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USD 250 /hr
Hire Dr. Marcella L.
Italy
USD 250 /hr

Expert in Systemic Risk, Green Finance & Banking Board Advisory | PhD in Economics and Finance

Profile Summary
Subject Matter Expertise
Services
Writing Business & Legal Writing, Creative Writing, Newswriting
Research Market Research, User Research, Meta-Research, Feasibility Study, Fact Checking, Scientific and Technical Research, Systematic Literature Review, Secondary Data Collection
Consulting Business Strategy Consulting, Scientific and Technical Consulting, Financial Consulting, Regulatory Consulting
Data & AI Predictive Modeling, Statistical Analysis, Image Processing, Image Analysis, Algorithm Design-Non ML, Algorithm Design-ML, Data Visualization, Big Data Analytics, Text Mining & Analytics, Data Mining, Data Cleaning, Data Processing, Data Insights
Product Development Formulation, Recipe Development, Product Evaluation
Work Experience

Professor

Università Ca' Foscari

- Present

Docenti di ruolo di IIa fascia

Universita' CA' FOSCARI di VENEZIA

May 2018 - Present

Member, Advisory Board

Iccrea - CMB

April 2017 - Present

Ricercatori a tempo determinato

Universita' CA' FOSCARI di VENEZIA

May 2015 - May 2018

Collaboratori

Universita' CA' FOSCARI di VENEZIA

November 2014 - May 2015

Assegnisti

Universita' CA' FOSCARI di VENEZIA

June 2014 - May 2015

Ricercatori a tempo determinato

Universita' CA' FOSCARI di VENEZIA

June 2011 - June 2014

Researcher

International Monetary Fund

July 2008 - September 2013

Researcher

European University Institute

September 2009 - September 2010

Senior research fellow/senior lecturer

EIEF Rome

September 2006 - July 2007

Personale esterno ed autonomi

Universita' CA' FOSCARI di VENEZIA

November 2002 - November 2004

Finance Manager

Enoimpianti S,p.A.

March 1999 - August 2002

Education

Economics, Ph.D.

Ca' Foscari University of Venice

September 2002 - April 2006

Masters (Science)

Institute of Advanced Studies (Wien)

