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Macroeconomic Policy and Financial Markets

Course Description

Program description

Policymakers are often forced to make decisions under conditions of uncertainty that have a direct impact on a country’s overall performance. A thorough understanding of the dynamics of the aggregate economy is necessary, but not entirely sufficient, for success. Private firms must also be knowledgeable of the many sources of aggregate risk and uncertainty, and the analytical tools available to study the aggregate economy can be of much help.

Students in the 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 and models.

Many government institutions now use models and techniques developed recently and not yet taught in most undergraduate courses. Its use has also spread to the private sector, where investment banks and consulting firms increasingly utilize them. Some examples are DSGE models, VAR’s, and ARCH. Students will learn not only how to use these modeling and statistical techniques but also how they are actually applied by government agencies and private financial firms.

Most central banks and many other government agencies throughout the world are establishing groups that build their forecasts by means of these techniques. More generally, investment banks and consulting firms are interested in professionals who have gained a good understanding of the functioning of the aggregate economy and of financial markets, who have been well trained and who can competently conduct empirical work. International finance and development agencies such as the IMF, WB, BERD, BIS, etc. often look for profiles of this type.

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


Upon successful completion of the program, students will receive a Master Degree in Specialized Economic Analysis awarded jointly with the Universitat Autònoma de Barcelona and the Universitat Pompeu Fabra.


The master program is a full-time nine-month program structured in three terms: Fall term (from September to December), Winter term (from January to March) and Spring term (from April to June). For more information, please download the academic calendar.

Students will be required to do an applied project during the second and third terms.

Students in this master are required to take the Math and Statistics Review course and the Computer Tools course offered in September. All students are required to pass the exams for these two courses. More information is available on the MPFM courses page.


The degree requires the successful completion of 60 ECTS (European Credit Transfer System) credits of graduate courses (6 credits are equivalent to a 40 hour course), some compulsory and some elective. The students' final program must be discussed with and approved by their Master Director.


The academic performance of each student is reviewed regularly. Attention is given to the maintenance of normal academic progress, through a combination of formal written examinations and coursework. Core courses will award grades. Some optional courses may be evaluated on a pass/fail or pass with honors/pass/fail basis.

Visit the Macroeconomic Policy and Financial Markets page on the Barcelona Graduate School of Economics website for more details!

Student Profiles

Barcelona GSE Scholarships - 20+ Awards

Financial aid at the Barcelona GSE can consist of:- Full or partial tuition waivers
- Scholarships
- Teaching Assistantships (TA)A small number of teaching assistantships are available only to students in the Economics and Finance programs. These positions are competitive and available to a limited number of top students. TA's are responsible for 30 or 60 contact hours of teaching (to be distributed any way throughout the year) plus other duties.

Value of Scholarship(s)



In an effort to attract outstanding students, the Barcelona GSE offers several types of financial aid. Financial aid is awarded based solely on academic merit. Applicants who wish to be considered for financial aid are advised to apply as early as possible.

Application Procedure

There is no separate application process for scholarships. When you submit a complete master program application, you will be automatically considered for all available financial awards.Further information: Please contact the Barcelona GSE Admissions Office at [email protected]

Further Information


Entry Requirements

Academic preparation, English language requirement, quantitative skills (GRE/GMAT) and reference letters. View Website

Email Enquiry

Recipient: Barcelona Graduate School of Economics
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