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Press representatives wishing to interview Atlanta Fed economists should contact Public Affairs at media@atl.frb.org or call 470-858-6665. For other inquiries, please send an email to atl-res-admin@atl.frb.org.
Veronika Penciakova is a research economist and assistant adviser on the macroeconomics and monetary policy team in the Research Department at the Federal Reserve Bank of Atlanta. Her major field of study is macroeconomics with a focus on firm dynamics, financial frictions, and innovation.
Prior to joining the bank in 2019, Dr. Penciakova was a pathways intern at the U.S. Census Bureau and research assistant and instructor at the University of Maryland while pursuing her graduate degree.
Dr. Penciakova received her PhD in economics from the University of Maryland, her master's degree in development studies from the London School of Economics and Political Science, and her bachelor's degrees in economics and international affairs from George Washington University.
2023-9
The Local Origins of Business Formation
Emin Dinlersoz, Timothy Dunne, John Haltiwanger, and Veronika Penciakova
August 2023
2021-13a
Political Connections, Allocation of Stimulus Spending, and the Jobs Multiplier
Joonkyu Choi, Veronika Penciakova, and Felipe Saffie
May 2021 (Revised August 2023)
2021-6
COVID-19 and SMEs: A 2021 "Time Bomb"?
Pierre Olivier Gourinchas, Şebnem Kalemli-Özcan, Veronika Penciakova, and Nick Sander
January 2021
2020-21a
SME Failures under Large Liquidity Shocks: An Application to the COVID-19 Crisis
Pierre Olivier Gourinchas, Şebnem Kalemli-Özcan, Veronika Penciakova, and Nick Sander
December 2020 (Revised August 2023)
2020-5
Business Formation: A Tale of Two Recessions
Ermin Dinlersoz, Timothy Dunne, John Haltiwanger, and Veronika Penciakova
January 2021
2019-18
Leverage over the Firm Life Cycle, Firm Growth, and Aggregate Fluctuations
Emin Dinlersoz, Sebnem Kalemli-Ozcan, Henry Hyatt, and Veronika Penciakova
September 2019
2019-17
Synergizing Ventures
Ufuk Akcigit, Emin Dinlersoz, Jeremy Greenwood, and Veronika Penciakova
September 2019
"Synergizing Ventures" (with Ufuk Akcigit, Emin Dinlersoz, and Jeremy Greenwood). Journal of Economic Dynamics and Control, 2022, 143, 104427.
"COVID-19 and Small- and Medium-Sized Enterprises: A 2021 "Time Bomb"? (with Pierre-Olivier Gournichas, Sebnem Kalemli-Ozcan, and Nick Sander). AEA Papers and Proceedings, 2021, 111: 282–86.
"Business Formation: A Tale of Two Recessions" (with Emin Dinlersoz, Timothy Dunne, and John Haltiwanger). AEA Papers and Proceedings, 2021, 111: 253–57.Veronika Penciakova, Valerie Nguyen, Camelia Minoiu, and Lauren Taylor. "Are US Importers Ready for the New Tariff Landscape?." Policy Hub: Macroblog. August 26, 2025.
Emin Dinlersoz, Timothy Dunne, John Haltiwanger, and Veronika Penciakova. "Local Origins of Business Formation." Policy Hub (2023-7).
Salome Baslandze, Camelia Minoiu, Veronika Penciakova, and Jonathan L. Willis. "Do Credit Supply Shocks Constrain Employment Growth of Small and Medium-Sized Enterprises?" Policy Hub (2023-5).
Salome Baslandze, Simon Fuchs, Indrajit Mitra, and Veronika Penciakova. "The Atlanta Fed's Early Career Visitor Program Workshop: A Synopsis," Policy Hub: Macroblog. October 20, 2022.
Veronika Penciakova. ""They're Really Punching above Their Own Weight": Venture Capital and Firm Growth." Economy Matters podcast. November 19, 2019.