Studies

Placements & Alumni


Placements

Our graduates have demonstrated to have the knowledge and skills necessary to undertake a successful career. They have published their work in some of the most prestigious and influential journals in Economics, including the American Economic Review, Econometrica and the Review of Economic Studies, and they have found jobs in leading academic and professional institutions. Recent placements include MIT Sloan, London School of Economics, University of Southern California, Bank of Italy, and Bank of Spain. For a complete list of placements, please click here.

Selected Publications by CEMFI PhD Graduates

  • 2017 and forthcoming


    Jorge De La Roca and Diego Puga, Learning by working in big cities, Review of Economic Studies, 84 (1) (2017), 106 - 142.

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

    David Martínez-Miera and Rafael Repullo, Search for Yield, Econometrica, 85 (2017), 351 - 378.

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

    Stéphane Bonhomme and Laura Hospido, The Cycle of Earnings Inequality: Evidence from Spanish Social Security Data, Economic Journal, 127 (603) (2017), 1244 - 1278.

    Anatoli Segura and Javier Suárez, How excessive is banks' maturity transformation?, Review of Financial Studies, 30 (10) (2017), 3538 - 3580.

    Jorge De La Roca, Selection in initial and return migration: Evidence from moves across Spanish cities, Journal of Urban Economics , 100 (2017), 33 - 53.

    Jan Bietenbeck, Marc Piopiunik and Simon Wiederhold, Africa's Skill Tragedy: Does Teachers' Lack of Knowledge Lead to Low Student Performance?, Journal of Human Resources, forthcoming.

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

    Joan Llull, The Effect of Immigration on Wages: Exploiting Exogenous Variation at the National Level, Journal of Human Resources, forthcoming.

    Cristian Bartolucci, Claudia Villosio and Mathis Wagner, Who Migrates and Why? Evidence from Italian Administrative Data, Journal of Labor Economics, forthcoming.

  • Previous years


    Stéphane Bonhomme and Elena Manresa, Grouped Patterns of Heterogeneity in Panel Data, Econometrica, 83 (3) (2015), 1147 - 1184.

    Javier Mencía and Enrique Sentana, Valuation of VIX derivatives, Journal of Financial Economics, 108 (2) (2013), 367 - 391.

    Francisco Javier Álvarez de Pedro, Martin Browning and Mikkel Ejrnaes, Modelling income processes with lots of heterogeneity, Review of Economic Studies, 77 (4) (2010), 1353 - 1381.

    Víctor Aguirregabiria and Pedro Mira, Sequential Estimation of Dynamic Discrete Games, Econometrica, 75 (1) (2007), 1 - 53.

    David Lopez-Salido and Claudio Michelacci, Technology Shocks and Job Flows, Review of Economic Studies, 74 (4) (2007), 1195 - 1227.

    Claudio Michelacci and Javier Suárez, Business creation and the stock market, Review of Economic Studies, 71 (2) (2004), 459 - 481.

    Francisco Javier Álvarez de Pedro and Manuel Arellano, The time series and cross-section asymptotics of dynamic panel data estimators, Econometrica, 71 (4) (2003), 1121 - 1159.

    Víctor Aguirregabiria and Pedro Mira, Swapping the Nested Fixed Point Algorithm: A Class of Estimators for Discrete Markov Decision Models, Econometrica, 70 (2002), 1519 - 1543.

    Víctor Aguirregabiria, Robert Clark and Hui Wang, Diversification of Geographic Risk in Retail Bank Networks: Evidence from Bank Expansion after the Riegle-Neal Act, The RAND Journal of Economics, 47 (3) (2016), 529 - 572.

    Felipe Carozzi and Luca Repetto, Sending the Pork Home: Birth Town Bias in Transfers to Italian Municipalities, Journal of Public Economics, 134 (2016), 42 - 52.

    Yacine Ait-Sahalia, Dante Amengual and Elena Manresa, Market-Based Estimation of Stochastic Volatility Models, Journal of Econometrics , 187 (2) (2015), 418 - 435.

