Banco de España and CEMFI have organized the Third Conference on Financial Stability on 18-19 October. The program and papers are available here.

Nicola Fuchs-Schündeln (Goethe University Frankfurt) delivers the opening lecture of the academic year 2021-2022 entitled “Hours Worked across the World.

CEMFI Awards of the Academic Year 2020-2021.

During the Opening Ceremony the following CEMFI Awards were announced: Teacher of the Year Award to Gerard Llobet, Teaching Assistant of the Year Award to Dmitri Kirpichev, and Best Third-Year Paper Prize to Claudio Luccioletti for his paper "Labor Market Power and the City-Size Wage Premium." Two honorable mentions were given to Clara Arroyo and Matteo Sartori for their Third-Year papers "Heterogeneity and the Role of Terms-of-Trade Shocks" and "Dignity by Decree? The Occupational Effects of Temporary Jobs Regulation in Italy," respectively.

CEMFI is inviting applications for up to three tenure-track positions at the Assistant Professor level starting in September 2022.

The XX Fundación Banco Sabadell Award has been handed to Mónica Martínez-Bravo

In her speech, Mónica Martínez-Bravo has stated that “Receiving this award has been an incredible honor. I hope it helps to spread the type of research we carry out in the field of economics, such as for example, the wide variety of topics we cover, the scientific rigor and the empirical approach that oftentimes has our research work”.

Rafael Repullo has been appointed Fellow Member of The European Money and Finance Forum (SUERF).

CEMFI has renewed its “María de Maeztu Unit of Excellence” distinction for the period 2022-2025.

The Spanish Ministry of Science and Innovation has announced that CEMFI is one of the 6 units that has been officially proposed for a "Maria de Maeztu Unit of Excellence" distinction for the period 2022-2025 among the 33 units that applied for it. This distinction is associated to a 1.8 million euro funding for research and graduate education and it is the renewal of the distinction that CEMFI obtained for the period 2017-2021.

Graduation of the students of the class of 2021 of the Master in Economics and Finance.

In his speech, the Governor of Banco de España stated that the investment in human capital is essential for long-term growth and that, in that respect, CEMFI is an example of "academic institutions that are international leaders in their field of expertise, that can produce groundbreaking research and that are able to attract talent from any part of the world."

Rafael Repullo has been appointed member of the Scientific Advisory Board of the Faculty of Business, Economics, and Statistics of the University of Vienna

Monica Martinez-Bravo has received the XX Fundación Banco Sabadell Award.

Press release and profile of the awardees (in Spanish)

Luis Servén has been appointed member of the Governing Council of Banco de España.

CEMFI invites applications for a Research Assistant position.

The AEAC interviews Rafael Repullo to talk about CEMFI (in Spanish)

CEMFI invites applications for two Research Assistant positions

Monica Martinez-Bravo is interviewed about her research on mass vaccination by VoxEU/CEPR.

Applications for the CEMFI Summer School 2021 are now welcome.

Information about the eleven courses offered, some online and others in a hybrid format, is available here. The deadline for applications is 11 June.

Samuel Bentolila has been appointed to the Advisory Board of the Spanish Independent Authority for Fiscal Responsibility (AIReF)

In collaboration with Banco de España, CEMFI will organize the Third Conference on Financial Stability on 18-19 October 2021.

The call for papers is here .

Tom Zohar will be joining CEMFI's faculty next academic year. His research area is labor economics.

Liyang Sun will be joining CEMFI’s faculty in the summer of 2022. Her research area is econometrics.

CEMFI launches the sixth edition of its Undergraduate Internship Program.

Rafael Repullo writes a critical review of the deposits channel of monetary policy in VoxEU.org.

Dmitry Arkhangelsky receives funding from Fundación Ramón Areces to study estimation under sequential exogeneity.

In this project, we focus on the estimation of causal effects with panel data under the assumption of sequential exogeneity. Sequential exogeneity is rarely used in applied "reduced form" papers despite being a well-known and widely recognized econometric concept. Instead, most of the empirical work is done under a more restrictive (and often implicit) assumption of strict exogeneity. This project's primary goal is to show that sequential exogeneity is a natural and useful concept for empirical work. To achieve this goal, we follow three steps. First, using recent ideas from causal literature, we construct a flexible estimator that can be used instead of the standard ordinary least squares and provide its interpretation in a rich causal model. Second, we analyze the statistical properties of this estimator in different regimes (long and short panels) and illustrate the main trade-offs one has to face. Finally, we apply the new estimator to recently published empirical papers that use a standard OLS approach to see if sequential exogeneity changes the results in an economically important way.

Here is a summary of the paper "The Labor Market Impact of Immigration: Job Creation versus Job Competition" by Christoph Albert, published in the American Economic Journal: Macroeconomics.

Fundación Carolina, in cooperation with BBVA, endows two scholarships for Latin American students of the Master in Economics and Finance.

Do you want to learn more about CEMFI’s Master and PhD programs? Join us for an online meeting this Friday, 15 January, at 12:00 (CET) registering here.