17/09/2025
Banco de España, UC3M and CEMFI organize the 1st Madrid Mountain Macro Conference (MMM)

1st Madrid Mountain Macro Conference (MMM)
The Banco de España, together with CEMFI and the Universidad Carlos III de Madrid, is organizing a conference on “Research in Macroeconomics” in Cercedilla, on Sep 18-19. The conference program is chaired by Clodomiro Ferreira(Banco de España), Evi Pappa (UC3M), Josep Pijoan-Mas (CEMFI), and Carlos Thomas (Banco de España)

08/08/2025
Víctor Sancibrián selected for the REStud North American Tour 2025

Víctor Sancibrián, a job market candidate from CEMFI joining Bocconi University next academic year, is selected for the REStud North American Tour 2025

The REStud North American Tour recognizes the most promising graduating doctoral students in economics and finance from European universities, and introduces them and their research to audiences in North America. Each year, 5-6 students are selected by a designated committee in line with the REStud’s tradition of encouraging the work of young economists. The tour consists of 3 conference-style meetings at economics departments or research centers across North America, and draw audiences from local universities, government institutions and think tanks. The REStud NA Tour has been held annually in October since 2021, and is the counterpart to the REStud European Tour which introduces top graduating students from North American universities to European audiences.

07/08/2025
CEMFI is inviting applications for one position of Research Assistant (Pre-doc)

CEMFI invites applications for a 1-year full-time Research Assistant position (Pre-doc). Candidates should have a strong interest in research in macroeconomics. You will work under the supervision of Professor Sebastián Fanelli in collaboration with Professor Kurt Mitman on two research projects. The work will relate to a variety of topics at the intersection of international macroeconomics, portfolio choice, and heterogeneous-agent macroeconomics. You will use a combination of statistical analysis and structural modeling to help contribute to the projects. The projects are funded by grant RYC2021-03498-I, financed by the MCIN/AEI /10.13039/501100011033 and the European Union NextGenerationEU/PRTRI, and UE /Grant PID2023-153327NB-I00 funded by MICIU/AEI /10.13039/501100011033 and by ERDF, UE, whose Principal Investigators are Professors Sebastián Fanelli and Kurt Mitman. The application deadline is August 21, 2025. For more information and to apply, click here.

05/08/2025
CEMFI is inviting applications for one position of Research Assistant (Pre-doc)

CEMFI invites applications for a 1-year full-time Research Assistant position (Pre-doc). Candidates should have a strong interest in developing software solutions for economically relevant problems – in particular, those related to energy and climate economics. The work will relate to several research projects in the areas of Energy and Environmental Economics and Industrial Organization carried out at EnergyEcoLab. The position is funded by the European Research Council Advanced Grant ERC-2023-ADG Project 101142583 — ENERGY-IN-TRANSITION, entitled 'Socio-Economic Challenges and Opportunities of the Energy Transition,' led by Professor Natalia Fabra, and by the Agencia Estatal de Investigación Grant CPP2024-011557 — IMPACT, entitled ‘Integrated Modelling for Physical Assessment of Climate Threats’. The application deadline is August 22, 2025. For more information and to apply, click here.

28/07/2025
The tenth cohort of students of the Undergraduate Summer Internships finish their stay

The tenth cohort of students of the Undergraduate Summer Internships finishes their stay.

The Undergraduate Summer Internships provide outstanding students with the opportunity to gain valuable work experience in economic research and data analysis at CEMFI in Madrid.

Summer interns have the opportunity to enhance their analytical, computational, and interpersonal skills in the cosmopolitan and friendly atmosphere of a leading international center for research and graduate study in economics and finance. The summer program also allows participants to learn about opportunities for graduate study and a career as a professional economist.

The program is intended for undergraduate students with a superior academic record, who would like to gain useful work experience in economic research before pursuing further studies or moving on to the labor market.

24/07/2025
CEMFI is inviting applications for one position of Research Assistant (Pre-doc)

CEMFI invites applications for one research assistant position to work in the project “Movements of Firms and Households across Cities (CITYMOVES)”. The position is funded by Proyecto PID2023-153374NB-I00 financed by MICIU/AEI, whose Principal Investigators are Professors Nezih Guner and Diego Puga. The offer is for a full-time position, with a one-year employment contract, with the possibility of extension for up to one more year, starting in September 2025. The application deadline is August 8, 2025. For more information and to apply, click here.

08/07/2025
CEMFI, together with the Bank of Spain and the UIMP, organised the 4th Conference on the Spanish Economy

Banco de España-CEMFI-UIMP Conference on the Spanish Economy

CEMFI, together with the Bank of Spain and the Universidad Internacional Menéndez Pelayo (UIMP), organised the Fourth Conference on the Spanish Economy which was held on 3 and 4 July 2025 in Santander.

