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Description of Macroeconomic Policy and Financial Markets

While a thorough understanding of aggregate economy dynamics is necessary for success, it is not entirely sufficient. Organizations must also be knowledgeable of the many sources of aggregate risk and uncertainty, and must rely on the analytical tools available to study the aggregate economy.

Students in the Barcelona GSE 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, models, and techniques now being used by public and private institutions.

Financial and consulting firms increasingly utilize complex economic theories. Master's degree students will not only learn how to use these modeling and statistical techniques, but will conduct an independent master's project to learn how to apply these new skills to real empirical work.

Our program also offers students guest seminars and lectures by international academics and practitioners.

A closing conference will be held as an interactive forum between the academic and professional worlds. The presentation and discussion of students' applied work will be combined with expert talks covering both institutional topics as well as the presentation of original academic research.

This master program covers economic models such as the dynamic stochastic general equilibrium (DSGE), vector autoregression (VAR), and autoregressive conditional heteroskedasticity (ARCH). Our graduates are prepared with an expert grasp of aggregate economy and financial function fundamentals, able to build macroeconomic and market forecasts - skills that consulting firms, investment banks, and government agencies are all in need of.

Detailed Course Facts

Application deadline Non EU: June 25th
Tuition fee
  • EUR 16000 Year (Non-EEA)
  • EUR 16000 Year (EEA)

Fees cover registration, teaching, access and use of the UAB and UPF facilities and first entry into examination.

Start date September  2016 - Applications open for 2016-17 programs: November 15, 2015 - First round applications: November 15 - January 15
Credits (ECTS) 60 ECTS
Duration full-time 9 months
Partnership Joint
Delivery mode On Campus
Educational variant Full-time
Intensity Flexible

Course Content

Master Degree

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

All Barcelona GSE master degrees have been recognized by the Catalan and Spanish Education authorithies within the framework of the Bologna Process (in Spanish, “Master Universitario o Master Oficial”).


The master 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).

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. Given the applied/quantitative nature of the master program, students will need a laptop.


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.


The Macroeconomic Policy and Financial Markets master is located at the Bellaterra campus at Universitat Autònoma de Barcelona. The UAB's self-contained campus offers students all of the services they need in their day-to-day lives and is an easy half-hour train ride from the city center.

Skills acquired in this master program

  • Deep understanding of economic theory behind macroeconomic models and models of financial markets
  • Econometric techniques required for a state-of-theart applied analysis
  • Numerical methods and simulation techniques useful in quantitative macroeconomics and in policy design and evaluation
  • Ability to write technical and executive reports and the skills to publicly communicate and discuss research work.

Who will benefit from this program?

  • Graduates in economics, business administration, and engineering
  • Junior practitioners in central banks and public institutions seeking an improvement in their skills and an upgrade of their professional profile
  • Prospective PhD students looking for a solid master program in economics

Who hires graduates of this program?

  • Research departments in financial institutions
  • International institutions and government agencies
  • Financial operators in the private sector

Requirements for Macroeconomic Policy and Financial Markets

There are two main application requirements for master programs at the Barcelona Graduate School of Economics:

  1. Undergraduate/bachelor/grado/laurea, or equivalent degree from an accredited college or university (for Bologna degrees, a minimum of 180 ECTS are required)
  2. Advanced level of English language skills

However, possession of the minimum entrance requirements does not guarantee that you will be offered admission.

There are four main areas considered for admission:

  • Academic preparation
  • English language requirement
  • Quantitative skills (GRE/GMAT)
  • Reference letters

Academic Preparation:

Applicants must have:

  • Undergraduate/bachelor's degree or the equivalent from an accredited college or university **
  • Outstanding academic record
  • Most common undergraduate degrees: Economics, Finance, Engineering, Sciences, Mathematics.

English Language Requirement:

All Barcelona GSE master programs are taught entirely in English. Applicants must have an advanced level of English to follow the program.

Quantitative Skills:

All Barcelona GSE programs require good or advanced quantitative skills.


Applicants have the option to provide GRE/GMAT test scores to demonstrate proficient quantitative skills.

Applicants who have taken the GMAT are welcome to submit their exam scores, but should note that the GRE is preferred by the admissions committee. Normally, scores in the 80th percentile or above in the quantitative section are considered to be good scores.

While it is not compulsory to include scores with the application, good scores will be positively valued by the admissions committee and could be a decisive factor in those cases in which the application does not contain enough information to determine the candidate's potential for academic success in the master program.

  • GRE code: 2531
  • GMAT code: Graduate Program in Economics, Finance and Management(the same code used by Universitat Pompeu Fabra)

You are responsible for uploading GRE or GMAT scores to your application. You can enter the application form at any stage of the application process and upload scores to the system. You may also update your scores by uploading new scores to replace the document you uploaded previously.

Letters of Reference:

The two letters of reference are an extremely important element in the application package. The Admissions Committees normally prefer letters from Faculty members. If you cannot provide two faculty referees, you may include a professional referee instead.

Your referees will upload their letters directly to the online system on your behalf. You will include email contact information for your referees when you submit your application. Once you submit your application, your referees will receive an email containing instructions and a link for submitting letters via the online system.

Please note that your application will not be reviewed until the Barcelona GSE has received your letters of reference from your referees.

Work Experience for Macroeconomic Policy and Financial Markets

No work experience is required.

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Barcelona Graduate School of Economics, Spain

Spain Graduate education at the Barcelona GSE rests upon two renowned international doctoral programs in economics: the Graduate Program in Economics, Finance and Management (GPEFM) at Universitat Pompeu Fabra (UPF) and the International Doctorate in Economic Analysis (IDEA) at Universitat Autònoma de Barcelona (UAB). Many of the PhD students in GPEFM and IDEA are graduates of the Barcelona GSE master's programs. They participate actively in all Barcelona GSE research activities.

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