The Cemfi was created by the Banco de España in 1987 and became an independent non-profit foundation in 1991. cemfi offers a high-quality graduate program leading to Master’s degrees in Economics and Finance and PhD in Economics. In 2006 the Cemfi Program was incorporated as an Official Postgraduate Program of the Universidad Internacional Menéndez Pelayo. As a result of its research work, cemfi received the María de Maeztu Unit of Excellence award from the Ministry of Economy, Industry and Competitiveness for the period 2017-2021.

The Cemfi group is composed of the researchers: Gerard Llobet (who serves as coordinator of the node), Guillermo Caruana and Susanna Esteban in addition to doctoral students Ignacio Berasategui, Cayrua Chaves and Alexandro Ruiz.


Ignacio Berasategui

is a doctoral student at Cemfi, where he studied a master’s degree in economics and finance between 2017 and 2019. His research in previous works analyzes the influence of the durability of capital on investment decisions in R&D and on economic growth.

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Guillermo Caruana

is a Professor at Cemfi and a specialist in commitment, negotiation, product design, marketing and mechanism design. Among his publications there are three of great relevance for the current project in the American Economic Review, Journal of Economic Theory and Review of Economic Studies.

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Cayrua Chaves

is a doctoral student at Cemfi. His research focuses on the effects of the recent explosion of tourist housing, through online platforms. His previous work on its effects on rental prices has been cited, for example, in the reports of the National Commission on Markets and Competition.

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Susanna Esteban

is a Full Professor at Cemfi. An important part of her research has focused on analyzing the effects of product durability on company and market behavior. Her work on this subject has appeared in journals such as the American Economic Review, RAND Journal of Economics and the Journal of Econometrics. In recent years, Susanna Esteban has been director of the following programs: Master in Economic Analysis, PhD in Economic Analysis, and Erasmus Mundus QEM at the Autonomous University of Barcelona. Currently, she is the director of the Master in Economics and Finance (CEMFI Universidad Internacional Menéndez Pelayo).

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Gerard Llobet (coord.)

is a Professor at Cemfi. He has published many papers on innovation in journals such as the Journal of Political Economy, Management Science, Journal of Economics and Management Strategy, Journal of Law and Economics or the International Journal of Industrial Organization. 

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Pello Munain-Aspuru
…is a doctoral student at CEMFI, where he previously earned a Masters degree in economics and finance (2018-2020 cohort). His research agenda lies in the intersection between industrial organization and political economy, with a focus in the energy sector.

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Alexandro Ruiz

is a doctoral student at Cemfi. His research deals with different topics, such as the effect of companies’ cross-shareholdings on competition, banking regulation and its effect on credit supply and issues related to talent promotion.

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