Macroeconomics For Executives (Online):

Navigating global risks and trends

 Overview
No business operates in a vacuum. Exchange rate
volatility, fiscal and monetary policy, geopolitical
uncertainty, trade conflicts: these represent just a
sliver of the broad web of macroeconomic forces that
can shape the future of your organization.
The wide-ranging consequences of the COVID-19
pandemic have reinforced the interconnectedness of
our world. Citing lingering uncertainties about the
progression of the pandemic, the United Nations said
in a 2020 report that "the possibility of a slow recovery
and prolonged economic slump—with rising poverty
and inequality—looms large."
Now more than ever, positioning international
companies for sustained success requires the ability to
detect and skillfully navigate key macroeconomic
influences. The better executives and strategists can
understand the interdependencies of these forces,
better the decisions they can make for their
organizations.
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Nurturing this critical skill is the focus of
Macroeconomics for Executives (Online):
Navigating Global Risks and Trends, a ten-week,
online program from Columbia Business School
Executive Education. Its foundation is the three-step
Macro Scenario Playbook, which provides a
framework to help make these big-picture concepts
applicable for your business situation.
Through the successful completion of this program,
you will learn how to improve your strategic decision
making in today's global economy and steer your
organization toward a brighter future.
Duration
9 weeks, 4–6 hours per week
Format
Online
Fee *
USD 2,650
*GST applicable to Singapore residents.
 Who Should Attend
Global economic trends impact all businesses that operate internationally—and even many businesses that do
not. Staying competitive in a rapidly changing economic environment requires organizations to anticipate
emerging and future threats and to respond proactively and intelligently.

In Macroeconomics for Executives (Online): Navigating Global Risks and Trends program, you will explore how
to make better strategic decisions to help your company thrive. The program cohort will include participants
representing a breadth of countries, industries, and backgrounds as well as job functions such as:

CxOs seeking to deepen their knowledge of global markets and macroeconomics to safeguard their
business against crises and sudden market fluctuations and find opportunities of investment and growth
across geographies and sectors

Corporate strategists, functional business heads, and finance professionals seeking to better assess their
organization's financial risk appetite based on global economic trends and plan accordingly and predict
and prepare for business cycles and their outcomes

Key Takeaways
By joining this program, you will learn how to:

Apply the Macro Scenario Playbook to gauge the impact of changes in the global economy on your business
Assess the impact of recessions and the ensuing monetary and fiscal responses on your business
Forecast exchange rates, bond prices, and equity prices in response to macroeconomic shocks
Identify economic growth opportunities and risks across the world
Evaluate the impact of trade and financial globalization—and the risk of deglobalization—on your business
Determine potential short- and long-term pandemic scenarios and their impact on your business

“As recent events have demonstrated, the world can change in extraordinary
ways quite quickly. Now more than ever, executives and professionals—both new
and experienced—must be equipped with advanced skills and knowledge to
effectively seize new opportunities, navigate through uncertainty, and thrive in
any environment.”

- Pierre Yared
Faculty Director; MUTB Professor of International Business and Vice Dean
for Executive Education, Columbia Business School Executive Education

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 Syllabus
Macroeconomics for Executives (Online): Navigating Global Risks and Trends, a ten-week online program,
includes a mix of live and recorded sessions. In addition, program leaders hold weekly, live, and virtual office
hours where you can get answers to your questions in a small-group setting.

Week 1
Orientation
The first week is orientation week. You will have the opportunity to familiarize yourself with the learning
platform and prepare for the program ahead.

Week 2
Business Cycles and Monetary Policy
Explore how boom/bust cycles and government monetary response affect your business.
Three steps of macroeconomic scenario analysis
Causes of recessions and their impact on your business
Role of central banks and their impact on financial markets and interest rates
General principles for forecasting central bank policy
How interest rates respond to various macroeconomic scenarios

Week 3
Fiscal Stimulus and Fiscal Austerity
Examine the influence of fiscal policy on your business.

Impact of taxes and government spending on your business

Fiscal stimulus and fiscal austerity scenarios and their short- and long-term impact on the economy
Risks for businesses associated with high levels of government debt
Mechanics of a sovereign debt crisis

Week 4
Exchange Rates
Discover how exchange rates move, why they matter for your business, and the impact of various
exchange rate regimes on the economy.