    Claudio Michelacci and Hernan Ruffo, Optimal Life Cycle Unemployment Insurance, American Economic Review, 105 (2) (2015), 816 - 859.

    Francisco Peñaranda and Enrique Sentana, A Unifying Approach to the Empirical Evaluation of Asset Pricing Models, Review of Economics and Statistics, 97 (2015), 412 - 435.

    Antonio Díez de los Ríos, A New Linear Estimator for Gaussian Dynamic Term Structure Models, Journal of Business and Economic Statistics, 33 (2) (2015), 282 - 295.

    Christopher Gust and David Lopez-Salido, Monetary Policy and the Cyclicality of Risk, Journal of Monetary Economics, 62 (2014), 59 - 75.

    Manuel García Santana and Josep Pijoan, The Reservation Laws in India and the Misallocation of Production Factors, Journal of Monetary Economics, 66 (2014), 193 - 209.

    Martin Browing and Jesús M. Carro, Dynamic binary outcome models with maximal heterogeneity, Journal of Econometrics, 178 (2) (2014), 805 - 823.

    Cristian Bartolucci, Gender Wage Gaps Reconsidered: A Structural Approach using matched employer employee data, Journal of Human Resources, 48 (4) (2013), 998-1034.

    Fabio Canova, David Lopez-Salido and Claudio Michelacci, The Ins and Outs of Unemployment: A Conditional Analysis, Economic Journal, 123 (569) (2013), 515 - 539.

    Rafael Repullo and Javier Suárez, The procyclical effects of bank capital regulation, Review of Financial Studies, 26 (2013), 452 - 490.

    Enrique Moral-Benito, Likelihood-based Estimation of Dynamic Panels with Predetermined Regressors, Journal of Business and Economic Statistics, 31 (4) (2013), 451-472.

    Stefania D'Amico, William English, David Lopez-Salido and Edward Nelson, The Federal Reserve's Large-Scale Asset Purchase Programmes: Rationale and Effects, Economic Journal, 122 (564) (2012), F415 - F446.

    Enrique Moral-Benito, Determinants of Economic Growth: A Bayesian Panel Data Approach, The Review of Economics and Statistics, 94 (2) (2012), 566-579.

    Javier Mencía and Enrique Sentana, Distributional tests in multivariate dynamic models with Normal and Student t innovations, Review of Economics and Statistics, 94 (1) (2012), 133 - 152.

    John Engberg, Brian Gill, Gema Zamarro and Ron Zimmer, Closing schools in a shrinking district: Do student outcomes depend on which schools are closed?, Journal of Urban Economics , 71 (2) (2012), 189 - 203.

    Francisco Peñaranda and Enrique Sentana, Spanning Tests in Portfolio and Stochastic Discount Factor Mean-Variance Frontiers: A Unifying Approach, Journal of Econometrics, 170 (2012), 303 - 324.

    Víctor Aguirregabiria and Chun-Yu Ho, A Dynamic Oligopoly Game of the US Airline Industry: Estimation and Policy Experiments, Journal of Econometrics, 168 (2012), 156 - 173.

    Jón Daníelsson and Francisco Peñaranda, On the Impact of Fundamentals, Liquidity and Coordination on Market Stability, International Economic Review, 52 (2011), 621 - 638.

    Antonio Díez de los Ríos and Enrique Sentana, Testing Uncovered Interest Parity: A Continuous-Time Approach, International Economic Review, 52 (4) (2011), 1215 - 1251.

    Oscar Arce and David Lopez-Salido, Housing Bubbles, American Economic Journal: Macroeconomics, 3 (1) (2011), 212 - 241.

    Luca Guerrieri, Christopher Gust and David Lopez-Salido, International Competition and Inflation: A New Keynesian Perspective, American Economic Journal: Macroeconomics, 2 (4) (2010), 247 - 280.

    Max Bruche and Javier Suárez, Deposit insurance and money market freezes, Journal of Monetary Economics, 57 (2010), 45 - 61.

