Curriculum & Faculty

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In the wake of the financial crisis of 2008, central banks and other agencies took on new responsibility for managing systemic risk. Since then, the Yale School of Management has developed important capabilities in macroprudential financial regulation and the measurement and management of systemic risk. The school’s finance faculty has deep expertise in capital markets and has produced influential academic work about the origins of the crisis. Its Program on Financial Stability has convened major gatherings of top staff from central banks and has developed a set of teaching materials around financial crises.

Program Structure

Over the course of one academic year, students complete a slate of required courses focused on the global financial system and delve into specialized electives.

Required Courses: 28 Credits total

Systemic-Risk Colloquium (4 credits, Year Long) (English and Metrick)
Colloquium is a year-long course with 2 credits each semester (4 credits in total). Students will produce a thesis at the end of the colloquium. It will meet on Friday, 2:30pm-4:00pm. Colloquium will consist of presentations by the students and outside speakers. On the weeks without any presentation, students will have individual meetings with his or her thesis advisor to discuss the thesis project. The colloquium is required for students in the MMS Systemic Risk program. It will be open to other Yale SOM students subject to permission from the instructor. 

Financial Stability Regulation (4 credits, Fall) (McNamara and Rhee) 
A comparative approach to Financial Stability regulation around the world. Covers international guidelines (Basel, Solvency), supra‐national arrangements in the EU, and national‐level laws in major economies.

Monetary Policy (4 credits, Fall) (English) 
An intermediate course in macroeconomics, focused on the tools used by monetary economists. Includes an introduction to macroeconomic forecasting as practiced by central banks.

The Global Financial Crisis (4 credits, Fall) (Metrick and Geithner)
Surveys the causes, events, policy responses, and aftermath of the recent global financial crisis. The main goal is to provide a comprehensive view of this major economic event within a framework that explains the dynamics of financial crises in a modern economy.

Capital Markets (4 credits, Spring) (Gorton)
Capital Markets is a course covering a range of topics, including the design, pricing, and trading of corporate bonds, structured notes, hybrid securities, credit derivatives, and structured products, such as asset‐backed securities and collateralized debt obligations.

Central Banking (4 credits, Spring) (English) 
An overview of central banking, with an emphasis on the interactions of monetary and macroprudential policies. Covers central‐bank decision making, open‐market operations, quantitative easing, management of multiple mandates, and coordination with other domestic and international agencies.

Macroprudential Policy (4 credits, Spring) (Benediktsdottir) 
A quantitative approach to stress testing, systemic risk measurement, designation and monitoring of systemically important institutions and markets, countercyclical capital buffers, and the international coordination of macroprudential policies.

Electives: 8 credits total (4 credits in Fall, 4 credits in Spring)

Must include at least 4 credits in statistics, and 4 (additional beyond required courses) credits in economics or finance.

Elective in Statistics
Students are strongly recommended to take Applied Quantitative Analysis taught at the Jackson Institute of Global Affairs by Justin Thomas. Other recommended courses are listed below, however, there may be restrictions due to overlapping time with the required courses in the MMS program. Also, the availability of these classes may vary by year. Students wishing to take classes beyond the recommended list must obtain prior approval that it satisfies the required elective credit in Statistics.

Term Offered

Course Code

Title

Instructor

Fall

GLBL 121

Applied Quantitative Analysis

Justin Thomas

Fall APHY 470 Statistical Methods wih Applications in Science and Finance Sohrab Ismail-Beigi

Fall

MGT 672

Big Data

Donald Lee

Fall

MGT 611

Policy Modeling

Edward Kaplan

Fall

ECON 131

Econometrics & Data Analysis I

TBD

Fall

ECON 132

Econometrics & Data Analysis II

TBD

Fall

ECON 550

Econometrics I*

TBD

Spring

GLBL 121

Applied Quantitative Analysis

Justin Thomas

Spring

MGT 829

Statistical Modeling

Jonathan Feinstein

Spring

MGT 877

Simulation Modeling

Anjani Jain

Spring

ECON 131

Econometrics & Data Analysis I

TBD

Spring

ECON 131

Econometrics & Data Analysis II

TBD

Spring

ECON 551

Econometrics II*

TBD

* These classes are for students who desire a more advanced level of econometrics class.

Elective in Economics and Finance
The recommended courses which satisfy the elective credit in Economics or Finance are listed below. There may be restrictions due to overlapping time with the required courses in the MMS program. Also, the availability of these classes may vary by year. Students wishing to take classes beyond the recommended list must obtain prior approval that it satisfies the required elective credit in Economics or Finance.    

Term Offered

Course Code

Title

Instructor

Fall

MGT 582

The Future of Global Finance

Jeffrey Garten

Fall

MGT 595

Applied Quantitative Finance

Tobias Moskowitz

Fall

MGT 649

Financial History

William Goetzmann

Fall

MGT 816

Distress: Restructuring Troubled Companies

Stanley Garstka

Fall

MGT 882

Advanced Negotiations

Barry Nalebuff

Spring

MGT 541

Corporate Finance

Kelly Shue

Spring

MGT 641

Behavioral Finance

Nicholas Barberis

Spring

MGT 810

Quantitative Investing and Program Trading

Frank Zhang

Spring

MGT 812

Financial Statement Analysis 

Frank Zhang

Spring

MGT 821

Public Sector Economics

Jason Abaluck

Spring

MGT 871

Financial Reporting

Alina Lerman

Spring

MGT 854

Behavioral Economics

Florian Ederer 

Shane Frederick

Spring

MGT 525

Competitive Strategy

Fiona Scott Morton

Kevin Williams

Spring

MGT 589

Competition Economics & Policy

Fiona Scott Morton

Spring

MGT 805

Fixed Income

Saman Majd

Spring

MGT 822

Game Theory

Jidong Zhou

Spring

MGT 848

Financial Fraud: A Historical Perspective

James Chanos

Spring

MGT 948

Security Analysis

Matthew Spiegel

Faculty

Sigridur Benediktsdottir

Senior Lecturer; Former Director of the Financial Stability Department at the Central Bank of Iceland; Member of the Systemic Risk Council in Denmark

William B. English

Senior Lecturer; Senior  Fellow, Yale Program on Financial Stability; Former Senior Special Advisor for Monetary Policy at the Board of Governors of the Federal Reserve System; Former Director of the Division of Monetary Affairs and Secretary to the Federal Open Market Committee

Timothy F. Geithner

Lecturer in the Practice of Finance; President of Warburg Pincus; Former U.S. Treasury Secretary; Former President and CEO of the Federal Reserve Bank of New York

Gary Gorton

The Frederick Frank Class of 1954 Professor of Finance

Christian McNamara

Lecturer; Director of the New Bagehot Project; Senior Editor, Yale Program on Financial Stability

Andrew Metrick

Michael H. Jordan Professor of Finance and Management and Director of the Yale Program on Financial Stability

June Rhee

Lecturer; Director of MMS in Systemic Risk; Senior Editor, Yale Program on Financial Stability