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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)
- 10 January 2024
- WORKING PAPER SERIES - No. 2885Details
- Abstract
- The control of carbon emissions by policymakers poses the corporate challenge of developing an optimal carbon management policy. We provide a unified model that characterizes how firms should optimally manage emissions through production, green investment, and the trading of carbon credits. We show that carbon pricing reduces firms’ emissions but also induces firms to tilt towards more immediate yet transient types of green investment—such as abatement as opposed to innovation—as it becomes costlier to comply. Green innovation subsidies mitigate this effect and complement carbon pricing in ensuring innovation-driven sustainability. Perhaps surprisingly, we show that carbon regulation need not reduce firm value.
- JEL Code
- G30 : Financial Economics→Corporate Finance and Governance→General
G31 : Financial Economics→Corporate Finance and Governance→Capital Budgeting, Fixed Investment and Inventory Studies, Capacity
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
D62 : Microeconomics→Welfare Economics→Externalities
O33 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Technological Change: Choices and Consequences, Diffusion Processes
- 1 August 2023
- WORKING PAPER SERIES - No. 2835Details
- Abstract
- We develop a model to examine how discount rates affect the nature and composition of innovation within an industry. Challenging conventional wisdom, we show that higher discount rates do not discourage firm innovation when accounting for the industry equilibrium. Higher discount rates deter fresh entry—effectively acting as entry barriers—but encourage innovation through the intensive margin, which can lead to a higher industry innovation rate on net. Simultaneously, high discount rates foster explorative over exploitative innovation. The model rationalizes observed patterns of innovation cyclicality, and predicts that lower entry in downturns hedges innovating incumbents against higher discount rates.
- JEL Code
- G31 : Financial Economics→Corporate Finance and Governance→Capital Budgeting, Fixed Investment and Inventory Studies, Capacity
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
O31 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→Innovation and Invention: Processes and Incentives
- 17 July 2023
- RESEARCH BULLETIN - No. 109Details
- Abstract
- Regulation to control carbon emissions challenges firms to develop optimal carbon management policies. We set out a unified approach to study the trade-offs carbon pricing poses for firms and how they should therefore best respond. Our model shows that while carbon pricing curtails firms’ carbon emissions, polluting firms tilt their green investment mix towards more immediate yet short-lived options – such as solely reducing emissions (abatement) instead of investing in green innovation – as it becomes costlier to comply. Under emissions trading systems, larger balances of carbon credits dampen firms’ efforts to reduce their carbon emissions. Our analysis reveals that carbon regulation does not necessarily reduce shareholder value if firms are sufficiently committed to reducing their carbon footprint.
- JEL Code
- G30 : Financial Economics→Corporate Finance and Governance→General
G31 : Financial Economics→Corporate Finance and Governance→Capital Budgeting, Fixed Investment and Inventory Studies, Capacity
O30 : Economic Development, Technological Change, and Growth→Technological Change, Research and Development, Intellectual Property Rights→General
D62 : Microeconomics→Welfare Economics→Externalities
- 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
- 2023
- Journal of Financial and Quantitative AnalysisThe Real Effects of Financing and Trading Frictions
- 2022
- FEDS
- 2020
- Journal of Financial Economics
- 2019
- Journal of Financial Economics
- 2019
- Journal of Financial Economics