September 2003 - September 2004

Certifications
Publications
JOURNAL ARTICLE
Marcella Lucchetta (2026). Green Banking Resilience: Trade-offs under Shocks . International Economics.
Lucchetta, Marcella(2026). Green Banking Resilience: Trade-offs under Shocks . INTERNATIONAL ECONOMICS. 100678. (January). p. 1--14.
Marcella Lucchetta (2025). Monetary trade-offs: stability vs. renewables . Economics Letters.
Marcella Lucchetta (2025). Bank risk in flux: policy interplay under uncertainty . Annals of Finance.
Lucchetta, Marcella(2025). Bank risk in flux: policy interplay under uncertainty . ANNALS OF FINANCE. 21. (09 October 2025).
Lucchetta, Marcella(2025). Monetary Trade-offs: Stability vs. Renewables . ECONOMICS LETTERS. 23 October 2025, 112689.
Marcella Lucchetta (2024). International aggregate risk: Effects on financial stability . Economics Letters.
Marcella Lucchetta (2024). Welfare and bank risk-taking . Annals of Finance.
Lucchetta, Marcella(2024). INTERNATIONAL AGGREGATE RISK: EFFECTS ON FINANCIAL STABILITY . ECONOMICS LETTERS. 111773. p. 1--13.
Lucchetta, Marcella(2024). WELFARE AND BANK RISK-TAKING . ANNALS OF FINANCE. 18 March 2024.
Marcella Lucchetta (2023). Climate bonds: Are they invested efficiently? . Journal of Environmental Management.
Marcella Lucchetta, Michael Brei, Leonardo Gambacorta, Bruno Maria Parigi (2023). How effective are bad bank resolutions? New evidence from Europe . Journal of Financial Stability.
Lucchetta, Marcella(2023). How effective are bad bank resolutions? New evidence from Europe . JOURNAL OF FINANCIAL STABILITY. 67.
Lucchetta, Marcella(2023). Climate bonds: Are they invested efficiently? . JOURNAL OF ENVIRONMENTAL MANAGEMENT. 345. (Nov, 1). p. 1--7.
Lucchetta, M. and Donadelli, M. and Gufler, I. and Kizys, R.(2022). Variability and strictness in COVID-19 government response: A macro-regional assessment . JOURNAL OF GOVERNMENT AND ECONOMICS. 6. (Volume 6, Summer 2022, 100039). p. 1--21.
Marcella Lucchetta, Michael Donadelli, Ivan Gufler, Renatas Kizys (2022). Variability and strictness in COVID-19 government response: A macro-regional assessment . Journal of Government and Economics.
Marcella Lucchetta, Daniela Arzu, Guido Max Mantovani(2021). Catch the Heterogeneity: The New Bank-Tailored Integrated Rating . Journal of Risk and Financial Management. 14. (7). p. 312. {MDPI} {AG}
Marcella Lucchetta, Daniela Arzu, Guido Max Mantovani (2021). Catch the Heterogeneity: The New Bank-Tailored Integrated Rating . Journal of Risk and Financial Management.
Lucchetta, Marcella and Tullo, Lois(2021). COVID-19 Deaths Linked to Restrictions Stringency Lag: A G7 and Global Analysis, Implications for Public Policy . INTERNATIONAL JOURNAL OF ECONOMICS, FINANCE AND MANAGEMENT SCIENCES. 9. (4). p. 134--158.
Catch the Heterogeneity: The New Bank-Tailored Integrated Rating @article{ 10278_3741351, author = {Arzu, Daniela and Lucchetta, Marcella and Mantovani, Guido Max}, title = {Catch the Heterogeneity: The New Bank-Tailored Integrated Rating}, year = {2021}, journal = {JOURNAL OF RISK AND FINANCIAL MANAGEMENT}, volume = {14}, abstract = {The purpose of this article is to develop a bank-oriented rating approach, tailored by incorporating the various heterogeneity dimensions characterizing financial institutions, named “Bank-Tailored Integrated Rating” (BTIR). BTIR is able to catch the financial cycle, including the pandemic crisis, and the ongoing change in banking normative from a microeconomic perspective, and it is inherently coherent with the challenging frontier of forecasting tail risk in financial markets in similar ways as in De Nicolò and Lucchetta (2017), although their approach is macroeconomic) since it considers the downside risk in the theoretical framework. The method employed was an innovative integrated rating (IR) statistical and econometrical panel pre-selection analysis that takes into account the characteristics of risk and the greater heterogeneity of the banks. The result is a challenge rating procedure delivering forward-looking preselection requested by the new International Financial Reporting Standard (IFRS-9). The future direction is extremely promising given the increase in idiosyncratic and systemic risks in financial markets.}, keywords = {bank-tailored integrated rating; banks’ heterogeneity; financial cycle}, url = {https://www.mdpi.com/1911-8074/14/7/312/pdf}, doi = {10.3390/jrfm14070312}, pages = {312--337}, number = {7} } .
