MPA in Economic Policy Management (PEPM)

MPA in Economic Policy Management Curriculum

The MPA in Economic Policy Management (PEPM) curriculum aims to build students' technical competence in the tools of economic management and policymaking, train students in the application of these skills, and educate students about current thinking on the world economic environment, as well as its history and institutions. 

The Master of Public Administration degree within PEPM is conferred upon completion of a minimum of 54 credits of graduate level coursework with a GPA of 3.0 or higher.  PEPM students choose one of three focus areas: Economic Policy Management (EPM), Global Energy Policy Management (GEMP) or Central Banking and Financial Markets (CBFM).

PEPM students who have previously completed a graduate degree in economics or a related discipline may apply to transfer up to twelve credits from their previous graduate degree toward the MPA in Economic Policy Management degree. Students who wish to apply for such transfer should contact the PEPM Office prior to April 1st. Criteria for determining whether credits may be transferred will include: whether the course(s) in question was part of a completed graduate degree, the degree to which the course(s) in question relates to the PEPM course(s) for which a transfer is requested, and the student's performance in the course(s) elected to be transferred.

For additional information on the MPA in Economic Policy Management, including information for prospective students and admissions, please refer back to the main site or email pepm@sipa.columbia.edu.

Learn more about the PEPM Core and Focus Areas

The core of the PEPM program consists of two three-semester course sequences in Macroeconomic Policy Management and Econometrics. This core is supplemented by courses in management skills and political economy. Students may choose additional elective courses offered at SIPA and other graduate schools at Columbia. Each course is built around real-world examples and case studies.

Economic Policy Management Focus Area (EPM):

Builds students’ technical competence with the tools of economic management and policymaking and their application; and also educates students about current thinking on the global economic environment, as well as its history and institutions.

Student background: Students who select this focus area come from national and international development agencies and international financial institutions and banks. The focus area is also popular among professionals with consulting and legal backgrounds.

Global Energy Management and Policy Focus Area (GEMP):

Teaches the fundamentals of the energy industry, including international energy systems and business organizations involved in the production, transportation, and marketing of energy products.

Student background: This focus area was designed for individuals from energy ministries, national oil companies, and energy-producing firms, and for other professionals from around the world who are involved in different aspects of the global energy markets.

Central Banking and Financial Markets Focus Area (CBFM):

Builds an in-depth understanding of corporate finance, capital markets, and central banking, covering both emerging and advanced economies while also examining the process of building sound capital markets in emerging economies.

Student background: Mid-career professionals working at central banks, finance ministries, and various financial institutions.

Guillermo Calvo, Professor of International and Public Affairs, Director of MPA in Economic Policy Management (PEPM)


Ezequiel Aguirre, Adjunct Assistant Professor of International and Public Affairs

Muhammah AsaliAdjunct Associate Professor of International and Public Affairs

Norman BartczakLecturer in the Discipline of International and Public Affairs 

Doru CojocLecturer in the Discipline of International and Public Affairs

Christine CummingAdjunct Professor of International and Public Affairs

Augusto de la Torre, Adjunct Professor of International and Public Affairs

Noha Emara, Adjunct Assistant Professor of International and Public Affairs

Ronald Findlay, Ragnar Nurkse Professor of Emeritus of Economics; Special Lecturer in International and Public Affairs

Michael Gavin, Adjunct Professor of International and Public Affairs

Emanuele Gerratana, Lecturer in the Discipline of International and Public Affairs

Alain Ize, Adjunct Professor of International and Public Affairs

Geoffrey Jehle, Adjunct Professor of International and Public Affairs

Arvid Lukauskas, Executive Director of the Program in Economic Policy Management; Adjunct Associate Professor of International and Public Affairs

Francisco Rivera-Batiz, Adjunct Professor of International and Public Affairs

Mary Kay ScucciAdjunct Professor of International and Public Affairs

Yumiko ShimabukuroLecturer in Discipline of International and Public Affairs 

Jan Svejnar, James T. Shotwell Professor of Global Political Economy; Director of Center on Global Economic Governance at Columbia University’s School of International and Public Affairs

