Fluent In: Italian.
Ph.D., Economics, 1991, UCLA.
Doctorate, Economics, 1991, University of Pavia, Italy.
Laurea (B.A./M.A.), Economics, 1984, University of Turin, Italy.
2008-present: Advisor, (Senior Personnel Manager and Alternate Senior Budget Manager), IMF Research Department, Immediate Office.
Main responsibility: manage personnel of the Research Department, including recruitment, transfers, promotions, and annual performance review. Represent the Research Department in the Economist Committee and discuss promotion cases in front of the Review Committee.
Other Professional Positions:
2007-2008: Division Chief, IMF Research Department, Macroeconomic Studies Division.
Main responsibility: manage team of nine economists and four support staff; coordinate research and review work of the division on LICs and emerging markets; lead (with A. Spilimbergo) team constructing new database on structural reforms and write (with J. Ostry and A. Spilimbergo) Board Paper on the effects of structural reforms on economic performance (June 2008); lead (with L. Ricci) team developing methodology for Equilibrium Exchange Rate Assessments in LICs.
2005-2007: Advisor (Senior Budget Manager and Alternate Senior Personnel Manager), IMF Research Department, Immediate Office.
Main responsibility: coordinate RES budget team; prepare budget submission and business plan; reform RES’s budget allocation, monitoring, and reporting systems, including introduction of research budgets for individual economists and divisions; lead RES’s contribution to Board Paper on the Vulnerability Exercise methodology and represent RES in Vulnerability Sub-Committee of the Financial Surveillance Task Force.
2002-2005: Deputy Division Chief, IMF Research Department, Macroeconomic Studies Division.
Main responsibility: help Division Chief manage division; coordinate research projects on low-income countries; review internal documents on Turkey; conduct research on developing countries. Mission Chief: San Marino (Article IV, 2004).
1999-2001: Senior Economist, IMF Research Department, Commodities and Special Issues Division.
Main responsibility: review internal documents on Turkey, as well as Mexico, Indonesia, Pakistan, South Africa, and Nigeria; conduct research on developing countries.
1997-1999: Economist/Senior Economist, IMF Research Department, Capital Markets & Financial Studies Division.
Main responsibility: European Economic and Monetary Union. Member of staff team International Capital Markets Report, 1997-1999. Missions: 1999 Capital Markets mission to Germany, France, Italy, U.K., Belgium, Switzerland; 1998 Capital Markets mission to Germany, France, U.K., Switzerland, Czech Republic; 1997 Capital Markets mission to Germany, France, Italy, U.K., Belgium, Switzerland, Turkey.
1994-1996: Economist, IMF European Department I, Southern European Division I.
Main responsibility: Italian desk. Missions: Art. IV and staff visits to Italy (1994-96), Portugal (1995), and San Marino (1994, 1996).
1989 1993: Economist, Banca d'Italia, Research Department, Monetary Division.
Main responsibility: monetary and credit aggregates; treasury bill auctions and public debt management; financial accounts.
IMF Books and Working Papers:
Aid, Exports, and Growth: A Time-Series Perspective on the Dutch Disease Hypothesis, Working Paper No. 13/73, March 20, 2013
External Performance in Low-Income Countries, Occasional Paper No. 272, March 15, 2011
Structural Reforms and Economic Performance in Advanced and Developing Countries, Occasional Paper No. 268, October 15, 2009
External Balance in Low Income Countries, Working Paper No. 09/221, October 01, 2009
Who Benefits from Capital Account Liberalization? Evidence from Firm-Level Credit Ratings Data, Working Paper No. 09/210, September 01, 2009
Exchange Rate Assessments: CGER Methodologies, Occasional Paper No. 261, April 07, 2008
Money Market Integration, Working Paper No. 06/207, September 01, 2006
Aid Volatility and Dutch Disease: Is There a Role for Macroeconomic Policies?, Working Paper No. 06/145, June 01, 2006
Obstacles to Disinflation: What is the Role of Fiscal Expectations?, Working Paper No. 04/111, June 01, 2004
Would "Cold Turkey" Work in Turkey?, Working Paper No. 03/49, March 01, 2003
Why Do Many Disinflations Fail? The Importance of Luck, Timing, and Political Institutions, Working Paper No. 02/228, December 01, 2002
Currency Crises and Uncertainty About Fundamentals, Working Paper No. 02/3, January 01, 2002
Day-To-Day Monetary Policy and the Volatility of the Federal Funds Interest Rate, Working Paper No. 00/206, December 01, 2000
Banks' Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention, Working Paper No. 00/163, October 01, 2000
Signaling Fiscal Regime Sustainability, Working Paper No. 99/86, July 01, 1999
Soft Exchange Rate Bands and Speculative Attacks: Theory, and Evidence from the ERM since August 1993, Working Paper No. 98/156, November 01, 1998
European Monetary Union and International Capital Markets: Structural Implications and Risks, Working Paper No. 97/62, May 01, 1997
An Inflation Targeting Framework for Italy, Papers on Policy Analysis and Assessment No. 95/4, March 15, 1995
Other Published Materials
"Poincaré's Stabilization: Stopping a Run on Government Debt", Journal of Monetary Economics, April 1991, vol. 27 (2), pp. 213-239.
