Born in Rome on 4 September 1958, he graduated with honours in Economics and Business in 1983 at the University of Rome "La Sapienza". He continued his studies at Washington University in St. Louis, taking an M.A. in Economics in 1986.

He joined the Bank of Italy in 1987 to work in the Research Department, first in the International sector and then, from 1989, in the Monetary and Financial sector, where he contributed to the development of the monthly model of the money market. In 1990-91 he spent a period as visiting student at Harvard University. From 2011 to 2013 he was Head of the Economic Outlook and Monetary Policy Department. In June 2013 he became Managing Director for Economic Research and International Relations.

Since 27 January 2014 he is Director General for Economics, Statistics and Research.

He is alternate to the Governor in the Governing Council of the European Central Bank. From 1999 to 2013 he has been a member of the Monetary Policy Committee of the European Central Bank. He has been a a member of the Group of High Level Monetary Experts at the OECD. He has given courses in monetary and credit economics at the University of Rome "Roma Tre".

He has published research in Italian and international scholarly journals on the transmission of monetary policy, the working of the money market, the demand for money, the supply of bank credit, Italian monetary history, and firms' pricing policies.