Monica Thakrar, Lecturer in International and Public Affairs (part-time)

Andrés Velasco, Professor of Professional Practice in the Faculty of International and Public Affairs

Economic Policy Management (EPM) Focus Area

Summer Term (18 points)

Points
PEPM U6110Mathematics for Economists3
PEPM U6104Macroeconomics I3
PEPM U6101Microeconomics I3
PEPM U6620Introductory Statistics3
PEPM U6223Accounting and Finance3
PEPM U4050Professional Development for Economic Policy Managers3

Fall Term (18 points)

Points
PEPM U6105Macroeconomic Policy Management3
PEPM U6102Microeconomics Public Policy3
PEPM U6630Microeconometrics3
PEPM U6204Development Economics3
SIPA Management Requirement or Elective3
Elective3

Spring Term (18 points)

Points
PEPM U6106Macroeconomic and Financial Policy Issues - Global Context3
PEPM U6640Macroeconometrics3
PEPM U6103Microeconomics II: Topics in Policy-oriented Microeconomics3
SIPA Management Requirement or Elective3
Elective3
Elective3

Global Energy Management and Policy (GEMP) Focus Area

Summer Term (18 points)

Points
PEPM U6110Mathematics for Economists3
PEPM U6104Macroeconomics I3
PEPM U6101Microeconomics I3
PEPM U6620Introductory Statistics3
PEPM U6223Accounting and Finance3
PEPM U4050Professional Development for Economic Policy Managers3

Fall Term (18 points)

Points
PEPM U6105Macroeconomic Policy Management3
PEPM U6102Microeconomics Public Policy3
PEPM U6630Microeconometrics3
INAF U6072Energy Systems Fundamentals3
INAF U6065The Economics Of Energy3
SIPA Management Requirement or Elective3

Spring Term (18 points)

Points
PEPM U6106Macroeconomic and Financial Policy Issues - Global Context3
PEPM U6640Macroeconometrics3
PEPM U6103Microeconomics II: Topics in Policy-oriented Microeconomics3
SIPA Management Requirement or Elective3
Energy Elective3
Energy Elective3

Central Banking and Financial Markets (CBFM) Focus Area

Summer Term (18 points)

Points
PEPM U6110Mathematics for Economists3
PEPM U6104Macroeconomics I3
PEPM U6101Microeconomics I3
PEPM U6620Introductory Statistics3
PEPM U6223Accounting and Finance3
PEPM U4050Professional Development for Economic Policy Managers3

Fall Term (18 points)

Points
PEPM U6105Macroeconomic Policy Management3
PEPM U6102Microeconomics Public Policy3
PEPM U6630Microeconometrics3
PEPM U6310Corporate Finance For Emerging Markets3
Elective3
Elective3

Spring Term (18 points) 

Points
PEPM U6106Macroeconomic and Financial Policy Issues - Global Context3
PEPM U6640Macroeconometrics3
PEPM U8250Financial Development in Emerging Economies3
PEPM U8310Macroprudential Policy and Financial Stability Monitoring 1.5
PEPM U8312Macroprudential Policies and Regulation in Emerging Markets1.5
Elective3
Elective3

Economic Policy Management (EPM) Focus Area

Year 1
SummerPointsFallPointsSpringPoints
PEPM U61103PEPM U61053PEPM U61063
PEPM U61043PEPM U61023PEPM U66403
PEPM U61013PEPM U66303PEPM U61033
PEPM U66203PEPM U62043SIPA Management Requirement or Elective3
PEPM U62233SIPA Management Requirement or Elective3Elective3
PEPM U40503Elective3Elective3
 18 18 18
Total Points: 54

Global Energy Management and Policy (GEMP) Focus Area

Year 1
SummerPointsFallPointsSpringPoints
PEPM U61103PEPM U61053PEPM U61063
PEPM U61043PEPM U61023PEPM U61033
PEPM U61013PEPM U66303PEPM U66403
PEPM U66203INAF U60723SIPA Management Requirement or Elective3
PEPM U62233INAF U60653Energy Elective3
PEPM U40503SIPA Management Requirement or Elective3Energy Elective3
 18 18 18
Total Points: 54

