Excellence in Research and Teaching

CEMFI is a leading graduate school in Economics in the heart of Madrid.

Master in Economics and Finance

A rigorous two-year program that successfully places students in the professional job market as well as in top doctoral programs.

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PhD in
Economics

A selective doctoral program that is endorsed by the quality of its placements and the career paths of its graduates.

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Undergraduate Summer Internships

An opportunity to gain valuable work experience in economic research and data analysis.

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Advanced Training School

Programs designed for professionals seeking to update and expand their knowledge in fields within CEMFI's range of expertise.

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Summer
School

Intensive, one-week courses covering the most recent developments in fields within CEMFI's range of expertise.

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News

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The workshop “The Design of Efficient Legal Rules and Institutions” took place on Friday, November 14th, at CEMFI

The workshop “The Design of Efficient Legal Rules and Institutions” took place on Friday, November 14th, at CEMFI

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“Workshop on Applied Microeconometrics and Panel Data” will be held on 11 December, in CEMFI

“Workshop on Applied Microeconometrics and Panel Data” will be held on 11 December, in CEMFI

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Natalia Fabra has been recognized with the “Doctora de Alcalá” Award for Research Excellence by the Universidad de Alcalá

Natalia Fabra has been recognized with the “Doctora de Alcalá” Award for Research Excellence by the Universidad de ...

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The workshop on “Banking and Financial Intermediation” took place on Friday, November 7th, at CEMFI

The workshop on “Banking and Financial Intermediation” took place on Friday, November 7th, at CEMFI

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Recent publications

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Royalty Stacking and Validity Challenges: The Inverse Cournot Effect
Royalty Stacking and Validity Challenges: The Inverse Cournot Effect

Gerard Llobet and Jorge Padilla

Journal of Industrial Economics, 2023.

Score-type tests for normal mixture models
Score-type tests for normal mixture models

Dante Amengual, Xinyue Bei, Marine Carrasco and Enrique Sentana

Journal of Econometrics, 2025.

Robinson Crusoe: less or more depressed? With whom and where to live in a pandemic if you are above 50
Robinson Crusoe: less or more depressed? With whom and where to live in a pandemic if you are above 50

Inés Berniell, Anne Laferrere, Pedro Mira and Elizavetta Pronkina

Review of Economics of the Household, 2023.

Bank restructuring under asymmetric information: The role of bad loan sales
Bank restructuring under asymmetric information: The role of bad loan sales

Anatoli Segura and Javier Suarez

Journal of Financial Intermediation, 2023.

Micro and macro effects of UI policies: Evidence from Missouri
Micro and macro effects of UI policies: Evidence from Missouri

Fatih Karahan, Kurt Mitman and Brendan Moore

Journal of Political Economy, 2025.

Urban growth and its aggregate implications
Urban growth and its aggregate implications

Gilles Duranton and Diego Puga

Econometrica, 2023.