*The electives must consist of a quantitative class and a 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: 30 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.

Crisis Communication (2 credits, Spring) (Wiggins) 

Electives: 6 credits total (4 credits in Fall, 2 credits in Spring)

6 credits must entirely consist of a quantitative class and a finance or economics class (additional beyond required courses). For the quantitative class requirement, we strongly recommend statistics courses. For example a student may choose to take 4 credits of Statistics and 2 credits of Finance or Economics or 2 credits of Statistics and 4 credits of Finance or Economics. 

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 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.