of the program will possess all of these attributes”.