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About
Hi! I am Xu Lu. My research explores the incentives and constraints shaping asset demand, drawing out their aggregate implications for asset prices, monetary transmission, and financial stability.
I am an assistant professor of finance and business economics at the University of Washington. I received my PhD in Finance from Stanford GSB in 2023 and bachelor’s degrees in economics, finance, and mathematics from Tsinghua University in 2017.
Curriculum vitae (updated: Apr 2026).
Work
Accepted Papers
Monetary Transmission and Portfolio Rebalancing: A Cross-Sectional Approach,
with Lingxuan Wu; updated: Feb 2026.
Journal of Financial Economics, conditionally accepted.
Remeasuring Scale in Active Management,
with Shiyang Huang, Yang Song, and Hong Xiang; updated: Mar 2026.
Review of Financial Studies, forthcoming.
Working Papers
Banking on Inattention,
with Lingxuan Wu; updated: Apr 2026.
VoxEU article: "Banking on inattention: When deposits hedge or amplify interest rate risk."
Supported by the NBER Financial Frictions and Market Risk Initiative, and AWS Cloud Credit for Research.
The Dynamics of Deposit Flightiness and its Impact on Financial Stability,
with Kristian Blickle, Jane Li, and Yiming Ma; updated: Mar 2026.
Liberty Street Economics article: "The rise in deposit flightiness and its implications for financial stability."
Tracing the Impact of Payment Convenience on Deposits: Evidence from Depositor Activeness,
with Yang Song, and Yao Zeng; updated: Sep 2025.
Knowledge at Wharton article: "How bank depositors are becoming more alert."
The Political Economy of China's Housing Boom,
with Adam Zhang; updated: Mar 2023.
Teaching
Teach
Finance 423: Banking and the Financial System, Winter 2024
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