    Víctor Aguirregabiria, Another Look at the Identification of Dynamic Discrete Decision Processes, with an Application to Retirement Behavior, Journal of Business and Economic Statistics, 28 (2) (2010), 201 - 218.

    Gema Zamarro, Accounting for heterogeneous returns in sequential schooling decisions , Journal of Econometrics, 156 (2) (2010), 260 - 276.

    David Martínez-Miera and Rafael Repullo, Does Competition Reduce the Risk of Bank Failure?, Review of Financial Studies, 23 (2010), 3638 - 3664.

    Víctor Aguirregabiria and Pedro Mira, Dynamic Discrete Choice Structural Models: A Survey, Journal of Econometrics, 156 (1) (2010), 38 - 67.

    Richard John Buddin and Gema Zamarro, Teacher Qualifications and Student Achievement in Urban Elementary Schools , Journal of Urban Economics , 66 (2) (2009), 103 - 115.

    Javier Mencía and Enrique Sentana, Multivariate location-scale mixtures of normals and mean-variance-skewness portfolio allocation, Journal of Econometrics, 153 (2) (2009), 105 - 121.

    Ángel León, Javier Mencía and Enrique Sentana, Parametric Properties of Semi-Nonparametric Distribution, with Application to Option Valuation, Journal of Business and Economic Statistics, 27 (2) (2009), 176 - 192.

    Andrew T. Levin, David Lopez-Salido, Edward Nelson and Tack Yun, Macroeconometric Equivalence, Microeconomic Dissonance, and the Design of Monetary Policy, Journal of Monetary Economics, 55 (2008), S48 - 62.

    Michael U. Krause, David Lopez-Salido and Thomas A. Lubik, Inflation Dynamics with Search Frictions: A Structural Econometric Analysis, Journal of Monetary Economics, 55 (5) (2008), 892 - 916.

    Jose M. Abellan, Han Bleichrodt, Ildefonso Mendez and Jose L. Pinto, Resolving inconsistencies in utility measurement under risk: tests of generalizations of expected utilities, Management Science, 53 (2007), 469 - 482.

    Jesús M. Carro, Estimating dynamic panel data discrete choice models with fixed effects, Journal of Econometrics, 140 (2007), 503 - 528.

    Víctor Aguirregabiria, Pedro Mira and Hernan Roman, An Estimable Dynamic Model of Entry, Exit and Growth in Oligopoly Retail Markets, American Economic Review, 97 (2) (2007), 449 - 454.

    Jordi Gali, David Lopez-Salido and Javier Valles, Understanding the Effects Government Spending Shocks on Consumption, Journal of the European Economic Association, 5 (1) (2007), 227 - 270.

    Jordi Gali, Mark J. Gertler and David Lopez-Salido, Markups, Gaps, and the Welfare Cost of Business Fluctuations, Review of Economics and Statistics, 89 (1) (2007), 44 - 59.

    Javier Andrés, David Lopez-Salido and Javier Valles, Money in a Estimated Business Cycle Model of the Euro Area, Economic Journal, 116 (511) (2006), 457 - 477.

    Claudio Michelacci and Javier Suárez, Incomplete wage posting, Journal of Political Economy, 114 (6) (2006), 1098 - 1123.

    Raquel Carrasco, Jose M. Labeaga and David Lopez-Salido, Consumption and Habits: Evidence from Panel Data, The Economic Journal, 115 (500) (2005), 144 - 165.

    Jordi Gali, Mark J. Gertler and David Lopez-Salido, Robustness of the Estimates of the Hybrid New Keynesian Phillips Curve, Journal of Monetary Economics, 52 (6) (2005), 1107 - 1118.

    Javier Andrés, David Lopez-Salido and Edward Nelson, Sticky Price Models and the Natural Rate Hypothesis, Journal of Monetary Economics, 52 (5) (2005), 1025 - 1053.

