Francesco D'Acunto Francesco D'Acunto

Francesco D'Acunto

A. James Clark Chair and
Associate Professor of Finance
Georgetown University
McDonough School of Business
Francesco D'Acunto

Curriculum Vitae

Georgetown Profile

Google Scholar Profile

SSRN Profile

CESifo Profile

Snider Center Profile Profile

World Economic Forum Profile

AEA RCT Registry

Contact Information

Georgetown University
McDonough School of Business
37 and O Streets
Rafik Hariri Building
Washington, DC 20057, USA


Research Statement and Agenda

Refereed Publications

IQ, Expectations, and Choice
(with D. Hoang, M. Paloviita, and M. Weber)

Review of Economic Studies, forthcoming
Media Coverage: Wall Street Journal, Kommersant, Handelsblatt

The Subjective Inflation Expectations of Households and Firms: Measurement, Determinants, and Consequences
(with O. Coibion, Y. Gorodnichenko, and M. Weber)

Journal of Economic Perspectives, forthcoming

Managing Households' Expectations with Unconventional Policies
(with D. Hoang and M. Weber)
Review of Financial Studies, February 2022, Editor's Choice (Lead Article)
Presentations: 2018 AEA, 2015 NBER ME
Media Coverage: Bloomberg Radio (Bloomberg Surveillance), Wall Street Journal (Real Time Economics), World Economic Forum (Agenda), Il Fatto Quotidiano, Die Welt, Main Street, Penzügyi Szelme, Poleconomix (προτασεις), Mendimi Ekonomik i Javës, Econbrowser, Science Daily,,, Ökonomenstimme

Regressive Mortgage Credit Redistribution in the Post-crisis Era (with A.G. Rossi)
Review of Financial Studies, January 2022
Presentations: 2018 AEA, 2017 NBER SI (HF), 2017 NBER CF, 2017 Duke/UNC CF, 2017 FIRS
Media Coverage: Wall Street Journal, Bloomberg View, Washington Post, U.S. News & World Report, CBS Radio, Chicago Tribune, Morningstar, Oxford Business Law Blog, Smith Brain Trust

Exposure to Grocery Prices and Inflation Expectations
(with U. Malmendier, J. Ospina, and M. Weber)
Journal of Political Economy, May 2021
Presentations: 2020 WFA, 2020 SED, 2019 NBER BF, 2019 SITE, 2018 AEA
Media Coverage: NBER Digest (Bloomberg Surveillance), Brookings,, Obserwator Finansowy

Gender Roles Produce Divergent Economics Expectations
(with U. Malmendier and M. Weber)
Proceedings of the National Academy of Sciences, 118(21)
Presentations: 2020 NBER SI, 2019 NBER CF

The Promises and Pitfalls of Robo-advising (with N.R. Prabhala and A.G. Rossi)
Review of Financial Studies, 2019:32(5), pp.1983-2020
Presentations: 2018 SFS Cavalcade, 2017 NBER BF, 2017 Miami BF, 2017 NYU Stern FinTech, RFS FinTech Registered Proposals Workshop

Historical Antisemitism, Ethnic Specialization, and Financial Development
(with M. Prokopczuk and M. Weber)
Review of Economic Studies, 2019:86(3), pp.1170-1206
Presentations: 2015 NBER SI (POL), 2015 EFA, 2015 SED, 2014 NBER BE (Fall), 2014 Miami BF
Media Coverage: The Economist, The American Interest, La Stampa, Die Welt, Haaretz, Share Radio, The Marker, Tablet Magazine, Världen idag, Dinheiro Vivo,, NEWSru, Merdeka, Al Balad, Actualité Juive Hebdo, CreeEnLaTolerancia, Ökonomenstimme,

Flexible Prices and Leverage (with R.Liu, C. Pflueger, and M. Weber)
Journal of Financial Economics, 2018:129(1), pp.46-68
Presentations: 2016 NBER CF, 2016 WFA, 2016 ASU Sonoran WFC, 2016 CF Symposium

Telecracy: Testing for Channels of Persuasion (with G. Barone and G. Narciso)
American Economic Journal: Economic Policy, 2015:7(2), pp.30-60
Media Coverage:, WSJ Blog,, IlFattoQuotidiano

Non-Refereed Publications

The FinTech Revolution in Consumer Finance (with A.G. Rossi)
in Handbook of Financial Decision Making, forthcoming
Editors: G. Hilary, D. McLean

IT Meets Finance: Financial Decision Making in the Digital Era (with A.G. Rossi)
in Oxford Encyclopedia of Economics and Finance, forthcoming
Editors: J. Hamilton, A. Dixit, S. Edwards, K. Judd

FinTech and Robo-Advising: The Transformation Role of Technology in Personal Finance (with A.G. Rossi)
special issue on The Business Revolution, Journal of Economics \& Management Strategy forthcoming
Editors: H. Halaburda, J. Prince, D. Sokol, F. Zhu

New Frontiers of Robo-advising: Consumption, Saving, Debt Management, and Taxes
A.G. Rossi)
in Machine Learning in Finance: A Guidance to Contemporary Practice Cambridge University Press
Editors: A. Capponi, C. Lehalle

