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Who we are

CEMFI is a leading institution in research and graduate education in economics and finance. It was founded by the Bank of Spain in 1987 and, since 1991, it is a non-profit foundation.

CEMFI has an active and stimulating academic environment. Our faculty is a group of 18 internationally-recognized scholars who have made frontier contributions to their fields of expertise. Numerous faculty members have been elected to some of the most prestigious appointments in economics. Among our faculty, we find a former President, two Executive Vice-Presidents, and three Fellows of the Econometric Society. We also find a former President and three Fellows of the European Economic Association, 12 Research Fellows and two Program Directors of the Centre for Economic Policy Research, and five Presidents of the Spanish Economic Association. Our faculty members have also received prestigious prizes and awards. Three faculty members have been awarded the Rey Jaime I Prize in Economics, which recognizes outstanding contributions to the advancement of science in Spain, and two faculty members have been recipients of the Fundación Banco Herrero Prize, awarded to a Spanish researcher under the age of 40 who has made outstanding contributions to economics or social sciences.

CEMFI’s graduate education rests on the commitment to provide students with rigorous training in economics and finance. Its offerings include a Master in Economics and Finance and a PhD in Economics. Our placements, and the careers paths of our graduates, are the best endorsement of the value added of our programs. Complementing our graduate offerings, we also organize a Summer School, which provides specialized frontier training to practitioners, academics, and graduate students, and a Diploma in Banking Supervision, which we organize in collaboration with the Bank of Spain.

In 2006, CEMFI signed a degree agreement with the Universidad Internacional Menéndez Pelayo. By this agreement, students of our Master in Economics and Finance and our PhD in Economics are awarded official Master and PhD degrees upon successful completion of their studies. In most countries, the distinction between official and non-official degrees is immaterial as the quality of a degree is guaranteed by the granting institution itself. In Spain and in several other European countries, the State may review the quality of the program, in which case it is designated to be an official degree.


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