Tommaso Monacelli is Professor of Economics at Bocconi University, 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 , Co-Editor of the Journal of International Economics, and Associate Editor of the Journal of Money Credit and Banking. He he Co-editor of the Journal of International Economics, and has been Co-Editor of Economic Policy, Research Consultant for the