Marcella Lucchetta, Michael Donadelli, Luca Gerotto, Daniela Arzu (2020). Immigration, uncertainty and macroeconomic dynamics . The World Economy.
Immigration, Uncertainty, and Macroeconomic Dynamics @article{ 10278_3717700, author = {Donadelli, M. and Gerotto, L. and Lucchetta, M. and Arzu, D.}, title = {Immigration, Uncertainty, and Macroeconomic Dynamics}, year = {2020}, journal = {WORLD ECONOMY}, volume = {43}, abstract = {This paper examines the macroeconomic effects of rising migration uncertainty in four advanced economies (i.e. US, UK, Germany and France). Migration uncertainty is first captured by the Migration Policy Uncertainty (MPUI) and the Migration Fear (MFI) news‐based indexes developed by Baker et al. (Immigration fears and policy uncertainty, 2015), and then by a novel Google Trend Migration Uncertainty Index (GTMU) based on the frequency of Internet searches for the term ‘immigration’. VAR investigations suggest that the macroeconomic implications of rising migration uncertainty differ across countries. Moreover, news‐based and Google search‐based migration fear shocks generate different macroeconomic effects. For instance, in the US (France), MPUI, MFI and GTMU shocks all improve (undermine) production and labour market conditions in the medium run. For Germany and the UK, mixed evidence is found, suggesting that increasing media attention on migration phenomena and rising population's interest in migration‐related issues influence people's mood differently. The observed heterogeneity in the macroeconomic effects of rising migration uncertainty can be explained by cross‐country gaps in (a) the level of labour market rigidity, (b) the degree of people's happiness and life satisfaction and (c) the percentage of graduates.}, keywords = {business cycle; fear; Google trends; immigration; life satisfaction; uncertainty;}, url = {https://onlinelibrary.wiley.com/doi/abs/10.1111/twec.12865}, doi = {10.1111/twec.12865}, pages = {326--354}, number = {September} } .
Donadelli, M., Gerotto, L., Lucchetta, M., Arzu, D.(2020). Immigration, uncertainty and macroeconomic dynamics . World Economy. 43. (2). p. 326-354.
Marcella Lucchetta, Michele Moretto, Bruno M. Parigi(2019). Optimal bailouts, bank’s incentive and risk . Annals of Finance. 15. (3). p. 369--399. Springer Science and Business Media {LLC}
Optimal bailouts, bank’s incentive and risk @article{ 10278_3713763, author = {Lucchetta, Marcella and Moretto, Michele and Parigi, Bruno Maria}, title = {Optimal bailouts, bank’s incentive and risk}, year = {2019}, journal = {ANNALS OF FINANCE}, volume = {N/D}, abstract = {We show how the impact of a government bailout in the form of liquidity assistance on the ex ante effort of a representative bank depends on the volatility of its investment. The bank’s investment delivers a cashflow that follows a geometric Brownian motion and the government guarantees the bank’s liabilities. To counter the bank’s expectations of a bailout, the government may choose a tighter liquidity policy when the bank’s effort is not observable. This tighter liquidity induces more prudent ex ante behavior by the bank, but it may have the opposite effect when investment volatility is high. This novel effect arises because the bank could be discouraged to be prudent precisely because the chances of receiving liquidity assistance are low.}, keywords = {Liquidity assistance · Bank closure · Real option}, doi = {10.1007/s10436-019-00346-z}, number = {3} } .
Lucchetta, M., Moretto, M., Parigi, B.M.(2019). Optimal bailouts, bank’s incentive and risk . Annals of Finance. 15. (3). p. 369-399.
Marcella Lucchetta(2017). Banking competition and welfare . Annals of Finance. Springer Nature
