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Spain: Center for Monetary and Financial Studies

Spain 31 March 2008, 00:00

The Center for Monetary and Financial Studies (CEMFI) is an institution created by the Bank of Spain in 1987 whose aims are graduate teaching and research in economics

The Center for Monetary and Financial Studies (CEMFI) is an institution created by the Bank of Spain in 1987 whose aims are graduate teaching and research in economics. It offers a high-quality Graduate Program leading to the official degrees of Master in Economics and Finance and PhD in Economics.

The Master in Economics and Finance is a two-year full-time program. The Master is intended to prepare students for a wide range of careers in the public and the private sectors. It also serves as the first two years of the PhD in Economics at CEMFI. This flexibility is very attractive to many students that initially are not sure whether they would like to follow a professional or an academic track. The distinctive feature of the program is the combination of an orientation towards applied and policy issues with a strong emphasis on analytical and quantitative approaches to these issues. This requires a solid understanding of the relevant economic, econometric, and computational techniques. About 25 students are enrolled each year, which allows for close interaction with CEMFI’s faculty. The program is taught in English.

The PhD in Economics at CEMFI consists of two years of graduate course work and research training in the Master in Economics and Finance, followed by three years of full-time PhD dissertation work. The aim is to train researchers who are able to make significant contributions to scientific knowledge in economics. The program received the Quality Distinction (“Mención de Calidad”) of the Spanish Ministry of Education and Science for the academic years 2007-2008 to 2010-2011.

Since 1997 CEMFI organizes a Summer School. The aim is to provide established practitioners and academics from all over the world with an opportunity to update their training in fields within CEMFI's range of expertise. The courses are also open to graduate students who intend to specialize in such fields.

CEMFI currently has a faculty of 12 professors plus 2 post-doctoral research fellows. Among them there are 2 Fellows of the Econometric Society, 3 Fellows of the European Economic Association, and 6 Research Fellows of the Centre for Economic Policy Research (CEPR). The quality of the research of the faculty is evidenced by:

  • A long list of publications in top economics journals, including in the last year papers in Econometrica, Journal of Political Economy, Review of Economic Studies, Journal of Economic Theory, and Journal of the European Economic Association.
  • Participation as Co-Editors or Associate Editors of prestigious journals such as Review of Economic Studies, Journal of the European Economic Association, and Journal of Applied Econometrics, in Executive Committees of international scientific associations such as the Econometric Society and the European Economic Association, and in program committees of numerous international workshops and conferences.

CEMFI is a place with an intellectually exciting atmosphere, reflected in the series of seminars and lunchtime workshops as well as in the frequency and high quality of the visitors that spend time at CEMFI and give talks or invited lectures. We foster a close interaction across research fields and research styles. At a typical workshop there will be lively discussion bringing together theoretical, empirical, econometric, and policy insights.

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