Fabio-Cesare Bagliano is currently Professor of Economics in the Faculty of Economics, University of Tunrin, having previously held other teaching positions in Turin and Teramo (Italy); in 1987-90 he held a research position at the Centre for Economic Performance (London School of Economics and Political Science). He is Associate Editor of Giornale degli Economisti e Annali di Economia and has published in the Journal of Banking and Finance, the European Economic Review, the Journal of Macroeconomics, and other academic journals and books. Giuseppe Bertola is Professor of Economics at the University of Turin. He has previously held other teaching positions in Turin and visiting positions in various places, including Assistant Professor and Assistant Director of the International Finance Section, Princeton University. He is a Managing Editor of Economic Policy and Condirettore of Giornale degli Economisti e Annali di Economia. His work is published in the Review of Economic Studies, American Economic Review, the European Economic Review, and other academic journals and books.