De Nicolò, G., Lucchetta, M.(2017). Forecasting Tail Risks . Journal of Applied Econometrics. 32. (1). p. 159-170.
Lucchetta, M.(2017). Banking competition and welfare . Annals of Finance. 13. (1). p. 31-53.
Lucchetta, Marcella(2015). Does the bank risk concentration freeze the interbank system? . THE NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE. 33. p. 149--166.
Lucchetta, M.(2015). Does the bank risk concentration freeze the interbank system? . North American Journal of Economics and Finance. 33. p. 149-166.
Lucchetta, Marcella and Andrea, G. and De Nicolo', G.(2014). Microprudential Regulation in a Dynamic Model of Banking . THE REVIEW OF FINANCIAL STUDIES. 27. (7). p. 2097--2138.
Investigating the US consumer credit determinants using linear and non-linear cointegration techniques @article{ 10278_40821, author = {Paradiso, Antonio and Kumar, S. and Lucchetta, Marcella}, title = {Investigating the US consumer credit determinants using linear and non-linear cointegration techniques}, year = {2014}, journal = {ECONOMIC MODELLING}, volume = {42}, abstract = {This paper has investigated the determinants of total consumer credit for the USA over the period 1968:Q1 to 2011:Q3. Using Breitung's (2001) non-parametric rank tests, we find the existence of linear cointegrating relationships in the consumer credit models. Enders and Siklos' (2001) threshold adjustment tests revealed that non-linearity is present slightly (with a statistical significance of 10% level) in the consumer credit model with a short-term interest rate (federal funds rate), while there exists a linear and symmetric cointegrating relationship in the models with medium (3 years) and long (10 years) term interest rates. Application of the linear cointegrating techniques (fully modified OLS, canonical cointegrating regression and general to specific) show that consumer credit responds more significantly to the medium and long-term interest rates than the short-term interest rate. We use these results to assess the popular belief that abnormality in the consumer credit set the stage for the 2007–08 crisis and severe recession.}, keywords = {Federal funds rate; Linear and non-linear cointegration; Total consumer credit; US economy;}, url = {http://www.sciencedirect.com/science/article/pii/S0264999314002028}, doi = {10.1016/j.econmod.2014.05.023}, pages = {20--28} } .
Sluggish US employment recovery after the Great Recession: Cyclical or structural factors? @article{ 10278_39482, author = {Lucchetta, Marcella and Paradiso, Antonio}, title = {Sluggish US employment recovery after the Great Recession: Cyclical or structural factors?}, year = {2014}, journal = {ECONOMICS LETTERS}, volume = {123}, abstract = {This paper aims at investigating the causes of the observed departure of employment path from the GDP movements occurred in US in the late of 2008 onwards. Starting from a production function approach, and assuming that the TFP growth is explained by variables linked to the business cycle, we are able to formulate an extended version of Okun's law based on cyclical factors. Out-of-sample forecasting for the period 2008 onward shows that predicted US employment is on average 1.7% above the observed one, meaning that this gap cannot be attributed to identified cyclical factors. © 2014 Elsevier B.V.}, keywords = {Cointegration; Employment recovery; Okun's law; Structural and cyclical factors;}, doi = {10.1016/j.econlet.2014.01.032}, pages = {109--112}, number = {2} } .
Lucchetta, M., Paradiso, A.(2014). Sluggish US employment recovery after the Great Recession: Cyclical or structural factors? . Economics Letters. 123. (2). p. 109-112.
Paradiso, A., Kumar, S., Lucchetta, M.(2014). Investigating the US consumer credit determinants using linear and non-linear cointegration techniques . Economic Modelling. 42. p. 20-28.
De Nicolò, G., Gamba, A., Lucchetta, M.(2014). Microprudential regulation in a dynamic model of banking . Review of Financial Studies. 27. (7). p. 2097-2138.
