Philippe Bacchetta is professor of macroeconomics at the University of Lausanne, president of the Swiss Society of Economics and Statistics, and a research fellow of the Centre for Economic Policy Research (CEPR, London). He received his Ph.D. and M.A. in economics from Harvard University and his B.A. and M.S. in economics from the University of Lausanne. From 1998 to 2007, Philippe Bacchetta was director of the Study Center Gerzensee, a foundation of the Swiss National Bank. He has also been an assistant professor at Brandeis University, USA, and at ESADE and the Instituto de Análisis Económico, both in Barcelona. He has also taught at the Paris School of Economics, the University of Geneva, the University of Freiburg (Germany), the Universitat Pompeu Fabra, the Universitat Autonoma of Barcelona, and CEMFI in Madrid. He has been visiting scholar at Harvard University, the IMF and the NBER and an academic consultant at various central banks. He is a fellow of the European Economic Association and associate faculty at the Swiss Finance Institute. His research interests include open economy macroeconomics, international finance, financial crises, and monetary economics.