Research Unit Director. Carlo Favero holds a D.Phil. from Oxford University. He has been professor of Econometrics at Bocconi University from 1994 to 2001 and professor of Economics since 2002. In 2009 he joined the newly formed Dept of Finance at Bocconi University, where he taught Econometrics. In 2023, he rejoined the Dept. of Economics at Bocconi. He has published in scholarly journals on the econometric modelling of bond and stock prices, applied econometrics, monetary and fiscal policy and time-series models for macroeconomics and finance. He is a research fellow of CEPR in the International Macroeconomics programme, and a fellow of the Innocenzo Gasparini Institute for the Economic Research at Bocconi University . He is advisor to the Italian Ministry of Treasury for the construction of a stock-flow consistent econometric model of the Italian economy. He has been consulting the European Commission, the World Bank and the European Central Bank, on monetary policy and the monetary transmission mechanism and bond markets. He couthored with A.Alesina and F.Giavazzi the book "Austerity. When it Works and When it Doesn't" (Princeton University Press 2019). The book has been translated in Chinese, Spanish and Italian and in May 2020 was awarded the Hayek Book Prize by the Manhattan Institute.