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Welcome! I am an Assistant Professor of Finance at Boston College, Carroll School of Management, where I teach Data Analytics in Finance. I study the intersection of macro-finance, asset pricing, and political economy through two distinctive research streams. My first research stream explores the measurement, determinants, and macroeconomic and asset pricing effects of risk aversion and perception, with a recent focus on how investors, analysts, and the public perceive fiscal policy. ​​My second research stream studies Federal Reserve Governance, and its broader financial and macroeconomic implications.

I am also a visiting scholar at the Federal Reserve Bank of Boston and a research consultant to the European Central Bank. I earned my Ph.D. from Columbia Business School in 2018, and interned at the Federal Reserve Bank of New York in 2017. Prior to my Ph.D., I received statistical training from Peter Guttorp.

At the 2022 WFA in Portland, I proudly co-organized the 17th Early Career Women in Finance Conference. Program (6/24/2022)

At the 2025 Kentucky Finance Conference, I became the first female professor to win the Horseplayer of the Year trophy! Keeneland Race (4/25/2025)

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2025/05/17: Updated paper "Local Monetary Policy" PDF SSRN

                    (Recent conferences: 2025 University of Kentucky Finance Conference, 2025 UC Davis-NAPA

                    Conference, 2025 MFA, 2024 CUHK-RAPS-RCFS conference, 2024 Annual Boca-ECGI

                    Conference, 2024 CEPR annual Monetary Economics and Fluctuations Symposium, 2024 NFA,

                    2024 Stanford SITE, 2024 NTU finance conference, 2024 CUFE summer conference)

2025/04/28: Updated paper "When Do FOMC Voting Rights Affect Monetary Policy?" PDF SSRN

                    (Recent conferences: NBER2025 ITAM Finance Conference, 2024 WFA, 2023 Weinberg/ECGI

                    Corporate Governance Symposium, 2023 UCLA Fink Center Conference, 13th NYU-LawFin/SAFE- 

                    ESCP BS Law & Banking/Finance Conference, 2023 European Summer Symposium in Financial

                    Markets (ESSFM) CEPR, 2023 NFA, 2023 WAPFIN @ NYU Stern)

2025/03/16: Updated paper "Risk, Monetary Policy and Asset Prices in a Global World" PDF SSRN

2025/01/31: New paper "Fiscal Risk Perception: Evidence from Analyst Forecasts" PDF SSRN

2024/10/27: Updated paper "Main Street's Pain, Wall Street's Gain" PDF SSRN

                        >> Forthcoming at Journal of Financial Economics

                    (Recent conferences: NBER SI Asset Pricing, Stanford SITE ``New Frontiers in Asset Pricing'',                                   Stanford SITE ``The Macroeconomics of Uncertainty and Volatility'', Chicago Booth asset pricing

                    conference, 2023 AFA, 2023 MFA, 2023 Kentucky Finance Conference, CEPR Paris Symposium)

2024/05/16: New paper "Forecasting International Stock Market Variances" PDF SSRN

2025/05/04: Up-to-date indices of risk aversion and uncertainty! Link

2025/04/11: New page -- How does the market perceive the trade war on a daily basis? 

2025/04/01: Nick, Steve, Jesus, Zheng, Bo, and I will co-organize a SITE session "The Macroeconomics of Uncertainty and Volatility" at Stanford on September 3-5, 2025. Deadline: June 11, 2025.

2024/02/09: I had a great time talking to Tim Philips (VoxTalks Economics); https://cepr.org/multimedia/main-streets-pain-wall-streets-gain: 

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© 2025 by Nancy R. Xu, Boston College

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