Forecasting exchange rates based on their relationships with interest rates and monetary policy
The complex tradeoffs governments face when formulating an exchange rate policy
Predict the mechanics of different scenarios during a currency attack

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 Week 5
Macroeconomic News and Financial Markets
Learn to predict the likely impact of macroeconomic news on different asset prices.

Factors driving government bonds, equities, and corporate bonds as an asset class
Response of financial markets to various macroeconomic shocks
Typical changes in monetary policy and how financial markets respond to the state of the business cycle
Response of financial markets to variable financial conditions and financial disruption

Week 6

Economic Growth in Advanced Economies

Learn to identify sources of long-run economic growth and connect those factors to innovation, growth
and productivity at your business.

Drivers of growth in advanced economies

Effect of technology adoption on your business
Winners and losers under increasing competition
Impact of government policy on productivity
Effect of demographic change

Week 7

Forecasting the Next Emerging Market Miracle

Delve into the factors that can influence long-term growth in an emerging market.

Why growth in emerging markets can affect your business

Why emerging markets can grow faster than advanced economies
Forecast economic growth in emerging markets
Predict the impact of government policy on growth in emerging markets
Risks underlying growth in emerging markets

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 Week 8
Global Trade and Global Capital Flows
Investigate the factors that go into international expansion and sourcing decisions.

Impact of trade and financial globalization on your business

Sources of imbalances across countries
Predict the likelihood and economic effect of a sudden stop
Sustainability of the U.S. current account
Predict deglobalization scenarios

Week 9
Business Strategies in Recessions
Discuss the strategic processes that promote success during economic crises.

Long-term risks for your business

Risk of rising commodity prices and decoupling of emerging markets from advanced economies
Risk of tightening financial conditions
Formulate a strategy based on various macro scenarios
Describe a financial crisis scenario for a business

Week 10
Business Strategies in Pandemics
Using a pandemic model, analyze the short- and long-term consequences of various crisis scenarios for
your business.

Scenarios pertaining to disease spread

Impact of social distancing on your business
Risk of a financial crisis due to a pandemic
Predict the economic policy response to a pandemic
Predict post-pandemic scenarios for the global economy

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 Program
Experience
At Columbia Business School Executive Education, peer-to-peer-learning and market-relevant program
work is essential to the in-class experience. We have replicated this approach in our globally connected
online classroom so you will learn from the professor, program leaders, case studies, guest speakers, and
each other—no matter where you are in the world.

Live Webinars with Federal Reserve Real-World

Columbia Faculty Simulation Case Studies

Bite-Sized Dedicated Program Mobile

Learning Support Team Learning App

Peer Learning and Live Office Hours Guest Speakers

Feedback with Program Leaders

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 The Macro Scenario Playbook:
A Framework For Strategic
Decision Making

As someone shaping your organization’s strategic direction, you must account for larger economic
influences (e.g. recessions, central banks, fiscal and monetary policy, crises) in making key decisions. You
need to understand, interpret, and react to global risks and global trends, since these will define the
success of your strategy in the short-term and long-term, respectively.

Don’t make the mistake of considering this the responsibility of your finance team. These concepts are
among the bedrocks of a successful corporate strategy.

Macroeconomics for Executives (Online): Navigating Global Risks and Trends Program features the Macro
Scenario Playbook, which includes three steps:

Step 1: We examine what a particular scenario

means for your business, including your
customers, employees, suppliers, investors, and
creditors.

The Macro Scenario

Step 2: We consider what the scenario implies for
Playbook: A Framework For
the overall economy, which comprises the real Strategic Decision Making
economy and the financial market. (By real
economy, we mean the daily economic
transactions we engage in, such as earning a pay
check, spending money on food, etc.) What does a
scenario mean for consumers, workers, and firms,
including your direct competitors? And what does
a scenario mean for financial markets? This step is
the primary focus of the program.

Step 3: We discuss how the implications

uncovered in step 2 affect your business—and can
help inform your business strategy.

As you will see, the Macro Scenario Playbook will

heighten the relevance of program content to your
particular business situation.

