Philippe Bacchetta is advisor at the Study Center Gerzensee and was its director from 1998 to 2007. He is professor of macroeconomics at the University of Lausanne 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. Previous to joining the Study Center, Philippe Bacchetta has 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 University of Geneva, the Universitat Pompeu Fabra, the University of Freiburg (Germany), 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 an associate editor of the Journal of the European Economic Association. His research interests include open economy macroeconomics, international finance, and monetary economics.