Master's Degree in Specialized Economic Analysis: Macroeconomic Policy and Financial Markets Program

Program Director

faculty

Hugo Rodríguez Mendizábal

PhD, University of Chicago

IAE-CSIC and Barcelona GSE

Scientific Director

faculty

Albert Marcet

PhD, University of Minnesota

ICREA-CREI, UPF 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.

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

Program schedule: 

By the end of the program, students must complete 60 ECTS (a total of 6 mandatory courses and 9 elective courses)

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.

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

The course offer displayed is for next year's edition (2021-22). Course offer is subject to change.

Course list for current students (2020-21)

 

Master project

The master project is a required component of all Barcelona GSE Master's programs. Working individually or in groups, students use the tools and knowledge they've acquired during the entire year to explore a topic of their choice. A professor supervises throughout the project.

Examples of master projects from recent Macroeconomic Policy and Financial Markets cohorts

Select a project to view a summary on the Barcelona GSE Voice, our student and alumni blog:


Presentations by professionals

The Macro Program brings leading practitioners to campus to speak exclusively to Barcelona GSE students. Speakers include:

speakerRafael Domènech
Head of Macroeconomic Analysis, BBVA Research
Rafael Doménech is Head of Macroeconomic Analysis of BBVA Research and Professor of Economics at the University of Valencia. He holds an MSc in Economics from the London School of Economics. He was Director General at the Economic Bureau of the Spanish Prime Minister (2007-8). He was also appointed by the Spanish Government as a member of the Expert Committee on the Sustainability Factor of the Public Pension System. He has published numerous articles in well-known international scientific journals on economic growth, human capital, business cycles, and fiscal and monetary policies. His most recent book on the Spanish economy, titled En Busca de la Prosperidad, was jointly written with Javier Andrés.


speakerAtanas Kolev
Senior Economist, European Investment Bank
Atanas Kolev is a Senior Economist at the Economics Department of the EIB. He joined the EIB in 2005 and over the years has worked on a wide range of topics related to investment and investment financing at the firm-, sector- and economy-wide level. He has been an organizer and contributor to the annual economics conference of the EIB on topics such as investment in the energy sector, in adaptation to climate change, public investment and infrastructure investment. Over the past two years, he has been economic editor of the EIB’s Economics department flagship publication on investment and investment finance. He holds a PhD in Economics from Universitat Autònoma de Barcelona.


speakerApurva Sanghi
Lead Economist for the Russian Federation, The World Bank
Apurva Sanghi is Acting Country Director for the Russian Federation (since August 2019), and Lead Economist for the Russian Federation, based in Moscow. Prior to that, he was based in Nairobi, Kenya as the Lead Economist for Kenya, Rwanda, Uganda and Eritrea. Before Kenya, Apurva was based in Washington DC where he led the Economic Growth Cluster of the World Bank’s Poverty Reduction and Economic Management Department. He is a selective commentator on economic issues with views expressed in the pages of major international media outlets such as the Financial Times; the Economist; Project Syndicate, and popular blog sites such as the World Bank’s and Brookings. Apurva holds college degrees in physics and economics from the University of California, Los Angeles (UCLA) and a PhD from the University of Chicago, where his core training was in growth and macroeconomics.


Master's degree awarded

Upon successful completion of the Barcelona GSE Macroeconomic Policy and Financial Markets Program, students will receive a Master's Degree in Specialized Economics Analysis awarded jointly with Universitat Autònoma de Barcelona (UAB) and Universitat Pompeu Fabra (UPF).

All Barcelona GSE Master's 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”).


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

Student profile in more detail

Who hires Macro graduates?
  • Consulting Firms
  • Financial Services
  • Government & Authorities
  • International Organizations / Non-profits
  • Research & Academic Institutions
  • Other Industries

Examples of recent placements:

  • Accenture AG − Consultant − Zurich, Switzerland
  • AIREF − Research Assistant − Madrid, Spain
  • Australian Federal Treasury − Analyst − Canberra, Australia
  • Bank of England − Economist − London, United Kingdom
  • Center for Monetary and Financial Studies (CEMFI) − PhD Student − Madrid, Spain
  • CPB Netherlands Bureau for Economic Policy Analysis − Macroeconomist − Amsterdam, Netherlands
  • European Central Bank − Trainee in the DG Monetary Policy − Frankfurt, Germany
  • European Investment Bank (EIB) − Intern in the Economic Department − Luxembourg, Luxembourg
  • OECD − Traineeship − Paris, France
  • Roland Berger − Research Specialist − Kiev, Ukraine
  • Universitat Autònoma de Barcelona (UAB) − PhD Student − Barcelona, Spain
  • Universitat Pompeu Fabra (UPF) − PhD Student − Barcelona, Spain
  • World Bank − Consultant − Washington, USA
  • World Trade Organisation (WTO) − Intern − Geneva, Switzerland

Alumni career paths in more detail

Faculty

Students

Macro Student Profile 2020-21

19 students from 12 countries (68% international)

Most represented countries in this year's Macro cohort:

  • Spain (6)
  • Germany (3)

One student each from China, Colombia, France, Iceland, Italy, Malaysia, Mexico, Peru, Poland, Romania

Most common academic backgrounds:

  • Economics and Finance
work_experience_class2021_macro_barcelonagse

Alumni

Macro alumni career paths

An overview of Macro career paths for recent cohorts

  • Many Macro alumni (85%) enter or return to the professional work force
    15% continue their education in a PhD or other post-graduate program
  • Most common industries:
    Financial Services, Consulting, International Organizations
  • Cities with most Macro alumni:
    Frankfurt, Barcelona, London, Paris, Santo Domingo
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  • bank-italy-logo
    LucaTomassetti_barcelonagse_alumni

    Luca Tomassetti '18

    Junior Economist
    Originally fromItaly
    Currently living inItaly
    The Master's Program was an extremely challenging and demanding experience in terms of studying and workload. It definitely enriched me and I would recommend it to other prospective students because it teaches the necessary tools to work in a macroeconomic field, which I have still been using on a daily basis.
  • alumni

    Carola Ebert '16

    Manager
    Originally from
    Waldbrunn
    Germany
    Currently living in
    Frankfurt
    Germany
    In my opinion, the most important message you send when successfully completing this degree is that you are able to basically take up any challenge coming your way. It does sound kind of cheesy, but it is really the way you feel after graduation. This degree certifies your ability to work under pressure, to get familiar with very different and challenging topics in a short amount of time, to work in and adapt yourself to different groups and on top of all that you have a general technical aptitude. All these skills are important selling points when it comes to applying to any potential employers.
  • alumni

    Charles de Beauffort '14

    Macroeconomic Trainee
    Originally fromBelgium
    Currently living inLuxembourg
    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.
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    alumni

    Manuel Muñoz '13

    Senior Lead Expert
    Originally from
    Madrid
    Spain
    Currently living in
    Frankfurt
    Germany
    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.
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    Ivanna Echegoyen '13

    Consultant
    Originally from
    Montevideo
    Uruguay
    Currently living inUruguay
    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.