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

Thesis Colloquium (4 credits, Year Long) (Metrick)
Research and policy presentations by students and outside speakers. Each week includes either a presentation or individual meetings with faculty to discuss the thesis project.

Financial Stability Regulation (4 credits, Fall) (Faculty TBA) 
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 Economics (4 credits, Fall) (Faculty TBA) 
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) (Faculty TBA) 
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) (Faculty TBA) 
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.

*For those courses marked as “Faculty TBA”, faculties teaching the course have not yet been finalized and will be updated. For further information on the list of faculties, please contact us at somsysrisk@yale.edu.

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.

Faculty
 

Andrew Metrick

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

Gary Gorton

Frederick Frank Class of 1954 Professor of Management & Professor of Finance