Marcio Garcia is Associate Professor at the Department of Economics - PUC-Rio and Research Fellow (National Council for Scientific and Technological Development—CNPq—and Foundation for Research Support, State of Rio de Janeiro—FAPERJ. Also, is consultant to the Brazilian Mercantile & Futures Exchange and monthly columnist at Valor Económico. Previously, he was macroeconomic advisor to Cheyne Capital International and to NEO Investimentos. Moreover, he was visiting associate professor at CREDPR- Stanford University and visiting research associate at the Department of Economics- University of Chicago. His main areas of research are on Monetary Economics, International Finance, Financial Markets and Applied Time Series Econometrics. Mr. Garcia holds a M.A.in Economics, from PUC-Rio, and a Ph.D. in Economics, from Stanford University.