RESEARCH INTERESTS

• International Finance: Exchange Rate Economics, Foreign Exchange Intervention, Carry Trading and the Forward Discount Bias.

• Market Microstructure: Price Manipulation and Noise Trading, Market Transparency and Price Experimentation, Order Flow.

• Financial Economics: Risk-Aversion and Asset Pricing.

• Optimal Control: Pessimism and Ambiguity-Aversion. 

      GOOGLE SCHOLAR

• Citations

      PUBLICATIONS

• Optimal Monetary Policy with A Risk-averse Central Bank, with Guido Traficante, Macroeconomic Dynamics, 29, August 2025, 1-20.

• Optimal Surveillance and Indemnity Policy for Eradicating Exotic Livestock Diseases, with Cristina Salvioni, Journal of Agricultural Economics, 76, June 2025, 434-446.

• The Currency That Came in From the Cold: Capital Controls and the Information Content of Order Flow, with Francis Breedon and  Thòrarinn G. Pètursson, Journal of International Money and Finance,  138, November 2023, 1-17.

• A Dynamic Oligopoly with Price Stickiness and Risk-averse Agents, with Edilio Valentini,  Italian  Economic Journal, 8, November 2022, 697-718.

• Optimal Climate Policy for a Pessimistic Social Planner, with Edilio Valentini, Environmental and Resource Economics, 72, January 2019, 411-433.

• Optimal Monetary Policy for a Pessimistic Central Bank, Journal of Macroeconomics, 58, December 2018, 39-59.

• Robust Trading for Ambiguity-Averse Insiders, Journal of Banking and Finance, 90, May 2018, 113-130.

• Insider Trading in Sequential Auction Markets with Risk-aversion and Time-discounting,  European Journal of Finance, 23, October 2017, 1267-1279.

• Ambiguity-aversion in a Single Auction Market, Economics Bulletin, 37, July 2017, 1745-1752.

• Pessimistic Optimal Choice for Risk-averse Agents: The Continuous-time Limit, Computational Economics, 49, January 2017, 17-65.

• Carry Trade, Order Flow and the Forward Bias Puzzle, with Francis Breedon and Dagfinn Rime,  Journal of Money, Credit and Banking, 48, September 2016, 1113-1134.

• Optimal Informed Trading in the Foreign Exchange Market, European Journal of Finance, 18 December 2012, 989-1013.

• Risk-averse Insider Trading in Multi-asset Sequential Auction Markets, Economics Letters, 117, December 2012, 673-675.

• Call Auction Markets with Risk-averse Specialists, Theoretical Economic Letters, 2, May 2012, 175-179.

• The Impact of Foreign Exchange Intervention: A Market Microstructure Analysis, International Journal of Finance and Econonomics, 16, January 2011, 41-62.    

• An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates, with Francis Breedon,  Journal of Internation Money and Finance, 29, April 2010, 504-524.  

• A Guided Tour of the Market Micro Structure Approach to Exchange Rate Determination, Journal of Economic Surveys, 21, December 2007, 903-934.

• An Assessment of Some Open Issues in the Analysis of Foreign Exchange Intervention, International Journal of Finance and Economics, 12, March 2007, 155-170.

• A Transaction Level Study of the Effects of Central Bank Intervention on Exchange Rates, with Richard Payne, Journal of International Economics, 61, December 2003, 331-352.

• Foreign Exchange Intervention: How to Signal Policy Objectives and Stabilize the Economy, Journal of Monetary Economics, 50, May 2003, 841-870.

• Inflation and Sovereign Default, with Turalay Kenc and William Perraudin, IMF Staff Papers, 47, September 2001, 367-386.

• Speculative Noise Trading and Manipulation in the Foreign Exchange Market, Journal of International Money and Finance, 19, September 2000, 689-712.

• Sterilized Central Bank Intervention in the Foreign Exchange Market, Journal of International Economics, 49, December 1999, 245-267.

• Two Months in the Life of Two Market Makers on the London Stock Exchange, Journal of International Financial Markets, Institutions and Money, 8, December 1998, 299-324.

• Reserves and Exchange Rate Cycles, with Robert Flood and  William Perraudin, Journal of International Economics, 46, October 1998, 31-59.

• Inter-dealer Trade and Information Flows in a Decentralized Foreign Exchange Market, with William Perraudin, in The Microstructure of Foreign Exchange Markets, Frankel J., G. Galli and A Giovannini (eds.), April 1996, 73-105.

• Razionalita' versus "Chartism": Consequence per la Teoria dei Cambi, Moneta e Credito, 185, March 1994, 87-102.

     WORKING PAPERS

• The Dissemination of Short-sellers' Information, with Paolo Colla, SSRN Working Paper 4012043, July 2025.

• Price Manipulation and Collusion around the London 4pm Fix, with Paolo Colla and Walter Distaso, SSRN Working Paper 4819478, May 2024

• 
  

• Risk-sensitive Optimal Control with Forward-looking Variables, with Guido Traficante, SSRN Working Paper 4360106, October 2023.

• Pessimistic Optimal Choice for Risk-averse Agents, University of Pescara mimeo, September 2013.

• Linear Risk-averse Optimal Control Problems: Applications in Economics and Finance, CASMEF Working Paper 2012-03, January 2012.

• Equilibrium Exchange Rate Policies: Complicit Renegotiation-Proof Outcomes, with Pierre Mella-Barral, CEPR Discussion Paper 2718, March 2001.

• Coordinated Monetary Policy and Foreign Exchange Intervention, FMG Discussion Paper 280, November 1997.

• Risk-Averse Traders and Inside Information, University of Cambridge DAE Working Paper 9504, January 1995.

     OTHER

• Frozen Markets: Iceland's Experience with Capital Controls, with Francis Breedon and  Thòrarinn G. Pètursson, SUERF Policy Brief 184, September 2021.