Central Banking and Financial Markets (CBFM) Focus Area

Year 1
SummerPointsFallPointsSpringPoints
PEPM U61043PEPM U61053PEPM U61063
PEPM U40503PEPM U61023PEPM U66403
PEPM U62233PEPM U66303PEPM U82503
PEPM U66203PEPM U63103PEPM U83101.5
PEPM U61013Elective3PEPM U83121.5
PEPM U61103Elective3Elective3
  Elective3
 18 18 18
Total Points: 54

PEPM Courses

PEPM U6104 Macroeconomics I. 3 Points.

Category: PEPM
Summer 2017 Course Dates: July 3 - Aug. 11

This course focuses on macroeconomic analysis and policies in an open-economy setting. It is intended to (i) develop the basis for a thorough understanding on how an open economy works at the aggregate level and (ii) to build a framework that facilitates rigorous analysis of different government policies and shocks on the economy.

Term Section Call Number Instructor Times/Location
Summer 2017 001 16747 Francisco Rivera-Batiz M W 2:10pm - 4:00pm
413 International Affairs Bldg
Summer 2017 R01 23646 T 2:10pm - 4:00pm
411 International Affairs Bldg

PEPM U6105 Macroeconomic Policy Management. 3 Points.

Category: PEPM
Open to PEPM Students Only

The course starts with a review of exchange rates over the long and short run and with a discussion of the real effects of nominal exchange rate fluctuations, deviations from interest rate parities, and the role of expectations in determining exchange rate dynamics. The course proceeds with the study of the international allocation of capital flows, the dynamics of external wealth, and global imbalances. The course continues with the analysis of exchange rate regimes, the rationale for their adoption and abandonment, and the implications for fiscal and monetary policies of floating and fixed exchange rates depending on the degree of openness in international financial markets. The course deals with the macroeconomics of the public sector budget and the links between money, inflation, and the budget. Topics discussed include: the sensitivity of the public-sector budget to external and domestic macroeconomic variables, along with the concept of sustainable fiscal deficits; the economic consequences of devaluations (actual and anticipated), including the discussion of contractionary devaluations; the causes and consequences of capital flows and their sudden stop; the time consistency of economic policies and the inflationary effects of various institutional arrangements between monetary and fiscal authorities. The course also surveys monetary policy transmission mechanisms and the choice of nominal anchors, with particular reference to inflation targeting and interest-on-reserves regimes. The course closes with a review of stylized facts concerning policies for economic growth, with particular focus on international trade liberalization and financial sector development. A general and pragmatic framework for prioritizing growth policies is introduced with applications to country case studies.

Term Section Call Number Instructor Times/Location
Fall 2017 001 15943 T 4:10pm - 6:00pm
411 International Affairs Bldg
Fall 2017 R01 12498 F 4:10pm - 6:00pm
413 International Affairs Bldg

PEPM U6106 Macroeconomic and Financial Policy Issues - Global Context. 3 Points.

Category: PEPM
Open to PEPM Students Only

The course will focus on key macroeconomic and financial policy issues, paying special attention to the role of global factors. Students research a specific country or group of countries related to the current Subprime crisis or any of the past major international financial crises (including the Great Depression).

PEPM U6101 Microeconomics I. 3 Points.

Category: PEPM
Summer 2017 Course Dates: July 3 - Aug. 11

The objective of this course is to provide students with a strong foundation of the basic principles of microeconomic theory.

Term Section Call Number Instructor Times/Location
Summer 2017 001 76029 Muhammad Asali M W F 9:00am - 10:50am
413 International Affairs Bldg
Summer 2017 R01 91446 T 4:10pm - 6:00pm
413 International Affairs Bldg

PEPM U6102 Microeconomics & Public Policy. 3 Points.

