Francesca Vinci


Graduate Programme Participant 

Business Cycle Analysis Division 

DG Economics 

European Central Bank

PhD Economics 

Completed at the University of Nottingham 


Research Interests
Primary: Macroeconomics, Growth Theory, Monetary Economics

Secondary: International Economics, Development Economics, Labour Economics

Passionate about
Connecting dots 
Expanding my comfort zone 



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© Thibaud Poirier 2019


Full CV


University of Nottingham

2016-2020 PhD Economics 

2014-2015 MSc Economics (Distinction) 

University of Rome Tor Vergata

2011-2014 BA Economics (110/110 Summa cum laude)


European Central Bank

September 2020 - today  Graduate Programme Participant


Bank of England

June - August 2020 PhD Intern  

University of Nottingham

2019-2020 Graduate Teaching Fellow  

2017-2019 Graduate Teaching Assistant


Canalys (UK)

2015-2016 Research Analyst, Cyber Security Division


Professor Omar Licandro 

Univeristy of Nottingham


Professor Giammario Impullitti

Univeristy of Nottingham



Working papers

Switching-track after the Great Recession

(Joint with Omar Licandro)
Centre for Finance, Credit and Macroeconomics (CFCM)
20/02 Working Paper
Barcelona GSE Working Paper: 1260 | May 2021
CESifo Working Paper No. 9107 | May 2021
Latest Version 
paperzoom - Copy.jpg

We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower trajectory. A Taylor rule policy designed to reduce the output gap may counterbalance the shocks, preventing the destruction of economic capacity and inducing a V-shaped recovery. However, when shocks are deep and persistent enough, like during the Great Recession, they call for a downward revision of potential output measures, the so-called switching-track, weakening the recovering role of monetary policy and inducing an L-shaped recovery. When calibrated to the U.S. economy, the model replicates well the L-shaped recovery and switching-track that followed the Great Recession, as well as the V-shaped recoveries that followed the oil shock recessions.

The Economy after the Fall: Less Innovative, Less Intangible

(Joint with Maren Froemel)

The rise of intangible investment across advanced countries is a well-documented fact. This paper contributes empirical evidence to the recent theoretical literature evaluating the role of intangible investment on firm behaviour, over the long run and after negative shocks.

We pose two research questions:

1. Does intangible intensity matter for firm growth?

2. Was the rise of intangible intensity accelerated or slowed down by the Great Recession?

We document a positive link between investment in R&D as well as firm specific intangibles and firm growth, for both innovative and non-innovative firms in the United States. Furthermore, we find that the Great Recession led to a deceleration of the rise of intangible intensity, driven by a slowdown in innovation intensity. This paper thus contributes to the literature by providing

evidence reinforcing the theoretical notion that intangibles matter for long run growth, and by offering new insights on the medium to long run scarring effects of recessions.


Graduate Teaching Assistant/Fellow

I received certified training from the Economics Network  in 2017 and 2018

Teaching Excellence Award 2017/2018 and 2018/2019

(University of Nottingham)

Wooden Board

 " Very helpful feedback on presentation. Kind and approachable person."

Economic Integration

1st year module

2019/2020 Seminars


"Francesca went over and above to help me, and even gave me guidance on future study outside of the module. Cannot recommend her more highly, honestly the best person to have taught me this year."

Economics Dissertation

3rd year module

2018/2019 Seminars

Bark & Woodchip


"Amazing tutor, great at explaining things, the tutorials were really helpful"

Macroeconomic Theory

2nd year module

2017/2018 Seminars

Flowers on Wood

"She was very helpful and got a lot of ideas regarding my dissertation (.... )She even put detailed suggestions on Moodle for me under my presentation submission and even links to find more information regarding her suggestions. She was also really helpful and knew a lot regarding stata and econometrics when I asked questions during my presentation."

Economics Dissertation

3rd year module

2019/2020 Seminars and

STATA clinics

Wooden Deck


"Great tutor and I definitely benefited a lot from her expertise and help."

Monetary Economics

2nd year module

2018/2019 Seminars

Image by Jon Moore


"I thought Francesca was an excellent tutor. She was very thorough with her explanations of questions."

Quantitative Methods

1st year module

2017/2018 Seminars