Pierre De Leo will join the faculty as an Assistant Professor after receiving a PhD from Boston College. His areas of interest include international finance and macroeconomics. His research focuses on the importance of expectations for the empirical identification of economic and policy shocks, the nature of exchange rate fluctuations, and the optimal conduct of monetary and exchange rate policy. In one of his papers, he proposes a new approach to decompose the effects of domestic and external shocks in small open economies, highlighting a set of related identification challenges. The main empirical findings shed light on the key drivers and transmission channels of international spillovers, and have important implications for open-economy models as well as the conduct of monetary policy in small open economies.