Category: PEPM
Open to PEPM Students Only

To design and manage successful economic policy professionals need a sophisticated command of modern microeconomics. This course strengthens and extends understanding of microeconomic theory, and gives practice applying it. We study the relationship between market structure and market performance, exploring conditions under which policy intervention can improve market performance, and when it can be counter-productive. Both distributional and efficiency aspects of intervention are stressed. An introduction to formal strategic analysis is included, along with its application in the modern theory of auctions.

Term Section Call Number Instructor Times/Location
Fall 2017 001 82097 Geoffrey Jehle Th 11:00am - 1:30pm
413 International Affairs Bldg
Fall 2017 R01 81100 M 2:10pm - 4:00pm
403 International Affairs Bldg

PEPM U6103 Microeconomics II: Topics in Policy-oriented Microeconomics. 3 Points.

Category: PEPM
Open to PEPM Students Only

The class covers basic economics thinking and policy applications derived primarily from labor economics, industrial organization and international economics. It will examine the effects of government policies on firms, labor, and capital markets. It will also focus on issues of corporate and national governance and performance. There will be several guest lectures on these and other topics.

PEPM U6031 Perspectives on the World Economy. 1.5 Point.

Category: PEPM
Spring 2016 Course Dates: Jan. 20 - Mar. 2

The aim of this short course is to provide the students with an understanding of the historical evolution of the world economy and its current structure and functioning. Relations between the developed and developing worlds through trade, migration and capital flows will be the main focus, with special attention to the role of China and India. Analytical models of growth, trade and the role of government will be presented and discussed in relation to these issues.

PEPM U6620 Introductory Statistics. 3 Points.

Summer 2017 Course Dates: May 22 - June 30

This course introduces students to the fundamentals of statistical analysis. We will examine the principles and basic methods for analyzing quantitative data, with a focus on applications to problems in public policy, management, and the social sciences. We will begin with simple statistical techniques for describing and summarizing data and build toward the use of more sophisticated techniques for drawing inferences from data and making predictions about the social world.

Term Section Call Number Instructor Times/Location
Summer 2017 001 11531 Doru Cojoc T Th 11:00am - 12:50pm
411 International Affairs Bldg
Summer 2017 R01 23319 W 11:00am - 12:50pm
510a International Affairs Bldg

PEPM U6630 Microeconometrics. 3 Points.

Category: PEPM

This course introduces students to multiple regression methods for analyzing data in economics and related disciplines. Extensions include regression with discrete random variables, instrumental variables regression, analysis of random experiments and quasi-experiments, and regression with time series data. The objective of the course is for the student to learn how to conduct - and how to critique - empirical studies in economics and related fields. Accordingly, the emphasis of the course is on empirical applications. The mathematics of econometrics will be introduced only as needed and will not be a central focus.  

PEPM U6204 Development Economics. 3 Points.

Category: PEPM
Open to PEPM Students Only

This course describes the history and current situation of the level and distribution of global income, analyses the theory of economic growth and the empirical evidence on the factors influencing growth, including physical and human capital accumulation, technical change and population growth, explores the effects of trade, foreign direct investment, natural resources, geography, and public sector institutions on economic growth and distribution of income, and examines how financial development and exchange rate regimes affect the prospects for economic growth.

Term Section Call Number Instructor Times/Location
Fall 2017 001 16047 Francisco Rivera-Batiz Th 4:10pm - 6:00pm
411 International Affairs Bldg

PEPM U6640 Macroeconometrics. 3 Points.

Category: PEPM
Open to PEPM Students Only

The course aims to analyze dynamic, multivariate interactions in evolutionary and non-stationary processes. The course first considers stationary univariate time-series processes and then extend the analysis to non-stationary processes and multivariate processes. The course covers a review of linear dynamic time-series models and focus on the concept of cointegration, as many applications lend themselves to dynamic systems of equilibrium-correction relations. In the final analysis, the course is aimed at presenting a certain number of econometric techniques the mastery of which is becoming increasingly inevitable in professional circles.

PEPM U6110 Mathematics for Economists. 3 Points.

