A new component of the cosmic medium, a light scalar field or "quintessence
," has been proposed recently to explain cosmic acceleration with a dynamic
al cosmological constant. Such a field is expected to be coupled explicitly
to ordinary matter, unless some unknown symmetry prevents it. I investigat
e the cosmological consequences of a coupled quintessence (CQ) model, assum
ing an exponential potential and a linear coupling. This model is conformal
ly equivalent to Brans-Dicke Lagrangians with any power-law potential. I ev
aluate the density perturbations on the cosmic microwave background and on
the galaxy distribution at the present and derive bounds on the coupling co
nstant from the comparison with observational data. A novel feature of CQ i
s that during the matter dominated era the scalar field has a finite and al
most constant energy density. This epoch, denoted as phi MDE, is a saddle p
oint in the dynamical phase space. The phi MDE is responsible of several di
fferences with respect to uncoupled quintessence: the multipole spectrum of
the microwave background is tilted at large angles, the acoustic peaks are
shifted, their amplitude is changed, and the present 8 Mpc/h density varia
nce is diminished. The present data constrain the dimensionless coupling co
nstant to \beta\less than or equal to 0.1 assuming Omega(m)=0.3 and a primo
rdial fluctuation slope n(s)=1.