Associate Professor in Finance
Fellow, Cambridge Centre for Finance (CCFin)/Cambridge Endowment for Research in Finance (CERF)
JM Keynes Fellow in Financial Economics, University of Cambridge
BS (University of Washington), PhD (Columbia University)
My research spans macro-finance, asset pricing, and political economy, with a focus on how government institutions and fiscal and monetary policies shape financial markets. My recent work examines fiscal policy perceptions, central bank governance, and the transmission of monetary policy through financial institutions and capital markets. I previously served as a research consultant to the European Central Bank and have presented my research at several Federal Reserve Banks.
Professional experience
Dr Xu has held positions at the European Central Bank, the Federal Reserve Bank of New York, and the Federal Reserve Bank of Boston.
Previous appointments
Before joining the University of Cambridge, Dr Xu was Assistant Professor of Finance at Boston College, Carroll School of Management in the United States.
Publications
Selected publications
- Xu, N.R. and You, Y. (2024) “Main Street’s pain, Wall Street’s gain.” Journal of Financial Economics, 168: 104037 (DOI: 10.1016/j.jfineco.2025.104037)
- Londono, J.M. and Xu, N.R. (2023) “The global determinants of international equity risk premiums.” Management Science, 70(9): 6374-6394 (DOI: 10.1287/mnsc.2023.4958) (Semi-finalist, FMA Global Conference Best Paper Award, 2019)
- Bekaert, G., Engstrom, E.C. and Xu, N.R. (2022) “The time variation in risk appetite and uncertainty.” Management Science, 68(6): 3975-4004 (DOI: 10.1287/mnsc.2021.4068)(Winner, Global Association of Research Professionals Research Excellence Award, 2018)
- Xu. N.R. (2021) “Procyclicality of the comovement between dividend growth and consumption growth.” Journal of Financial Economics, 139(1): 288-312 (DOI: 10.1016/j.jfineco.2020.07.013) (awarded 2nd best paper, PhD Forum, 28th Australasian Finance and Banking Conference, 2015)
Awards and honours
- Sui Academic Research Awards (joint with Yang You), 2024
- Teaching Star, Carroll School of Management, Spring 2021
- Semi-finalist, FMA Global Conference Best Paper Awards, 2019
- Research Excellence Award, Global Association of Research Professionals, CIRF 2018
- Summer PhD Dissertation Internship, Federal Reserve Bank of New York, 2017
- 2015-16 Werner L and Adriana Chilton Doctoral Fellowship, Columbia Business School, 2016
- 2nd best paper, PhD Forum, 28th Australasian Finance and Banking Conference, 2015
- Doctoral Full Fellowship, Columbia Business School, 2012-2016