Carlo A. Favero holds a D.Phil. from Oxford University, where he was a member of the Oxford Econometrics Research Centre. He was associate professor of Econometrics at Bocconi University from 1994 to 2001 and professor of Economics since 2002. He has published in scholarly journals on applied econometrics, monetary policy and time-series models for macroeconomics. He is a research fellow of CEPR in the International Macroeconomics programme. He is member of the scientific committee of the Euro Area Business Cycle Network , of the Centro Interuniversitario Italiano di Econometria (CIDE). He has been advisor to the Italian Ministry of Treasury for the construction of an 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.