

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
Teamwork
Email:
Francesca_Romana.Vinci@ecb.europa.eu
© Thibaud Poirier 2019
CURRICULUM VITAE
Full CV
Education
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)
Experience
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
References
Professor Omar Licandro
Univeristy of Nottingham
omar.licandro@nottingham.ac.uk
Professor Giammario Impullitti
Univeristy of Nottingham
RESEARCH
Working papers
Switching-track after the Great Recession
(Joint with Omar Licandro)
Centre for Finance, Credit and Macroeconomics (CFCM)
20/02 Working Paper | 2020
Barcelona GSE Working Paper: 1260 | May 2021
CESifo Working Paper No. 9107 | May 2021
SUERF Policy Brief, No 244 | December 2021
ECB Working paper No 2596 | October 2021
Latest Version
Online Appendix

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.
Potential Output, the Taylor Rule and the Fed
(Joint with Omar Licandro)
Centre for Finance, Credit and Macroeconomics (CFCM)
21/03 Working Paper
Latest Version
The Taylor Rule is widely considered a useful tool to summarise the Fed's policy, but the information set employed in practice to assess the state of economic activity is still an object of debate. The contribution of this paper is to provide evidence in favour of the following hypotheses. First, the original Taylor Rule is a valid representation of the actual working of the Fed's monetary policy. Second, the real time beliefs of the Fed concerning potential output can be proxied by the estimates published by the Congressional Budget Office. Third, potential output estimates were revised down following the Great Recession.
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.
TEACHING
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)

" 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

"Amazing tutor, great at explaining things, the tutorials were really helpful"
Macroeconomic Theory
2nd year module
2017/2018 Seminars

"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

"Great tutor and I definitely benefited a lot from her expertise and help."
Monetary Economics
2nd year module
2018/2019 Seminars

"I thought Francesca was an excellent tutor. She was very thorough with her explanations of questions."
Quantitative Methods
1st year module
2017/2018 Seminars