Tommaso Monacelli is Professor of Economics at Università Bocconi, Milan. He holds a Ph.D. from New York University (1999), has been Assistant Professor at Boston College (1999-2002) and at Igier-Bocconi (2002-2005). He is Research Affiliate of CEPR and Associate Editor of the Journal of Money Credit and Banking. He has been Research Consultant for the ECB, Visiting Scholar at IMF, ECB and Riksbank, and Visiting Professor at CEU. He has published in various refereed journals in the area of open economy macroeconomics and monetary economics.