This year's conference entitled “Immigration and Industrial Policy: Challenges and Opportunities for Spain”, included academic sessions and round tables on the challenges and opportunities that immigration and industrial policy pose for the Spanish economy. The program is available here.

The conference was held after the II CEMFI School of Economics on “Social Challenges: Ageing, Gender and Immigration” which took place at the Universidad Internacional Menéndez Pelayo (UIMP) in Santander from 30 June to 2 July 2025.

02/07/2025
Workshop on “Income, Employment, and Consumption Dynamics” took place on 30 June and 1st July at CEMFI

CEMFI, together with Federal Reserve Bank of St. Louis and Laboratory for Aggregate Economics & Finance (LAEF), organised the workshop “Income, Employment, and Consumption Dynamics”.

Recent research on income dynamics has moved beyond traditional linear models to capture better the complexities of how earnings evolve over the life cycle. This literature highlights non-linearities, heterogeneity, and asymmetries in earnings paths, leveraging rich administrative and panel data. This workshop brought together papers at the frontier of this research agenda, focusing on non-linear dynamics not only in earnings but also in consumption, employment, and beyond.

The program consisted of seven sessions with a total of twelve presentations. You can find the program here.

CEMFI gratefully acknowledges the support from the Spanish Ministry of Science, Innovation and Universities: Grant PID2023-153374NB-I00, Grant PID2023-153327NB-I00 and Grant CEX2020-001104-M.

30/06/2025
Graduation of the students of the 2025 class of the Master in Economics and Finance

The closing ceremony of the 2024-2025 academic year took place at CEMFI on 27 June. The event was attended by Soledad Nuñez, Deputy Governor of the Bank of Spain and President of CEMFI's Executive Committee, who awarded the diplomas to the students of the 2025 class of the Master's Degree in Economics and Finance.

Congratulations to the graduates!

30/06/2025
Olympia Bover has been awarded with AEET Award in Labor Economics 2025

Olympia Bover has been awarded the 2025 AEET Award in Labor Economics. Granted by a specialized committee, this honor recognizes individuals who have made significant contributions to advancing knowledge in the field. The award is presented during the AEET Distinguished Lecture at the Labor Economics Conference, celebrating the scientific impact of the recipient's work. In addition, recipients become honorary members of the AEET, joining the ranks of the distinguished academics who founded the association.

Congratulations to Olympia!

20/06/2025
CEMFI launches a new Postgraduate Program in Central Banking

The new Postgraduate Program in Central Banking aims to address the growing demand for highly qualified professionals in areas of special interest to central banks, such as macroeconomics and monetary policy, financial markets, and banking regulation and supervision. The program offers innovative training that combines solid knowledge in economics and finance with advanced preparation in quantitative analysis. All of this is carried out in an environment that prioritizes the practical application of acquired knowledge, thanks to a stays program at the Bank of Spain.

06/06/2025
Olympia Bover has been awarded with Premio Womenvalue in Economics 2025

The 2025 Premio Womenvalue award ceremony took place on June 5 2025, organized by Revista Inversion and Grupo Economia Digital.

The Prize, in the area of Economics was awarded to Olympia Bover, Senior Research Associate at CEMFI. You can find more information about the prize here.

Congratulations to Olympia!

03/06/2025
We are very pleased to welcome Natalia Fabra as a full professor at CEMFI, effective June 1, 2025

We are very pleased to welcome Natalia Fabra as a full Professor at CEMFI, effective June 1, 2025.

Natalia Fabra is a Professor of Economics specializing in Industrial Organization, with a focus on Energy and Environmental Economics, as well as Regulatory and Competition Policy. She earned her PhD in Economics from the European University Institute (Florence) in 2001.

She received the 2014 Sabadell-Herrero Award for the best young Spanish economist and the 2014 Julián Marías Award for the best young researcher in the Humanities and Social Sciences in the Community of Madrid.

She is the founder and director of EnergyEcoLab and Principal Investigator of the ERC Advanced Grant "ENERGY-IN-TRANSITION" (2025–2030) and the ERC Proof of Concept Grant "NextENERGEIA" (2023–2025).

02/06/2025
Gilles Duranton (University of Pennsylvania) and Diego Puga (CEMFI) have received the 2025 Maurice Allais Economics Award

The 2025 Maurice Allais Economics Prize award ceremony took place on May 27 at the MINES Paris – PSL “Grande Ecole”.

