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.
Fall (18 credits)
- Central Banking (4 credits)
- The Global Financial Crisis (4 credits)
- Macroprudential Policy I (4 credits)
- Systemic-Risk Colloquium (2 credits)
- Elective(s)* (4 credits)
Spring (18 credits)
- Monetary Policy (4 credits)
- Financial Stability Regulation (4 credits)
- Macroprudential Policy II (4 credits)
- Financial Crises: Policy Response (2 credits, Spring 1)
- Introduction to Financial Crisis Communication (2 credits, Spring 2)
*The electives must consist of a statistics, finance or economics class.
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: 32 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). Colloquium will consist of presentations by the students and outside speakers. 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.
Macroprudential Policy (4 credits, Fall & 4 credits, Spring) (Benediktsdottir)
Macroprudential Policy is a year-long course with 4 credits each semester (8 credits total). 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.
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.
Central Banking (4 credits, Fall) (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.
Financial Stability Regulation (4 credits, Spring) (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, Spring) (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.
Financial Crises: Policy Response (2 credits, Spring) (Metrick)
Introduction to Financial Crisis Communication (2 credits, Spring) (Wiggins)
Electives: 4 credits total
4 credits must entirely consist of a statistics, finance or economics class (additional beyond required courses). Among the three, we strongly recommend statistics courses. Students are strongly recommended to take Applied Quantitative Analysis taught at the Jackson School of Global Affairs by Justin Thomas.
As a STEM designated degree program, the Master’s in Asset Management program qualifies for the 24-month STEM Optional Practical Training (OPT) extension.
Enrollment in a STEM field is the first qualification in a series of eligibility criteria for STEM OPT extension. Further information about eligibility and requirements for the STEM OPT extension is available on the Department of Homeland Security website and through Yale’s Office of International Students and Scholars.
Faculty
Sigridur Benediktsdottir
Senior Lecturer; Former Director of the Financial Stability Department at the Central Bank of Iceland; Former Member of the Systemic Risk Council in Denmark
William B. English
Professor in the Practice of Finance; 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
Greg Feldberg
Lecturer; Research Scholar and Director of Research, Yale Program on Financial Stability
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
Janet L. Yellen 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