    Francisco Javier Álvarez de Pedro, Dynamics and seasonality in quarterly panel data: An analysis of earnings mobility in Spain, Journal of Business and Economic Statistics, 22 (4) (2004), 443 - 456.

    Maria Gutierrez, An Economic Analysis of Corporate Directors' Fiduciary Duties, Rand Journal of Economics, 34 (2003), 516 - 535.

    Andrés Almazán and Javier Suárez, Entrenchment and severance pay in optimal governance structures, Journal of Finance, 58 (2) (2003), 519 - 548.

    Andrés Almazán and Javier Suárez, Managerial compensation and the market reaction to bank loans, Review of Financial Studies, 16 (1) (2003), 237 - 261.

    Jordi Gali, David Lopez-Salido and Javier Valles, Technology Shocks and Monetary Policy: Assesing Fed's Performance, Journal of Monetary Economics, 50 (4) (2003), 723 - 743.

    Pedro Albarrán and Orazio Attanasio, Limited commitment and crowding out of private transfers. Evidence from a randomized experiment, The Economic Journal, 113 (486) (2003), C77 - C85.

    Arantza Gorostiaga, Should Fiscal Policy Be Different in a Non-Competitive Framework?, Journal of Monetary Economics, 50 (6) (2003), 1311 - 1331.

    Manuel Arellano and Raquel Carrasco, Binary Choice Panel Data Models with Predetermined Variables, Journal of Econometrics, 115 (2003), 125 - 157.

    Javier Andrés, David Lopez-Salido and Javier Valles, Intertemporal Substitution and the Liquidity Effect in a Sticky Price Model, European Economic Review, 46 (8) (2002), 1399 - 1421.

    Enrico Perotti and Javier Suárez, Last bank standing: What do I gain if you fail?, European Economic Review, 46 (9) (2002), 1599 - 1622.

    Raquel Carrasco, Binary Choice with Binary Endogenous Regressors in Panel Data: The Effect of Fertility on Female Labour Force Participation, Journal of Business and Economics Statistics, 19 (4) (2001), 385 - 394.

    Jordi Gali, Mark J. Gertler and David Lopez-Salido, European Inflation Dynamics, European Economic Review, 45 (7) (2001), 1237 - 1270.

    Martin Browning and M. Dolores Collado, The Response of Expenditures to Anticipated Income Changes: Panel Data Estimates, American Economic Review, 91 (2001), 681 - 692.

    Rafael Repullo and Javier Suárez, Entrepreneurial moral hazard and bank monitoring: A model of the credit channel, European Economic Review, 44 (10) (2000), 1931 - 1950.

    Víctor Aguirregabiria, The Dynamics of Markups and Inventories in Retailing Firms, The Review of Economics Studies, 66 (1999), 275 - 308.

    Rafael Repullo and Javier Suárez, Monitoring, liquidation, and security design, Review of Financial Studies, 11 (1998), 163 - 187.

    M. Dolores Collado, Estimating dynamic models from time series of independent cross-sections, Journal of Econometrics, 82 (1998), 37 - 62.

    Javier Suárez and Oren Sussman, Endogenous cycles in a Stiglitz-Weiss economy, Journal of Economic Theory, 76 (1997), 47 - 71.

What Our PhD Graduates Say

David López-Salido, Board of Governors of the Federal Reserve System, CEMFI PhD 1995
CEMFI offers an ideal intellectual environment: professors are role models and truly mentors of students; and professors and students are bonded by the pursuit of academic excellence. I remember my years at CEMFI as challenging, inspiring, and highly rewarding. A truly extraordinary opportunity that shaped my career

Elena Manresa, NYU, CEMFI PhD 2015
A time of tremendous intellectual and personal growth thanks to the combination of three things: the high quality of the curriculum, the guidance and encouragement of the faculty to produce frontier research, and the quality of my classmates. CEMFI is the place for those who want to thrive in their future academic careers!

Jorge de la Roca, University of Southern California, CEMFI PhD 2012
At CEMFI, I found an academic environment that was challenging and highly supportive to help achieve my goals. Pursuing a PhD is a long and enduring journey. It is encouraging to know that faculty, staff and peers do not want to leave you behind.