Category: PEPM
Summer 2017 Course Dates: May 22 - June 30

The objective of this course is to provide a review of the uses of mathematics in the study and application of economics. We will approach mathematics as a way of demonstrating relationships and formalizing concepts in economics. By the end of the course you should be familiar with the mathematical tools covered in class and be able to use these tools in formalizing and solving problems in economics.

Term Section Call Number Instructor Times/Location
Summer 2017 001 77531 Emanuele Gerratana T Th 2:10pm - 4:00pm
411 International Affairs Bldg
Summer 2017 R01 27191 W 2:10pm - 4:00pm
413 International Affairs Bldg

PEPM U6223 Accounting and Finance. 3 Points.

Category: PEPM
Summer 2017 Course Dates: May 22 - Aug. 11

Accounting and Finance covers the basic concepts of accounting and financial management used in decision making. The accounting portion of the course focuses on the role of accounting as an information system and decision tool. An accounting project then applies these concepts to the financial statements of either a publicly-traded corporation, a public enterprise (i.e., Federal Reserve, World Bank), or the US government.  The finance portion of the course presents basic corporate finance concepts on valuation and decision analysis.  Students are given a brief introduction to financial markets, selected financial products and the theory and rudiments of bond pricing.  A finance project reinforces the basic bond concepts with a detailed analysis of a bond offering.

Term Section Call Number Instructor Times/Location
Summer 2017 001 85941 Norman Bartczak W 4:10pm - 6:00pm
413 International Affairs Bldg
Summer 2017 R01 93296 Th 4:10pm - 6:00pm
411 International Affairs Bldg

PEPM U8150 Macroeconomic Laboratory. 3 Points.

Category: PEPM
Open to PEPM Students Only

he Lab will give students the opportunity to apply macroeconomic theory to policy issues, particularly issues that have surfaced in the context of global financial crises. These issues are at the research frontier because the current crisis took the economics profession by surprise, and relevant theory and empirical analysis is evolving at a rapid pace. In addition, the Lab is also aimed at helping students solidify their macro by having them articulate theories and empirical tests that are inspired by current events and puzzles. Current instruction programs in economics tend to leave the student very far from the policy arena and, as a result, there is the risk that future practitioners may end up discarding theory, and that future academics may miss the opportunity of addressing policy relevant issues. In addition, given the increasing SIPA student interest in working on emerging market issues, the Lab will help them decide if they should follow the Ph.D. or the "Wall Street" path. The lab is open to all SIPA, PEPM and Department of Economics students. Requirements are MA level macroeconomics with special emphasis on Open Macro, familiarity with basic mathematical techniques (algebra, calculus), econometric techniques and, above all, strong motivation to address policy issues.

PEPM U6720 Social Investment and Economic Growth in East Asia and Beyond. 3 Points.

Category: EPD, EPD:Economic, PEPM
Open to PEPM Students Only

In recent years, the growing inequality within countries that have achieved enormous economic and democratic advancements has sparked fascinating debates on its causes, consequences, and ramifications. This course investigates the nexus between economic growth and social investment policies (e.g., education, housing, social assistance, labor market policies, and healthcare) and how a variety of factors, including political actors, processes, and institutions, influence the nature of the relationship. It equips students with the theoretical tools, empirical data, and historical materials necessary to better understand regional trends as well as distinctive domestic outcomes. The East Asian experience is set as the starting point, followed by a close examination of reform efforts in Latin America and Africa. Case studies are utilized to delve deeper into specific issues, such as racial divisions, adverse systemic shocks, and gender inequality.

PEPM U6205 Political Economy of Finance. 3 Points.

Category: PEPM
Open to PEPM Students Only

This course provides an introduction to the political economy of financial and international monetary policy, presenting both theoretical perspectives and more policy-oriented concerns. Wherever possible, it looks at the issues covered from the perspective of developing and emerging market countries. The course has three main sections. The first examines the political economy of the global monetary system. We begin by surveying the evolution of international monetary arrangements from the gold standard period to the present day. Then we analyze the difficulties of managing the crises and global imbalances that have been frequent features of contemporary times. The second section examines the political economy of financial policy, regulation and central banking. The role of financial policy in economic development, especially of industry, in developing and emerging market countries is the primary lens for exploring this topic. The final section considers financial crises, with a special focus on the Asian financial crisis of 1997/98 and recent global crisis that had its origins in the United States.

