FT405
Global Macro
Faculty
Neil MacKinnon
Global Macro Strategist at VTB Capital
Course length
Duration
Total hours
Credits
Language
Course type
Fee for single course
Fee for degree students
Skills you’ll learn
Overview
The Global Macro program is designed to give real-world insights into actual economic trends and developments from a market practitioner’s point of view compared to the traditional macro-economic theory, which has been criticized for failing to predict financial crises in recent decades.
Learning highlights
- The main objective of the course is to provide students with an alternative understanding of some of the main issues facing the global economy ranging from “unconventional” monetary policies such as QE and negative interest rates, the impact of such policies in creating wealth and income inequalities, fiscal policy and MMT, demographics and economics, the massive increase in debt, cryptocurrencies and the economics of climate change.
Course outline
15 classes
What is “Global Macro”?
The changing face of macro-economics. Theory vs Reality and why conventional theory has failed. The development of the global economy and financial markets’ main trends.
Financial crises and the boom-bust financial cycle.
What causes financial crises? Importance of credit and capital flows. A look at the financial cycle and the business cycle. Lessons from the last 30 years. The concept of “secular stagnation” is explained.
Role of central banks and monetary policy.
How do central banks work? What do they do? A look at the Federal Reserve and how its policies have evolved.
“Unconventional” monetary policies (QE, zero rates, negative rates).
What it all means and does it work. Is QE inflationary or disinflationary? What is QE? Do negative rates, or do they become the problem rather than the solution?
Free day
No class
Unconventional policies #2
Tax and spend “austerity” is not the answer - a look at fiscal policies in the US and EU.
The Debt Wave
Global debt has been escalating in recent years… “debt traps”…. Is this a problem and what does it mean for the real economy? A look at recent trends and history of the debt cycle.
Income and Wealth inequalities
The contribution of economic policy in creating these inequalities.
Modern Monetary Theory (MMT)
A recently popular way of looking at a fiscal policy. What is MMT? Is it the answer? Would it lead to hyper-inflation and debt monetization.
Free day
No class
The international system
History of the international financial system, global imbalances, future of the US dollar.
Role of demographics in economics
Role of demographics in economics…and a look at the economics of climate change.
The post-COVID economic landscape
Digitalization, AI, robotization, the future of labour markets and re-imagining capitalism.
Module review
Main points and conclusions, Q&A, ideas for the future.
Free day
No class
Prerequisites
An interest in economic issues and current affairs (and an open mind !) is a prerequisite for obtaining the course’s maximum benefit. Economics degrees are not necessary and may be an impediment.
Methodology
The format of the course will be through online slide presentations accompanied by commentary from the lecturer. The course is aimed to encourage student participation and include Q&A discussions that can be off-topic if required. Students wishing to give their presentation on a macro topic of their choice are encouraged to do so. Each course session will include recommended reading material.
Grading
Neil MacKinnon started his career as an Economist at HM Treasury where he advised UK government ministers on economic matters. Over the last 20 years he has worked as an economist for leading financial institutions. His speciality and main interest is in international economics and also takes a keen interest in the future of economic theory and practice in the light of the global financial crisis.
Mr. MacKinnon is currently responsible for Global Macro Strategy at VTB Capital and a member of the investment strategy team. Prior to this, Neil held positions as Chief Currency Strategist and Chief Economist at ECU Group, Chief Currency Strategist at Citibank and at BofA Merrill Lynch, and worked in the hedge fund industry as Chief Economist at Nexus Capital.
See full profileApply for this course
Global Macro
by Neil MacKinnon
Total hours
24 Hours
Dates
Jan 11 - Jan 29, 2021
Fee for single course
€1500
Fee for degree students
€750
How to secure your spot
Complete the form below to kickstart your application
Schedule your Harbour.Space interview
If successful, get ready to join us on campus
FAQ
Will I receive a certificate after completion?
Yes. Upon completion of the course, you will receive a certificate signed by the director of the program your course belonged to.
Do I need a visa?
This depends on your case. Please check with the Spanish or Thai consulate in your country of residence about visa requirements. We will do our part to provide you with the necessary documents, such as the Certificate of Enrollment.
Can I get a discount?
Yes. The easiest way to enroll in a course at a discounted price is to register for multiple courses. Registering for multiple courses will reduce the cost per individual course. Please ask the Admissions Office for more information about the other kinds of discounts we offer and what you can do to receive one.