Paolo Pesenti is the Director of the Monetary Policy Research Division in the Research and Statistics Group of the Federal Reserve Bank of New York. Before joining the Bank he taught Economics and International Affairs at Princeton. He also taught at New York and Columbia Universities and was a visiting scholar at several research institutions worldwide. He served as a scientific consultant to the European Central Bank and a resident scholar at the International Monetary Fund. Mr. Pesenti is affiliated with the Centre for Economic Policy Research and the National Bureau of Economic Research. His widely published research specializes in international macroeconomics and finance. He is a recipient of the Hicks-Tinbergen Medal of the European Economic Association for his work on international portfolio diversification, and he is coauthor of an award-winning monograph on the crisis of the European Monetary System. He has been a member of the editorial boards of the Journal of International Economics, the Journal of Money, Credit, and Banking, and the Economic Policy Review. Mr. Pesenti holds a Laurea in Economics and Social Studies from Bocconi University and a Ph.D. in Economics from Yale University.