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 Case Studies
In-depth explorations of case studies will bring program concepts to life. The following cases will serve as a
springboard for discussions of stimulating topics such as: What was the macroeconomic impact of these
events? How might different stakeholders be affected by these events? What lessons can we take with the
benefit of hindsight?

United States Argentina

Assessing the wide-ranging Examining a history of
impact of the 2017 Tax Cuts crises in Argentina from
and Jobs Act hyperinflation, to the
currency board, to the 2001
default, and its lessons for
today.

Lehman Brothers General Motors

Investigating the risks Evaluating GM’s position
posed by the firm’s 2008 before—and response
collapse on the global to—the 2008 global
economy financial crisis

Decision-Making Simulation

Federal Reserve Simulation

Our program will also leverage a simulation that places you in the role of chair of
the U.S. Federal Reserve. Applying your monetary-policy insights, you will aim to
fulfill your dual mandate of fostering stable prices and maximum sustainable
employment in the U.S. economy.

Note: All company names are trademarks or registered trademarks of their respective holders. Use thereof does not
imply any affiliation with or endorsement of these entities.

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 Program Faculty
Pierre Yared
MUTB Professor of International Business
Vice Dean for Executive Education
Columbia Business School

Pierre Yared joined the faculty of Columbia Business School in 2007.

He currently teaches Global Economic Environment, a Core MBA
course in macroeconomics for which he received the Dean's Award
for Teaching Excellence. His research, which has been published in
leading academic journals, focuses on macroeconomic policy,
political economy, and growth.

Pierre is a research associate of the National Bureau of Economic

Research and an associate editor of the American Economic Review.
In addition, he is a member of the Council on Foreign Relations and the
Economic Club of New York. He earned his AB in economics from
Harvard University and his PhD in economics from Massachusetts
Institute of Technology.

Guest Speakers
Ruchir Sharma Michael Feroli
Chief Global Strategist, Head Chief U.S. Economist
of Emerging Markets Equity J.P. Morgan
Team
Morgan Stanley Investment
Management

Abby Joseph Cohen Alexis Crow

Advisory Director and Senior Global Head, Geopolitical
Investment Strategist Investing Practice
Goldman Sachs PwC

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 Certificate

Upon completion of this program, you will receive a certificate of participation from Columbia Business
School Executive Education—a powerful testament to your management capabilities.

C olumbia Business School Executive Educ ation

hereby recognizes that

Participant Name
has participated in:

Macroeconomics for Executives (Online):

Date

Costis Maglaras
Dean and David and Lyn Silfen Professor of Business

Your verified digital certificate will be issued in your legal name and emailed to you, upon completion of the program, as per the stipulated
requirements. All certificate images are for illustrative purposes only and may be subject to change at the discretion of the Columbia Business
School Executive Education.

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 About Columbia
Business School
Columbia Business School is one of the world’s leading business schools, and prides itself on its excellent
faculty, who provide students with superior knowledge and thought leadership across divisions and
disciplines. It was established in 1916 to provide business training and professional preparation for
undergraduate and graduate Columbia University students.

Columbia Business School is the only Ivy League business school located in the global business hub of
New York City. The school has more than 47,000 alumni in 133 countries and about 70 alumni clubs
globally. Columbia Business School is a part of Columbia University, which has produced 101 Nobel Prize
winners, 5 Founding Fathers of the United States, 9 Justices of the United States Supreme Court, 29
Academy Award winners, and 29 heads of state, including 3 United States Presidents.

About Emeritus
Columbia Business School Executive Education is collaborating with online education provider Emeritus
to offer a portfolio of high-impact online programs. These programs leverage Columbia's thought
leadership in management practice developed over years of research, teaching, and practice. By
collaborating with Emeritus, we are able to broaden access beyond our on-campus offerings in a
collaborative and engaging format that stays true to the quality of Columbia Business School Executive
Education and Columbia as a whole. Emeritus' approach to learning is formulated on a cohort-based
design to maximize peer-to-peer sharing and includes live teaching with world-class faculty and hands-on
project-based learning. In the last year, more than 100,000 students from over 80 countries have
benefited professionally from Emeritus’ courses.

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Phone: +1 718-550-0890