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Francesca Zucchi

Research

Division

Financial Research

Current Position

Senior Economist

Fields of interest

Financial Economics,Economic Growth

Email

francesca.zucchi@ecb.europa.eu

Other current responsibilities
2022

Editorial Board Member, ECB Working Paper Series

Education
2010-2015

PhD in Finance, EPFL and Swiss Finance Institute, Switzerland

2008-2010

M.Sc. in Statistical, Actuarial, and Financial Sciences, Universita di Firenze, Italy

Professional experience
2022-

Senior Research Economist, Directorate General Research, European Central Bank

2015-2022

Federal Reserve Board of Governors, Division of Research and Statistics (several positions held)

Awards
2020

Pandemic Award, Federal Reserve Board

2011

Premio Morelli-Rotary for outstanding graduate studies

2010

Honors Student at the University of Florence

2010

Swiss Finance Institute Ph.D. Scholarship

Teaching experience
2011-2015

Teaching Assistant, EPFL (Switzerland)

2007-2009

Teaching Assistant, Universita di Bergamo (Italy)

9 June 2016
WORKING PAPER SERIES - No. 1919
Details
Abstract
We study optimal liquidity management, innovation, and production decisions for a continuum of firms facing financing frictions and the threat of creative destruction. We show that financing constraints lead firms to decrease production but may spur investment in innovation (R&D). We characterize which firms should substitute production for innovation in the face of constraints and thus display a "gambling" type of behavior. We embed our firm dynamics into a model of endogenous growth and show that financing frictions have offsetting effects on economic growth.
JEL Code
D21 : Microeconomics→Production and Organizations→Firm Behavior: Theory
G31 : Financial Economics→Corporate Finance and Governance→Capital Budgeting, Fixed Investment and Inventory Studies, Capacity
G32 : Financial Economics→Corporate Finance and Governance→Financing Policy, Financial Risk and Risk Management, Capital and Ownership Structure, Value of Firms, Goodwill
G35 : Financial Economics→Corporate Finance and Governance→Payout Policy
L11 : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Production, Pricing, and Market Structure, Size Distribution of Firms
Network
ECB Lamfalussy Fellowship Programme
2022
FEDS
  • Warusawitharana, M., and Zucchi, F.
2020
Journal of Financial Economics
  • Della Seta, M., Morellec, E., and Zucchi, F.
2019
Journal of Financial Economics
  • Colonnello, S., Efing, M., and Zucchi, F.
2019
Journal of Financial Economics
  • Malamud, S., and Zucchi, F.