Robo-advising (with A.G. Rossi)
in Palgrave Macmillan Handbook of Technological Finance 2021
Editors: R. Rau, R. Wardrop, L. Zingales

What Do The Data Tell Us About Inflation Expectations? (with U. Malmendier and M. Weber)
in Handbook of Economic Expectations 2022
Editors: R. Bachmann, G. Topa, W. Van Der Klaauw

Cognitive Abilities and Inflation Expectations (with D. Hoang, M. Paloviita, and M. Weber)
American Economic Review P&P, May 2019

Unconventional Fiscal Policy (with D. Hoang and M. Weber)
American Economic Review P&P, 2018:108, pp.519-523

Working Papers

Identity and Choice Under Risk
Reject and Resubmit at the Journal of Political Economy
2015 Cubist Systematic Strategies Phd Award for Outstanding Research, WFA
Presentations:2016 AFA, 2015 WFA, 2013 NBER BE, 2014 Miami BF Conference
Media Coverage: Reuters, Bloomberg View, World Economic Forum (Agenda), The Globe and Mail, Daily Mail, The Peninsula, China Economic Information Network, SigFig Blog, China Tells,,, Oe! (proexpansion),

How Costly Are Cultural Biases? Evidence from FinTech (with P. Ghosh, R. Jain, and A.G. Rossi) 2021 WFA PBCSF Award for the Best Paper on FinTech
Presentations: 2021 WFA, 2021 EFA, 2021 SFS Cavalcade

Trust and Contracts: Empirical Evidence (with J. Xie and J. Yao )
Presentations: 2021 Barcelona GSE, 2020 EFA, 2020 SFS Cavalcade

Tear Down This Wall Street: Anti-finance Rhetoric, Subjective Beliefs, and Investment
Presentations: 2018 AFA, 2016 Yale Junior, 2016 Caltech Junior

Human Frictions in the Transmission of Economic Policies
(with D. Hoang, M. Paloviita, and M. Weber)

Presentations: 2018 NBER ME, 2018 Cowles Macro, 2018 CEPR HF

Diverse Policy Committees Can Reach Underrepresented Groups
(with A. Fuster and M. Weber)

Crowdsourcing Peer Information to Change Spending Behavior
(with A. G. Rossi and M. Weber)
Presentations: 2020 AFA, 2019 Miami BF, 2019 EFA
Media Coverage: Wall Street Journal, CNN Business, Forbes, Market Watch

Punish One, Teach a Hundred: The Sobering Effect of Peer Punishment on the Unpunished (with M. Weber and J. Xie )
Presentations: 2020 NBER CE, 2019 AFA, 2019 EFA

Perceived Precautionary Savings Motives: Evidence from FinTech
T. Rauter, C. Scheuch, and M. Weber)
Presentations: 2020 AEA, 2020 AFA, 2020 SFS Cavalcade, 2020 FIRS, 2019 Columbia NFIT

Basic Education and Persistent Regional Inequalities
2014 Cubist Systematic Strategies Phd Award for Outstanding Research, WFA
2014 Best Finance Phd Award in Honor of Prof. Greenbaum
Presentations: 2014 NBER SI (EFG-BGZ), 2014 WFA, 2014 SFS Cavalcade

Finance, Talent Allocation, and Growth (with L. Frésard)
Presentations: 2018 SFS Cavalcade

Correcting Market Failures in Entrepreneurial Finance (with G. Tate and L. Yang)
Presentations: 2017 NBER SI (PRENT)

Bank Screening and the Leverage of Newly Founded Firms (with M. C. Bustamante)
Presentations: 2018 EFA

Entrepreneurial Teams: Diversity of Skills and Early-stage Growth (with G. Tate and L. Yang)
Presentations: 2019 EFA, 2019 FOM, 2019 MFA

Coordinated Activism and Firm Value
Best Student Paper at the 24th Australasian Finance and Banking Conference (second prize)

From Financial History to History & Finance


Carroll School of Management- Fundamentals of Finance/Financial Management

Personal Performance Evaluations 2019- UG-1: 4.5/5, UG-2: 4.6/5
Personal Performance Evaluations 2020- UG-1: 4.9/5, UG-2: 4.7/5, MBA: 4.9/5

Personal Performance Evaluations 2021- UG-1: 4.6/5, UG-2: 4.6/5, MBA: 4.8/5

R.H. Smith School of Business - Entrepreneurial Finance and Private Equity
Personal Performance Evaluations 2016 - MBA-1: 3.7/4, MBA-2: 3.9/4, MFin: 3.7/4
Personal Performance Evaluations 2017 - MBA: 3.96/4, MFin: 3.7/4
Personal Performance Evaluations 2018 - MBA: 3.6/4, MFin: 3.9/4
Winner, 2017 Distinguished Teaching Award

Haas School of Business - MBA Corporate Finance, TA (Prof. Ulrike Malmendier), Spring 2014

Phd-level Mini-courses

Subjective Inflation Expectations: Measurement, Determinants, and Consequences
Euro Area Central Bank Network (EACBN), June 2022

Cultural Finance
SAFE--Goethe-Universitaet Frankfurt, August 2018
University of Washington (Foster), July 2019

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