Research Interests:

• International Finance: Exchange Rate Economics, Foreign Exchange Intervention, Carry Trading and Forward Discount Bias.
  
• Market Microstructure Theory: Price Manipulation and Noise Trading, Market Transparency and Price Experimentation, Order Flow.
  
• Financial Economics: Risk-aversion and Asset Pricing.
• Optimal Control: Ambiguity-aversion and Pessimism.

Education:

• 1996 PhD in Economics, University of Cambridge.  Thesis Title: Essays in the Theory of Market Micro Structure
• 1993 MPhil in Economic Theory and Econometrics, University of Cambridge 
  
• 1991 BSc in Statistics and Economics, University of Rome “La Sapienza".
  

Work Experience:

• 2006 – Professor of Economics, University of Chieti-Pescara.
  
• 2001 – 2006 Associate Professor of Economics, University of Chieti-Pescara.
  
• 1996 – 2001 Assistant Professor of Finance (tenured), The London School of Economics.
  
• 1996    Research Economist, Bank of England.

Other Work and Affiliations:

• 2003 –  Adjunct Professor, Luiss University.
  
• 2001 – 2010 Research Affiliate, International Macroeconomics Programme, CEPR.
  
• 2002 – 2008 Research Fellow, Ente per gli Studi Monetari, Bancari e Finanziari Luigi Einaudi.

Visiting Positions:

• 2007 Visiting Professor, Tanaka Business School, Imperial College.
  
• 2005 Visiting Professor, Directorate General Research, the European Central Bank.
  
• 2001 Visiting Scholar, Haas Business School, University of California at Berkeley.
  
• 1997 Jean Monnet Fellow, European University Institute.
  

Publications:

• The Currency That Came in From the Cold: Capital Controls and the Information Content of Order Flow, with Francis Breedon and Thòrarin Petursson, Journal of International Money and Finance, 138, November 2023, 1-17.
  
• A Dynamic Oligopoly with Price Stickiness and Risk-averse Agents, with Edilio Valentini, Italian Journal of Economics, 8, November 2022, 697-718.
• Optimal Monetary Policy for a Pessimistic Central Bank, Journal of Macroeconomics, 58, December 2018, 39-59, Supplementary Material.
• Robust Trading for Ambiguity-averse Insiders, Journal of Banking and Finance, 90, May 2018, 113-130, Appendix A, Appendix B.
• Insider Trading in Sequential Auction Markets with Risk-aversion and Time-discounting, European Journal of Finance, 23, October 2017, 1267-1279, Appendix.
• Ambiguity-aversion in a Single Auction Market, Economics Bulletin, 37, July 2017, 1745-1752
• Pessimistic Optimal Choice for Risk-averse Agents: The Continuous-time Limit, Computational Economics, 49, January 2017, 17-65.
• Carry Trade, Order Flow and the Forward Bias Puzzle, Journal of Money Credit and Banking, 48, September 2016, 1113-1134, Appendix.
• Optimal Informed Trading in the Foreign Exchange Market, European Journal of Finance, 18, December 2012, 989-1013.
• Risk-averse Insider Trading in Multi-asset Sequential Auction Markets, Appendix, Economics Letters, 117, December 2012, 673-675.
• Call Auction Markets With Risk-averse Specialists, Theoretical Economics Letters, 2, May 2012, 175-179.
• The Impact of Foreign Exchange Intervention: A Market Microstructure Analysis, International Journal of Finance and Economics, 16, January 2011, 41-62.
• An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates, with Francis Breedon, Journal of International Money and Finance, 29, April 2010, 504-524.
• A Guided Tour of The Market Micro Structure Approach to Exchange Rate Determination,  Journal of Economic Surveys, 21, December 2007, 903-934.
• An Assessment of Some Open Issues in the Analysis of Foreign Exchange Intervention,International Journal of Finance and Economics, 12, March 2007, 155-170.
• A Transaction Level Study of the Effects of Central Bank Intervention on Exchange Rates, with Richard Payne, Journal of International Economics 61, December 2003, 331-352.
• Foreign Exchange Intervention: How to Signal Policy Objectives and Stabilise the Economy, Journal of Monetary Economics 50, May 2003, 841-870.
• Inflation and Sovereign Default, with Turalay Kenc and William Perraudin, IMF Staff Papers 47, September 2001, 367-386.
• Speculative Noise Trading and Manipulation in the Foreign Exchange Market,Journal of International Money and Finance 19, September 2000, 689-712.
• Sterilised Central Bank Intervention in the Foreign Exchange Market, Journal of International Economics 49, December 1999, 245-267.
• Two Months in the Life of Two Market Makers on the London Stock Exchange, Journal of International Financial Markets, Institutions and Money 8, December 1998, 299-324.
• Reserve and Exchange Rate Cycles, with Robert Flood and William Perraudin, Journal of International Economics 46, October 1998, 31-59.

Working Papers:

• Risk-sensitive Optimal Control with Forward-looking Variables, with Guido Traficante, SSRN Working Paper 4360106, February 2023.
  
• Short-sightedness, Short-sale Constraints and the Dissemination of Private Information, with Paolo Colla, SSRN Working Paper 4012043, October 2022.
• The Currency That Came in From the Cold: Capital Controls and the Information Content of Order Flow, with Francis Breedon and Thórarinn Petursson, Central Bank of Iceland, Working Papers, 2021/86, June 2021.