Pedro Teles is a Full Professor at CATÓLICA-LISBON. He is also a Researcher at the Bank of Portugal and a Research Fellow of the CEPR. He holds a PhD in Economics (The University of Chicago) and an undergraduate degree in Economics (UCP). He was a Senior Economist in the Research Department at the Federal Reserve Bank of Chicago between 2001 and 2004, and has taught in the Ph.D. programs at Universitat Pompeu Fabra and University College London. He has worked on various issues of monetary and fiscal policy, including the optimality of the Friedman rule, time consistent policies, optimal stabilization policy, optimal currency areas, and instruments of monetary policy.