W. George Pinnell Professor of the Department of Business Economics and Public Policy at the Kelley School of Business of Indiana University in Bloomington, Indiana (USA). Taught also at the Catholic University of Louvain, the Università Cattolica of Milan, the Università Sapienza of Rome, Marquette University, and Free University of Berlin. Economic adviser to the European Commission in Brussels (1976-79), senior staff economist with the U.S. President's Council of Economic Advisers (1981-82); adviser to the Italian government (Treasury, Budget, Istituto di Studi per la Programmazione Economica, Fondo Interbancario di Tutela dei Depositi), the governments of Estonia, Latvia, Lithuania, and Vietnam, and consultant with several private-sector firms. Recipient of the Medal of the President of the Italian Republic for scientific achievements (1982); the Pio Manzu´ Center Gold Medal (1982); Scanno prize in economics (1991); and the St. Vincent prize in economics (1992). Founder & Managing editor of OER and a member of the review board of several economics journals. Author of 19 books and approximately 100 articles dealing with macroeconomics, monetary economics, international finance and public choice.