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The diagram illustrates the local accuracy of the tangent line approximation to a smooth curve, or--otherwise stated--the closeness of the differential of a function to the difference of function values due to a small increment of the independent variable.

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Master of Financial Mathematics with Emphasis in World Economy and Rates

This emphasis option is a hybrid between two departments:
           Applied Economics
and
           the Finance Department in the Carlson School of Management.
It does not fulfill the requirements for a minor in either of these departments.

This emphasis option was proposed by a graduate of this program, Haojun Chen, who, as this is written (10 March 2009), works as a trader at JP Morgan Hong Kong.

For an Emphasis in World Economy and Rates take all three of the following courses:

  • APEC 5751 - Global Trade and Policy (IP) (3 cr);
  • FINA 6121 - Debt Markets, Interest Rates, and Hedging (2 cr); and
  • FINA 6341 - World Economy (4 cr).

These courses are recommended to those students in our program who wish to enhance their knowledge of global economic issues.

These courses may be taken at any time.

WARNING: Courses listed on this website may have prerequisites; see the syllabi to check on those. If you have any question about whether you are ready to take a certain course, please speak to the course instructor and/or your advisor.

APEC 5751 Global Trade and Policy (IP) 3 credits
Syllabus
Trade policies of import/export nations, gains from trade, trade negotiations/agreements. Free trade and common market areas. Exchange rate impacts. Primary commodities and market instability. Current trade issues.
FINA 6121 Debt Markets, Interest Rates, and Hedging 2 credits
Syllabus
Bond valuation: yield conventions, spot/forward rates, term structure, binomial pricing, static/option-adjusted spread. Duration: PVBP, Macauley/modified/effective duration, convexity. Portfolio management, hedging: dedicated, immunization, horizon matching, contingent, indexing, portfolio insurance, hedging. Treasury market: role of Fed, auctions, primary dealers, market conventions, bills, notes, bonds, strips, repos. Fixed income markets: agency, corporate, private placement, securitization, municipal.
FINA 6341 World Economy 4 credits
Syllabus
Tools to predict/understand ramifications of major economic events. Financial crises. Changes in monetary, fiscal, financial policies. Strategies for promoting long-run economic growth. Examples from U.S., Europe, Japan, developing countries.
Financial Mathematics
(612) 625-1306     mfmath@umn.edu
127 Vincent Hall
206 Church St. S.E.
Minneapolis, MN 55455 USA
www.math.umn.edu/finmath/courses/mfm_emphasis_in_world_economy_and_rates/index.shtml
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