This unit is hosted by the Department of Economics and Management of the University of Pavia.The University of Pavia celebrated its 650th anniversary in 2011 and is one of Italy’s most important universities. The Department conveys economists from the faculties of Economics and Engineering and it is a leading centre for research and teaching in economics in Italy. The Department is composed by about 60 members, with a large percentage of young researchers. Expertises covers fields such as Economics, Business Studies, Management, Law, Finance, Mathematics and Statistics. The Department regularly hosts international visiting scholars and organises the Doctorate School of Economics. It is also a co-founder of the Lombardy Advanced School in Economic Research that runs international doctoral school jointly between the Economics Departments in the Lombardy region. The research interests relevant for this proposal are in the field of financial economics and econometrics, monetary economics, theoretical and applied macroeconomics, mathematics, statistics and econometrics. The Macroeconomic research group at Pavia organised in the past an international conference on Monetary and Fiscal Policy for Macroeconomic Stability (invited speakers: L. Christiano, M. Eichenbaum, S. Schmitt-Grohé, June 2010) and a summer school on Theoretical and Empirical Advanced Macroeconomics (speakers: G. Primiceri and R. King, June 2012).