The Prize was awarded to Gilles Duranton, Professor at the Wharton School, University of Pennsylvania, and Diego Puga, Professor at CEMFI for their paper entitled “Urban growth and its aggregate implications” published in Econometrica (2023).

Congratulations to Diego and Gilles!

30/04/2025
Banco de España and CEMFI organize the Fifth Financial Stability Conference

Banco de España-CEMFI Financial Stability Conference

Banco de España and CEMFI organize the Fifth Financial Stability conference, which will take place on 12-13 June, 2025, at the Banco de España premises. The conference will feature two keynote speeches, twelve paper presentations, and a policy panel. You can find the program here.

29/04/2025
CEMFI is inviting applications for three Grants for Ph.D. candidates

CEMFI opens the call for applications for three grants for Ph.D. candidates (Formación de Personal Investigador, in Spanish) associated with the following research projects: "New Panel Data Methods with Empirical Applications in Impact Evaluation and Health Economics", "Movements of Firms and Households across Cities" and "Inequality, Exchange Rates, and Capital Flows". The deadline for applications is 18 May 2025.

For more details you can find the calls of the Ministry of Science and Innovation together with the State Research Agency, here for call 2022, and here for call 2023.To apply, click here.

22/04/2025
Job Market Placements of the Year 2025 Announced

CEMFI is happy to announce the 2025 job market placements. Our PhD program prepares students for successful careers in universities and academic centers as well as in central banks and public and private sector institutions. We are proud of the placements of our current and past graduate students.

21/04/2025
CEMFI, jointly with Banco de España and UIMP, organizes the 4th Conference on the Spanish Economy

Banco de España-CEMFI-UIMP Conference on the Spanish Economy

CEMFI, together with Banco de España and Universidad Internacional Menéndez Pelayo (UIMP), launches the fourth academic conference on the Spanish economy, that will be held on 3 and 4 July 2025 in Santander.

This conference series aims at bringing together top researchers to present their recent work on topics that are of critical importance for the Spanish economy, as well as distinguished policy-makers to discuss their views on these topics. This year’s conference will include academic sessions and panel discussions on the challenges and opportunities that immigration and industrial policy entail for the Spanish economy. The program is available here.

15/04/2025
CEMFI is inviting applications for one position of Research Assistant (Pre-doc)

CEMFI invites applications for one research assistant position to work in the project “Atracción de Talento Investigador “César Nombela”” focused on understanding how the rise in female labor force participation over the past 60 years has impacted the production of human capital. The position is funded by Comunidad de Madrid (2024-T1/PH-HUM-31497) and the Principal Investigator is Professor Kurt Mitman. The duration of the contract is up 3,5 months, starting as soon as possible thereafter. The application deadline is April 29, 2025. For more details and to apply click here.

10/04/2025
CEMFI endows 10 scholarships for its II School of Economics on “Social Challenges: Aging, Gender, and Immigration” at UIMP in Santander

CEMFI grants 10 scholarships for students attending the II CEMFI School of Economics on “Social Challenges: Aging, Gender, and Immigration”, which will take place at the Universidad Internacional Menéndez Pelayo (UIMP) in Santander on 30 June-2 July 2025. It will be taught by Giulia Buccione, Yarine Fawaz, Pedro Mira, and Joan Monras.

The course will deal with three highly topical issues: the impact of retirement on physical and cognitive health, and how it affects caregivers, the long-term trends in gender inequality and possible strategies for addressing them, and the impact of immigration on labor market outcomes.

The program is available here and the period for application to the scholarships finishes on 29 May 2025.

09/04/2025
Banco de España and CEMFI have organized the 16th joint Research Workshop

The “16th Banco de España-CEMFI Research Workshop” took place on 8 April 2025 at the premises of the Banco de España. The Workshop, jointly organised by the Banco de España and CEMFI, is a biannual one-day workshop where recent work by researchers from the two institutions is presented. The program can be found here.

04/04/2025
CEMFI organizes a summer course on “Social Challenges: Aging, Gender, and Immigration” at UIMP in Santander

The II CEMFI School of Economics on “Social Challenges: Aging, Gender, and Immigration” will take place at the Universidad Internacional Menéndez Pelayo (UIMP) in Santander on 30 June-2 July 2025. The course directors are Samuel Bentolila and Pedro Mira. It will deal with three key challenges currently facing our societies.

First, we will explore issues raised by ageing, studying the impact of retirement on physical and cognitive health, and analyzing how informal caregiving  affects caregivers' labor supply, health, and social networks. Second, we will review long-term trends in gender inequality, examining global disparities in economic and social outcomes and possible strategies for addressing them. And third, we will examine the impact of immigration on labor market outcomes, discussing the impact of immigrant consumption and labor market heterogeneity.