Donadelli, M and Lucchetta, M.(2013). Emerging Stock Premia: Some Evidence from Industrial Stock Market Data . ASIAN ECONOMIC AND FINANCIAL REVIEW. 3. (4). p. 398--422.
Lucchetta, Marcella and D'Avino, C.(2012). Opacity of banks and inefficient bank management: An analysis . BANKS AND BANK SYSTEMS. 7. (4). p. 1--25.
D'Avino, C., Lucchetta, M.(2012). Opacity of banks and inefficient bank management: An analysis . Banks and Bank Systems. 7. (4). p. 55-66.
Lorenzon, I. and Lucchetta, Marcella and Pelizzon, Loriana(2011). Bank Credit to Medium-Sized Enterprises in Italy: The Trends Before and During the Crisis . BANCARIA. 2 2011. p. 17--39.
Lucchetta, Marcella(2007). What do Data Say about Monetary Policy, Bank Liquidity and Bank Risk Taking? . ECONOMIC NOTES. 36, 2. (2). p. 189--203.
Lucchetta, M.(2007). What do data say about monetary policy, bank liquidity and bank risk taking? . Economic Notes. 36. (2). p. 189-203.
BOOK
Heal, Geoffrey and Flammer, Caroline and Giroux, Thomas and Lucchetta, Marcella(2025). AMBIGUITY VS. RISK IN INVESTMENT DECISIONS: AN ILLUSTRATION FROM GREEN FINANCE . Working Paper 345161--23NBER
Lucchetta, Marcella and Gale, Douglas and Gamba, Andrea(2021). Dynamic Bank Regulation with Aggregate Shocks . 41--45Warwick, WBS Finance Group Research
Lucchetta, Marcella(2012). Complementi di economia 1 . 151--168AMON
Lucchetta, Marcella(2012). Complementi di economia politica Volume 2 . 2AMON
De Nicolò, G. and Lucchetta, Marcella(2011). Systemic Risks and the Macroeconomy . 11--35NBER Working paper series
OTHER
Heal, Geoffrey and Flammer, Caroline and Giroux, Thomas and Lucchetta, Marcella(2025). AMBIGUITY VS. RISK IN INVESTMENT DECISIONS: AN ILLUSTRATION FROM GREEN FINANCE . w345161--22National Bureau of Economic Research
Lucchetta, Marcella(2025). Bank Heterogeneity and Crisis Migration: A General Equilibrium Analysis of Systemic Risk . 51--29Department of Economics, Ca' Foscari University of Venice Research Paper Series
Lucchetta, Marcella(2023). Understanding Monetary Policy: The Real Sector and Welfare . 11--22DEPARTMENT OF ECONOMICS, CÀ FOSCARI. UNIVERSITY OF VENICE
Lucchetta, Marcella and Brei, Michael and Gambacorta, Leonardo and Maria Parigi, Bruno(2020). Bad bank resolutions and bank lending . No 8371--41BIS Bank for International Settlements
Bank Restructuring without Government Intervention @misc{ 10278_3723076, author = {Lucchetta, Marcella and Parigi, Bruno M. and Rochet, Jean-Charles}, title = {Bank Restructuring without Government Intervention}, year = {2019}, publisher = {Swiss Finance Institute Research Paper Series}, address = {c/o University of Geneva, Bd. Du Pont d'Arve 42, CH-1211 Geneva 4 T +41 22 379 84 71}, volume = {N°19-63}, keywords = {Bad banks, Under-investment, Debt overhang, Bail-inable bond.}, url = {https://ideas.repec.org/p/chf/rpseri/rp1963.html}, pages = {1--48} } .
Gale, Douglas M. and Gamba, Andrea and Lucchetta, Marcella(2018). Dynamic Bank Capital Regulation in Equilibrium . 2401--63WBS Finance Group Research Paper
Costola, Michele and Frattarolo, Lorenzo and Lucchetta, Marcella and Paradiso, Antonio(2016). Do we need a stochastic trend in cay estimation? Yes . No. 24/WP/20161--15
Lucchetta, Marcella(2015). The Status Quo Crisis: Global Financial Governance after the 2008 Meltdown . Oxford University Press, 2014
Emerging Stock Premia: Do Industries Matter? @misc{ 10278_36157, author = {Lucchetta, Marcella and Donadelli, Michael}, title = {Emerging Stock Premia: Do Industries Matter?}, year = {2012}, publisher = {Dipartimento di economia, Ca' Foscari}, volume = {No . 22/WP/2012}, abstract = {This paper studies the dynamics of emerging excess returns in a industry-by-industry context. Differently from the recent financial literature, which mainly focuses on “total market indexes”, we perform a standard ex-post empirical analysis aimed at capturing the industries’ contribution to country stock performances. We obtain three key empirical findings. First, at industry level, we confirm the “high performance-high volatile nature” as well as the timevarying component of emerging excess returns. Second, at country level and in a dynamic context, we detect those industries that mainly contribute to the presence of emerging stock premia. Third, we show that some industries are much more exposed to global factors than others. We argue that these results display relevant implications for portfolio diversification and reflect consumption smoothing motive.}, pages = {1--18} } .