See all

Victor Aguirregabiria, University of Toronto, CEMFI PhD 1995
As a graduate student at CEMFI, I enjoyed high-quality teaching and dedicated mentoring from first-class international scholars in a very collegial and friendly environment. Over the years, I have seen how the prestige and reputation of CEMFI has grown to become one of the best graduate schools in economics in Europe.

Joan Llull, Universitat Autònoma de Barcelona, CEMFI PhD 2011
Reputed and very engaged faculty, perfect size, student-professor proximity, passion for Economics, privileged location, awesome city, a great push for a career in academia or the private sector. I cannot think of a better place for undertaking graduate education in Economics.

Gema Zamarro, University of Arkansas, CEMFI PhD 2006
I will always remember the multiple and long meetings with my advisor, Manuel Arellano, sitting on the sofa in his office, giving me guidance on how to better continue with my dissertation work. The personalized attention and dedication to student growth is a unique aspect of the PhD program at CEMFI.

Jorge de la Roca, University of Southern California, CEMFI PhD 2012
At CEMFI, I found an academic environment that was challenging and highly supportive to help achieve my goals. Pursuing a PhD is a long and enduring journey. It is encouraging to know that faculty, staff and peers do not want to leave you behind.

Felipe Carozzi, London School of Economics, CEMFI PhD 2015
It has changed the way I think, the way I ask and answer questions about the world around me and, of course, it has put me in a career path that would have been unthinkable had I not been part of this institution.

Manuel García Santana, Universitat Pompeu Fabra, CEMFI PhD 2012
Never stop learning. That is the best way to define what you will find at CEMFI. If you love economics, you will enjoy every single day you spend there.

Elena Manresa, NYU, CEMFI PhD 2015
A time of tremendous intellectual and personal growth thanks to the combination of three things: the high quality of the curriculum, the guidance and encouragement of the faculty to produce frontier research, and the quality of my classmates. CEMFI is the place for those who want to thrive in their future academic careers!

Hernan Ruffo, Universidad Torcuato Di Tella, CEMFI PhD 2011
I found professors who were not only leading researchers in their fields, but also warm and accessible, with whom it was possible to openly discuss any progress in my own research. I benefited a lot from this close supervision during my PhD.

Jan Bietenbeck, Lund University, CEMFI PhD 2015
Perhaps the most unique feature of CEMFI’s Ph.D. program is the close contact with faculty members and visiting researchers, who hail from some of the best universities in the world. The connections I made during my doctoral studies still benefit me in my professional development today.

Alessandro Galesi, Bank of Spain, CEMFI PhD 2015
CEMFI provides a supportive and intellectually stimulating environment that allows for close interaction with exceptionally talented and motivated faculty. The constant supervision I have received as a PhD student has been priceless to develop my skills for conducting research.

Alejandro Requejo, Compass Lexecon, CEMFI PhD 1997
I have always thought that my professional career would have been very different had I not completed CEMFI’s Master degree. My stay allowed me to strengthen my knowledge of Economics, Econometrics and Finance and gave me the opportunity to explore the academic world. Not surprisingly, I enrolled in CEMFI's PhD Program!

Jin Huang, NYU Shanghai, CEMFI PhD 2017
The six years at CEMFI changed my perspective on life. I grew up to be a fully confident and independent researcher. CEMFI gives students the feeling that each of us is a significant part of it, and such a high sense of community is really rare.

David López-Salido, Board of Governors of the Federal Reserve System, CEMFI PhD 1995
CEMFI offers an ideal intellectual environment: professors are role models and truly mentors of students; and professors and students are bonded by the pursuit of academic excellence. I remember my years at CEMFI as challenging, inspiring, and highly rewarding. A truly extraordinary opportunity that shaped my career

Victor López, European Central Bank, CEMFI PhD 2004
CEMFI's PhD Program allowed me to get first an internship and then a job at the European Central Bank.

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