Tommaso Monacelli is Professor of Economics at Università Bocconi, Milan, and Fellow of IGIER, CEPR and Kiel Institute for the World Economy. He holds a Ph.D. in Economics from New York University, and has been previously Associate Professor at Bocconi and Assistant Professor at Boston College. He is currently Managing Editor of Economic Policy, and Associate Editor of the Journal of the European Economic Association, of the Journal of Money Credit and Banking, and of the IMF Economic Review. He has been Adjunct Professor at Columbia University, Visiting Professor at Central European University, research consultant for the ECB and the OECD, and Visiting Scholar at IMF, ECB and Riksbank. He has published in several international scientific journals. His research interests are in open economy macroeconomics to monetary economics.