Francesca Zucchi
Research
- Division
-
Financial Research
- Current Position
-
Senior Economist
- Fields of interest
-
Financial Economics,Economic Growth
- 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. 1919Details
- 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
- 2020
- Journal of Financial Economics
- 2019
- Journal of Financial Economics
- 2019
- Journal of Financial Economics