PEPM U4050 Professional Development for Economic Policy Managers. 3 Points.

Summer 2017 Course Dates: June 23, July 7, & July 21

Professional Development for Economic Policy Managers is divided into two modules. The first module is focused entirely on oral and written communication skills, and includes a required presentation by students and a written memo from each student taking the course. The second module encompasses the traditional Office of Career Services Professional Development course, focused on PEPM student career objectives.

Term Section Call Number Instructor Times/Location
Summer 2017 001 78048 Yumiko Shimabukuro F 1:00pm - 4:00pm
413 International Affairs Bldg

PEPM U8250 Financial Development in Emerging Economies. 3 Points.

Open to PEPM Students Only; Spring 2017 Course Dates: Mar. 23 - April 28

This course aims at providing a well-rounded understanding of the financial development process over time and across countries, with emphasis on emerging economies.  Relevant topics will be covered from different perspectives, including the supply and demand sides of financial services; the roles of markets, instruments, and institutions; issues on systemic financial stability and access to financial services; links to financial globalization; and the role of the state. The course will entail active student participation.  In particular, (a) students will be expected to review the background reading materials in advance and, on that basis, participate actively in the lecture-based classes; and (b) investigate (as part of a group project) a particular topic of their choice, present the results to the class, and write a short paper.  In the process, students should improve their critical thinking, research and communication abilities, and learn new material on financial development.

PEPM U8310 Macroprudential Policy and Financial Stability Monitoring . 1.5 Point.

Open to PEPM Students Only; Spring 2017 Course Dates: Jan. 20 - Mar. 9

This course will cover the emergence of systematic financial stability monitoring and evaluation.  It will begin with definitions of financial stability and conceptual frameworks for assessing threats to financial stability and their potential transmission to the real economy.  A major focus will be on key signatures of financial instability and measures that capture these signatures and signal changes in the level of systemic risk.  Through case studies, class participation and two assignments, students will interpret these measures, develop questions for further investigation and assess the nature and extent of systemic risk.   Students will be asked to write two policy memoranda:  the first proposing and justifying a small set of financial stability indicators to monitor financial stability and the second assessing the risk of financial instability in a few sets of such indicators.  An emphasis in both is developing timely and persuasive analysis that prompts policymakers to consider the need for action to preserve financial stability.        

PEPM U8312 Macroprudential Policies and Regulation in Emerging Markets. 1.5 Point.

Open to PEPM Students Only; Spring 2017 Course Dates: Mar. 9 - Apr. 28

This course will focus on understanding the issues and challenges of implementing macroprudential regulations and policies in emerging markets. After revising the overall goals and types of instruments included in the macroprudential approach, the course will address topics that are particularly relevant for emerging market economies. Key questions to be addressed include: What type of macroprudential policies are most appropriate for emerging markets? Should Basel III recommendations on banks’ capital requirements be equally implemented in advanced and emerging market economies? What type of regulatory requirements on liquidity suit the needs of emerging financial markets the best? Should the participation of systemically important global banks in emerging markets be a concern for emerging market regulators? And, how can macroprudential policies complement the goals of monetary policy?

Students may choose elective courses from a set of courses offered throughout the University. The following list provides examples of currently offered courses that have been of interest to students in the Program in Economic Policy Management:

• Asian Financial Markets • Corporate Finance • Electricity Markets • Emerging Market Investment Climate • Energy Business and Economic Development • Energy Industry in the BRICS • Energy Policy • Financial Regulation • Global Economic Governance • International Banking • International Finance and Monetary Theory • International Trade • Petroleum Markets and Trading • Political Economy of Finance • Renewable Energy Markets and Policy • Unconventional Monetary Policy