The School is aimed at final year undergraduates and graduate students in Economics. Depending on the availability of places, students may be invited to attend the 4th Banco de España-CEMFI-UIMP Conference on the Spanish Economy, on “Immigration and Industrial Policy: Challenges and Opportunities for Spain”, 3-4 July 2025.

The program is available here and the period for application to scholarships endowed by UIMP finishes on 25 April 2025.

02/04/2025
A research team led by CEMFI participates in the evaluation of 23 social inclusion policies in Spain

Professors Samuel Bentolila y Monica Martinez-Bravo  coordinate, with Ana Garcia-Hernandez from J-PAL Europe, a team of researchers that are evaluating 23 randomized controlled trials on social inclusion policies linked to the minimum income scheme, in the areas of education, digitalization, housing and energy poverty, social support and benefit non-take up, and work and entrepreneurship. The projects were promoted by the General Secretariat for Inclusion of the Spanish Ministry of Inclusion, Social Security and Migrations.

More information on the initiative, the team, and the results can be found at CEMFI’s new Inclusion Policy Evaluation site.

21/03/2025
Workshop on ‘Households in the 21st century: Marriage, fertility and challenges for public policies’ took place on Monday 24 March at CEMFI.

Workshop on ‘Households in the 21st century: Marriage, fertility and challenges for public policies’ took place on Monday 24 March at CEMFI.

CEMFI, together with the Bank of Spain, organized the workshop ‘Households in the 21st century: Marriage, fertility and challenges for public policies’. This workshop was part of the activities of the Global Economic Challenges (GEC) Network at Georgetown University.
The program consisted of seven presentations and ended with a panel discussion. You can find the program here, with links to the presentations and videos of each session.

CEMFI acknowledges support from "La Caixa" Foundation Social Research Grant SR22-00499.

13/03/2025
CEMFI launches a new edition of its Summer School

CEMFI launches a new edition of its Summer School. The application deadline is 13 June 2025.

The CEMFI Summer School aims to provide practitioners and academics from all over the world with an opportunity to update their training in fields within CEMFI's range of expertise.

A variety of one-week courses are offered each year, during late August and early September. The courses are taught by leaders in their fields. They are based on innovative teaching practices that combine regular lectures and personalized interaction between the instructor and course participants. Courses typically combine formal lectures, discussion sessions and, in some cases, workshop sessions where some participants can discuss their work. In more applied courses, practical classes outside the regular schedule are organized to provide additional hands-on experience. For more details about the courses and application, please click here.

04/02/2025
CEMFI launches the tenth edition of its Undergraduate Internship Program

CEMFI launches the tenth edition of its Undergraduate Internship Program. The application deadline is 11 April 2025.

The Undergraduate Summer Internships allow outstanding students to gain valuable work experience in economic research and data analysis at CEMFI in Madrid.

Summer interns have the opportunity to enhance their analytical, computational, and interpersonal skills in the cosmopolitan and friendly atmosphere of a leading international center for research and graduate study in economics and finance. The summer program also allows participants to learn about opportunities for graduate study and a career as a professional economist.

The program is intended for undergraduate university students with a superior academic record, who would like to gain useful work experience in economic research before pursuing further studies or moving on to the labor market. Students must be citizens of a European Union member country or have a valid Spanish ID card (NIE) for the duration of the internship. The program runs from 23 June to 18 July 2025. The duration of the internship is four weeks of full-time dedication. Interns will receive a stipend. For more details, please click here.

30/01/2025
CEMFI is inviting applications for up to two positions of Research Assistant (Pre-doc)

CEMFI invites applications for up to two 5-month part-time Research Assistant positions (Pre-doc). Candidates should have a strong interest in research in applied economics and/or economic history. One position will be fully remote, while the other will combine remote work and on-site work at the ‘Archivo General de la Administración’ (Alcalá de Henares). The positions are funded by the Scholarship for research in Social Sciences ‘SO2024-0065’, by the Royal Swedish Academy of Sciences. The application deadline is February 17, 2025. For more details and to apply click here.

15/01/2025
CEMFI is inviting applications for one position of Research Assistant (Pre-doc)

CEMFI invites applications for one research assistant position to work in the project “Financial Intermediation and Aggregate Performance”. The position is funded by the Research Grant No. MCIN PID2022-142998NB-I00, whose Principal Investigators are Professors Rafael Repullo and Javier Suarez. The duration of the contract is up 5 months, starting as soon as possible thereafter. The application deadline is February 2, 2025. For more details and to apply click here.