Program director

Francesc Obiols

Francesc Obiols-Homs

UAB and Barcelona GSE

Albert Marcet

ICREA-IAE and Barcelona GSE

Policy-makers are often forced to make decisions under conditions of uncertainty, but the results of these decisions may directly influence a country’s overall economic performance.

While a thorough understanding of aggregate economy dynamics is necessary for success, it is not entirely sufficient. Organizations must also be knowledgeable of the many sources of aggregate risk and uncertainty, and must rely on the analytical tools available to study the aggregate economy.

Students in the Barcelona GSE Macroeconomic Policy and Financial Markets Program will obtain relevant knowledge about the central issues in Macroeconomic and Financial Economics analysis, as well as the key tools, data, models, and techniques now being used by public and private institutions.

Financial and consulting firms increasingly utilize complex economic theories. Students will not only learn how to use these modeling and statistical techniques, but will conduct an independent master's project to learn how to apply these new skills to real empirical work. 

Our program also offers students guest seminars and lectures by international academics and practitioners.

A closing conference will be held as an interactive forum between the academic and professional worlds. The presentation and discussion of students' applied work will be combined with expert talks covering both institutional topics as well as the presentation of original academic research.

This program covers economic models such as the dynamic stochastic general equilibrium (DSGE), vector autoregression (VAR), and autoregressive conditional heteroskedasticity (ARCH). Our graduates are prepared with an expert grasp of aggregate economy and financial function fundamentals, able to build macroeconomic and market forecasts - skills that consulting firms, investment banks, and government agencies are all in need of.

What skills and knowledge will I acquire in this program?
  • Deep knowledge of the Economic theory behind macroeconomic models of financial markets
  • Comprehension of the dynamics affecting financial and policy-oriented decision-making
  • Numerical methods and simulation techniques applied to quantitative macroeconomics, policy design, and evaluation
  • Precise econometric techniques required for a state-of-the-art applied analysis
  • Ability to create and deliver technical and executive reports and publicly communicate and discuss research work
Who will benefit from this program?
  • Graduates in Economics, Business Administration, and Engineering
  • Junior analysts and other professionals at central banks and public institutions seeking to improve their profile
  • Prospective PhD students looking for a solid master's program in Economics
Who hires Macro graduates?
  • Research departments in financial institutions
  • International Organizations and Government Agencies
  • Public and Private Financial Institutions

Examples of recent professional placements:

  • Australian Productivity Commission
  • BAK Basel Economics
  • Bank for International Settlements (BIS)
  • Bank for Investment and Development of Vietnam
  • Central Bank of Hungary
  • Central Bank of Paraguay
  • Citigroup
  • Deutsche Bundesbank (Central Bank of Germany)
  • Economist Intelligence Unit (EIU)
  • European Central Bank (ECB)
  • Federal Reserve Bank of San Francisco
  • International Labor Organization Switzerland
  • Markets, Organizations and Votes in Economics (MOVE)
  • Ministry of Finance Netherlands
  • Organisation for Economic Co-operation and Development (OECD)
  • School of Oriental and African Studies (SOAS) - University of London
  • State Bank of Vietnam
  • UK Financial Services Authority 
  • World Bank

Examples of recent PhD program placements:

  • Central European University
  • Erasmus University Rotterdam
  • European University Institute (EUI)
  • IMT Lucca Institute for Advanced Studies
  • Institute for International Economic Studies (IIES)
  • New York University (NYU)
  • Queen Mary University of London
  • Roma Tre University
  • Stockholm School of Economics
  • Toulouse School of Economics
  • Universidad Carlos III de Madrid
  • Universitat Autònoma de Barcelona (UAB)
  • Universitat de Barcelona
  • Universitat Pompeu Fabra (UPF)
  • University of Essex
  • University of Groningen
  • University of Hamburg
  • University of Naples Federico II
  • University of Rochester
  • University of Warwick

Download results for Macro 2015



  • alumni

    Charles de Beauffort '14

    Macroeconomic Trainee
    One thing I enjoy as an economic trainee at the EIB is working on topics directly related to what I have learnt at the BGSE. Sharing outlooks with knowledgeable economists from all around Europe makes it a truly unique experience.
  • logo

    Manuel Muñoz '13

    Head of Service
    The master's has prepared me both directly and indirectly: directly, through courses such as Financial Economics, Empirical Finance, Banking and Financial Fragility, and Regulation in Financial Markets; and indirectly, by teaching me how to shape the right mindset in order to successfully approach economic and financial problems.
  • logo

    Ivanna Echegoyen '13

    I chose Barcelona GSE for being a highly recognized school offering rigorous programs that provide a strong combination of theoretical and practical knowledge. I was also motivated by first hand experiences from Barcelona GSE alumni who were fully satisfied with the quality of their courses and their usefulness for their professional careers.

Program schedule: 

Given the applied, quantitative nature of this program, students will need to furnish their own laptop computer.

All Macroeconomic Policy and Financial Markets Program students are required to take a mathematics, statistics, and computer tools brush-up course.

A limited number of places will be available to practitioners who would like to enroll in specific courses.

Fall Term (September - December)

  • Students will begin with the necessary general background in macroeconomics, microeconomics, and statistics.
  • These courses will review the fundamental macro models that are commonly used in policy evaluation and quantitative work, and will discuss important concepts and analysis tools in modern equilibrium theory.
Course Title Credits Professor(s)
Macroeconomics 6 Francesc Obiols
Foundations of Equilibrium Analysis 6 Esther Hauk
Joachim Jungherr
Quantitative and Statistical Methods I 6 Maite Cabeza
Michael Creel

Winter Term (January - March)

  • Course work will progressively focuses on tools that are relevant for the study of macro policy and financial markets.
  • Students will looking at models of financial economics, applied finance, applied macroeconomics, growth, computational methods, and time series analysis. This engages work on theoretical developments simultaneously with the necessary quantitative techniques to evaluate them.
Course Title Credits Professor(s)
Financial Economics 3 Jordi Caballé
Empirical Macroeconomics 3 Javier Fernàndez-Blanco
Quantitative and Statistical Methods II 6 Luca Gambetti
Computational Methods 3 Michael Reiter
Fiscal Policy 3 Albert Marcet
Regulation in Financial Markets 3 Eudald Canadell

Spring Term (April - June)

  • Students will concentrate on monetary and fiscal policy using specific models, and will continue acquiring expertise in quantitative methods. Students will also submit a final paper on financial regulation.
  • A master project, which will be supervised in regular meetings with an advisor, will allow each student to put their knowledge into practice and improve their writing and exposition skills.
Course Title Credits Professor(s)
Advanced Time Series and Panel Data 6 Joan Llull
Marek Jarocinski
Gabriel Pérez-Quirós
Policy Lessons 3 Juan Pablo Nicolini
Todd Keister
Monetary Policy 3 Jordi Galí
Empirical Finance 3 Abhay Abhyankar
Master Project 6 Francesc Obiols
Albert Marcet
Luca Gambetti

Master degree awarded

Upon successful completion of the program, students will receive a Master Degree in Specialized Economic Analysis awarded jointly with Universitat Autònoma de Barcelona (UAB) and Universitat Pompeu Fabra (UPF).

All Barcelona GSE master degrees have been recognized by the Catalan and Spanish Education authorities within the framework of the Bologna Process (in Spanish, “Master Universitario o Master Oficial”). Indicadors de qualitat