Studies

PhD in Economics



Our program prepares students for successful careers in universities and academic centers as well as in central banks and public and private sector institutions. Many years of successful placements, as well as the career paths of our graduates, speak to the value added of our PhD program. This high value has been recognized with the recent award of the María de Maeztu Excellence Distinction. This highly selective distinction is awarded by Spain’s National Research Agency to “fund and accredit public research centers and units in any scientific area that demonstrate international scientific impact and leadership and actively collaborate with their social and business environment.”

Our students enjoy a stimulating academic environment with accessible and supportive faculty. The program comprises two stages: stage one, coursework; and stage two, research. The coursework stage provides students with state of the art tools to successfully conduct research in an ample range of areas in Economics. The research stage fosters an international and interactive academic environment in which students grow to develop an independent and productive career. The typical duration of studies is five to six years. Students who successfully complete the two stages are awarded the degrees Master in Economics and Finance and PhD in Economics and Government. The Universidad Internacional Menéndez Pelayo awards the official degrees of the CEMFI Graduate Program.

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Selected Publications by PhD Graduates


Luca Repetto, Political budget cycles with informed voters: evidence from Italy, The Economic Journal, forthcoming.


Joan Llull, Immigration, Wages, and Education: A Labor Market Equilibrium Structural Model, Review of Economic Studies, forthcoming.


Max Bruche and Anatoli Segura, Debt maturity and the liquidity of secondary debt markets, Journal of Financial Economics, 124 (3) (2017), 599 - 613.



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