Microeconomics at CEMFI
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The microeconomics group at CEMFI covers several areas of research including industrial organization, microeconomic theory, energy economics, or behavioral economics. The members of this group make contributions that are both theoretical and empirical in nature and have been published in top journals. This group organizes the FIRMS seminar, which serves as a meeting hub for researchers in the Madrid area. On top of that, this group organizes the microeconomics workshop, where our PhD students present their own research, as well as recent research in their areas of interest. Members of the group are affiliated with other research centers and networks, such as the Centre for Economic Policy Research (CEPR) and they hold multiple grants from Spanish funding agencies and private institutions. We invite you to learn more about the Microeconomics group at CEMFI below.
Researchers
Guillermo Caruana
Associate Professor with Tenure
Natalia Fabra
Professor
Milena Almagro
Research Associate
Daniel Fernández
PhD student
Wisse Rutgers
PhD student
Seminars series
SEP
FIRMS Seminar
Andrés González-Lira (Pontificia Universidad Catolica de Chile) presents "Competition under Financial Constraints in Procurement Markets"
OCT
FIRMS Seminar
Nahim Bin Zahur (Queen's University) presents "TBA"
NOV
FIRMS Seminar
Nick Ryan (Yale University) presents "TBA"
NOV
FIRMS Seminar
Luis Aguiar (Universität Zürich) presents "TBA"
DEC
FIRMS Seminar
joint Banking and Finance Olivier Darmouni (HEC Paris) presents "Financing Investment in Electricity" (joint with Clemens Lehner and Pari Sastry)
Recent publications of this research line
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Gerard Llobet, Álvaro Parra and Javier Suárez,
Optimal Patent Screening with Imperfect Enforcement,
International Journal of Industrial Organization, (2026), 103248. -
Natalia Fabra, M. Reguant and J. Wang,
The Distributional Impacts of Time-Varying Electricity Pricing: A Novel Approach to Estimating Household Income,
Journal of the European Economic Association, forthcoming. -
D. Andrés-Cerezo and Natalia Fabra,
Storage and Renewable Energies: Friends or Foes?,
Economic Journal, forthcoming. -
Natalia Fabra and Gerard Llobet,
Fossil Fuels and Renewable energy:Mix or Match?,
Rand Journal of Economics, (2025), 121950.
Research grants
Designing Auctions for Renewable Energies and Storage (Fundación Ramón Areces, 2026-2028)
Researchers: Natalia Fabra (PI), Gerard Llobet.
IMPACT: Integrated Modelling for Physical Assessment of Climate Threats (Ministerio de Ciencia, Innovación y Universidades, 2025-2027)
Researchers: Natalia Fabra (PI).
Advances in Applied Microeconomics (Ministerio de Ciencia, Innovación y Universidades, 2025-2028)
Researchers: Gerard Llobet (Co-PI), Pedro Mira (Co-PI), Guillermo Caruana.
Socio-Economic Challenges and Opportunities of the Energy Transition (Consejo Europeo de Investigación, 2025-2030)
Researchers: Natalia Fabra (PI), Gerard Llobet.
Economic and Social Effects of Climate and Energy Policies (CLIMAD-CM) (Comunidad de Madrid, 2025-2027)
Researchers: Natalia Fabra (Co-PI), Gerard Llobet (Co-PI).