Nicolo'G, De and Lucchetta, Marcella(2011). A General Equilibrium Model of Bank Competition, Risk and Capital .
D'Avino, C. and Lucchetta, Marcella(2010). Opacity of banks and runs with solvency . 24166University Library of Munich
Bank Market Structure, Systemic Risk, and Interbank Market Breakdowns @misc{ 10278_30450, author = {Lucchetta, Marcella}, title = {Bank Market Structure, Systemic Risk, and Interbank Market Breakdowns}, year = {2010}, volume = {EUI RSCAS; 2010/76}, abstract = {This paper explores theoretically the implications of bank market structure and banking system risks concentration for the functioning of interbank markets. It employs a simple model where banks are exposed to both credit and liquidity risk, there is no asymmetric information, no market power, no friction in secondary markets and deposit contracts are fully contingent. We show that (a) the concentration of risks induced by changes in bank market structure makes interbank market breakdowns more likely; (b) welfare monotonically decreases in risk concentration; and (c) risk concentration and a high probability of interbank market breakdowns can be driven by risk control diseconomies of scale and scope and increases in financial firms’ size. As banking systems become more concentrated, improvement of risk control technologies in financial institutions and in regulatory bodies appear as important as other policies considered in the literature to minimize the probability of interbank market breakdowns.}, url = {http://cadmus.eui.eu/bitstream/handle/1814/14633/RSCAS_2010_76.pdf}, doi = {10.2139/ssrn.1669307}, pages = {1--25} } .
Berardi, A. and Lucchetta, Marcella(2008). Why do banks hedge? .
Lucchetta, Marcella(2007). Three essays on banking sector stability: theoretical models and empirical application . Università Ca' Foscari Venezia
Lucchetta, Marcella(2007). Three Essays on Banking Sector Stability: Theoretical Models and Empirical Application . University of Venice
BOOK CHAPTER
The Bank Tailored Integrated Rating @inbook{ 10278_3702251, author = {Lucchetta, Marcella and Arzu, Daniela and Mantovani, Guido Massimiliano}, title = {The Bank Tailored Integrated Rating}, year = {2018}, publisher = {M. Corazza et al. (eds.), Mathematical and Statistical Methods for Actuarial Sciences and Finance}, booktitle = {Mathematical and Statistical Methods for Actuarial Sciences and Finance}, keywords = {Bank tailored integrated rating - Banks’ heterogeneity - Financial cycle}, url = {https://link.springer.com/chapter/10.1007/978-3-319-89824-7_11}, doi = {10.1007/978-3-319-89824-7_11}, isbn = {978-3-319-89824-7}, isbn = {978-3-319-89823-0}, pages = {63--67} } .
Lucchetta, Marcella(2017). Risk Monitoring Systems in Real-time Based on Dynamic Factor Models . 1240--290ISTE Press - Elsevier
Lucchetta, Marcella and De Nicolo', G.(2012). Systemic Risk and the Macroeconomy. 152--105The University of Chicago Press
De Nicolò, G. and Lucchetta, Marcella(2011). Bank Competition and Financial Stability: A General Equilibrium Exposition . 2951--39IMF Publication
De Nicolo', G. and Gamba, A. and Lucchetta, Marcella(2011). Capital Regulation, Liquidity Requirements and Taxation in a Dynamic Model of Banking . 11--65International Monetary Fund WDC, US
De Nicolo', G. and Lucchetta, Marcella(2011). Systemic Real and Financial Risks: Measurement, Forecasting, and Stress Testing . 11--57International Monetary Fund, IMF
De Nicolo', G. and Lucchetta, Marcella(2010). Systemic Risks and the Macroeconomy . 1--35IMF International Monetary Fund, WDC
De Nicolo', G. and Lucchetta, Marcella(2009). Financial Intermediation, Competition, and Risk: A General Equilibrium Exposition . WP/09/1051--41IMF WDC