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Paolo Vitale

Paolo Vitale
Titolare di Insegnamento


























































June 1996 PhD in Economics, University of Cambridge.
June 1993 MPhil in Economic Theory and Econometrics, University of Cambridge.
July 1991 BA in Statistics and Economics, University of Rome.


Referee for Journal of International Economics, European Economic Review, Journal of International
Money and Finance, Journal of Financial Research, International Finance, Journal of the European Economic Association, Journal of International Financial Markets, Institutions & Money, Scandinavian Journal of Economics, Journal of Economic Theory, Canadian Journal of Economics, Review of Finance, Journal of Empirical Finance, Journal of Banking and Finance, International Journal of Finance and Economics, International Journal of Central Banking, Journal of Money, Credit and Banking.

Conference presentations and discussions at the 1998 European Economic Association Meeting, the 2001 and 2002 ESSIM Symposium, the 2002 NBER Summer Institute, the 2006 and 2008 ESSFM Symposium, the 2009 AEA Meeting, the 2010 Central Bank Workshop on Microstructure.



From Fall 2006: Professor of Economics, “D’Annunzio” University.

From Fall 2001 to Summer 2006: Associate Professor of Economics, “D’Annunzio” University.

From Fall 1996 to Fall 2001: Assistant Professor in Finance, London School of Economics.

Spring 1997: Jean Monnet Fellow, European University Institute of Florence.

From Winter to Summer 1996: Research Economist, Bank of England.


PRIN project (COFIN), 2006 - 2008: Struttura finanziaria e politica monetaria nell’economia nternazionale

PRIN project (COFIN), 2004 - 2006: Asimmetrie informative, rischio sistemico e fragilit`a nei mercati e nelle reti finanziarie

PRIN project (COFIN), 2002 - 2004: Incertezza ed informazione nei mercati finanziari e nelle reali

Research Grant, November 2000-November 2002, awarded by the ESRC for the project, The impact of macro fundamentals, market microstructure and interventions on exchange rates

Jean Monnet  Fellowship, April-June 1997, awarded by the European Institute of Florence.

Fulbright Scholarship, October 1993 - July 1994, awarded by the Fulbright Commission.


Pubblicazioni principali (ultimi 10 anni)


“Optimal Informed Trading in the Foreign Exchange Market”, European Journal of Finance forthcoming

“The Impact of FX Intervention on FX Markets: A Market Microstructure Analysis”, International Journal of Finance and Economics forthcoming

“A Transaction Data Study of the Forward Bias Puzzle”, with Francis BREEDON and Dagfinn RIME, CEPR Discussion Paper 7791, April 2010.

“An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates”, with Francis B REEDON, Journal of International Money & Finance 29, April 2010, 504-524.

“A Guided Tour of The Market Microstructure 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 Stabilise the Economy”, Journal of Monetary Economics 50, May 2003, 841-870,

“Inflation and Sovereign Default”, with William R. M. PERRAUDIN & Turalay KENC.  IMF Staff Papers 47, September 2001, 367-386.

“Equilibrium Exchange Rate Policies: Complicit Renegotiation-Proof Outcomes”, with Pierre MELLA BARRAL, CEPR Discussion Paper 2718, March 2001. 

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

“Sterilised Central Bank Intervention in the Foreign Exchange Market”, Journal of International Economics 49, December 1999, 245-67.

“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.

“Reserve and Exchange Rate Cycles”, with Robert P. FLOOD & William R. M. PERRAUDIN, Journal of International Economics 46, October 1998, 31-59.

“Inter-dealer Trade and Information Flows in a Decentralised Foreign Exchange Market”, with William R.M. P ERRAUDIN, in: Microstructure of the Foreign Exchange Markets , Frankel J., G. Galli and A. Giovannini (eds.), Chicago University Press, April 1996.

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


“A Long Run Study of Order Flow, Fundamentals and Exchange Rates”, con Francis B REEDON e Richard PAYNE

“An Empirical Study of the Bank of England Intervention in FX Markets” with Francis BREEDON and Darren PAIN