"Public Confidence and Debt Management: a Model and a Case Study of Italy" with A. Alesina and G. Tabellini, in Public Debt Management: Theory and History, 1991, pp. 94-118 (edited by R. Dornbusch and M. Draghi, Cambridge, England: CEPR and Cambridge University Press).
"Default Risk on Government Debt in OECD Countries" with A. Alesina, M. De Broeck and G. Tabellini, Economic Policy, October 1992, pp. 427-463.
"Monetary Policy, Inflation and the Business Cycle: an Analysis with the Bank of Italy's Quarterly Econometric Model (1989 1991)" with G. Parigi, in Changes in the Business Cycle and the Implications for Monetary Policy, C.B. 392, April 1993, Basle, Bank for International Settlements, pp.139-168.
“The Identification of Liquidity Effects in the EMS: Italy 1991-92" with I. Angeloni, Open Economies Review, July 1996, Vol. 7., No.3.
“Speculative Attacks and Central Bank Intervention: Soft vs. Hard Rules for Exchange Rate Targeting” with L. Bartolini, Economic Policy, April 1997, Vol. 24, pp. 13-52.
“Differences and Analogies Between Index-linked and Foreign-currency Bonds: a Theoretical and Empirical Analysis” with F. Drudi, in Managing Public Debt - Index Linked Bonds in Theory and Practice, 1997, pp. 195-216 (edited by M. De Cecco, L. Pecchi, and G. Piga; Edward Elgar, UK).
“Soft Exchange Rate Bands and Speculative Attacks: Theory, and Evidence from the ERM since August 1993" with L. Bartolini, Journal of International Economics, August 1999, Vol. 49/1, pp. 1-29.
“Financial Stability in European Economic and Monetary Union” with G. Schinasi, Princeton Studies in International Finance, No. 86, August 1999.
"Signaling Fiscal Regime Sustainability" with F. Drudi, European Economic Review, November 2000, Vol. 44/10, pp. 1897-1930.
”Financial Stability in European Economic and Monetary Union,” with G. Schinasi, in Which Lender of Last Resort for Europe?, Charles Goodhart editor, Central Banking Publications Ltd., London, 2000, pp. 69-173.
“Banks’ Reserve Management, Transaction Costs, and the Timing of Federal Reserve Intervention” with L. Bartolini and G. Bertola, Journal of Banking and Finance, July 2001, Vol. 25, pp. 1287-1317.
“Day-to-Day Monetary Policy and the Volatility of the Federal Funds Interest Rate” with L. Bartolini and G. Bertola, Journal of Money, Credit, and Banking, February 2002, Vol. 34(1), pp. 137-159.
“The Overnight Interbank Market: Evidence from the G-7 and the Euro Zone” with L. Bartolini and G. Bertola, Journal of Banking and Finance, October 2003, Vol. 27, pp. 2045-2083.
“The Execution of Monetary Policy: A Tale of Two Central Banks” with L. Bartolini, Economic Policy, October 2003, pp. 436-467.
“Obstacles to Disinflation: What is the Role of Fiscal Expectations?”, with O. Celasun and G. Gelos, Economic Policy, 2004, October, Vol. 40, pp. 442-481.
“Would ‘Cold Turkey’ Work in Turkey?” with O. Celasun and G. Gelos, IMF Staff Papers, 2004, Volume 51, Number 3, pp. 493-509.
“Cross-Country Differences in Monetary Policy Execution and Money Market Rates’ Volatility”, with L. Bartolini, European Economic Review, 2006, pp. 349-376.
“Can We Predict the Next Capital Account Crisis?”, with M. Chamon and P. Manasse, IMF Staff Papers, 2007., Vol. 54, No. 2, pp. 270-305.
“What is the Most Effective Monetary Policy for Aid-Receiving Countries?” with T. Tressel, in Policy Matters - Economic and Social Policies to Sustain Equitable Development, ed. J. A. Ocampo, Jomo K.S., S. Khan, Orient Longman, United Nations, 2007, Ch. 10, pp. 254-271.
“Money Market Integration” with L. Bartolini and S. Hilton, Journal of Money, Credit, and Banking, February 2008, Vol. 40, No. 1, pp. 193-213.
“Aid Volatility and Macroeconomic Policies” with T. Tressel, in Exchange Rate Analysis at the IMF, Ch. 3, 2008, forthcoming.