Alessia De Stefani


Research Economist
Research
Fields of Interest: Household Finance, Real Estate Economics, Applied Macroeconomics
ads@nationalbanken.dk

Professional Experience
Research Economist, Danmarks Nationalbank, 2017-
Economist/Policy Analyst, OECD, Dir. Public Governance, 2016-2017
Ph.D. Intern, International Monetary Fund, Fiscal Affairs, 2014

Education
Ph.D. in Economics, University of Edinburgh, 2017
M.Sc. Economics and Social Sciences, Bocconi University, 2011
B.Sc. Economics and Business Administration, Catholic University of Milan, 2008

Refereed Publications
'Debt, Inequality and House Prices: Explaining the Dynamics of Household Borrowing Prior to the Great Recession', Journal of Housing Economics, 2018

Working Papers
'Mortgage Choice and Expenditure over the Lifecycle: Evidence from Expiring Interest-Only Loans' (joint with Henrik Yde Andersen and Stine Ludvig Bech)

'Expectations and Credit Cycles: What Role for Overoptimism of Borrowers and Lenders?' (joint with Kaspar Zimmermann)

'Real Effects of Relaxing Financial Constraints for Homeowners: Evidence from Danish Firms' (joint with Julia Moertel)

'House Price History, Biased Expectations and Credit Cycles: the Role of Housing Investors' 

Selected Policy Publications
'Expiring-interest only loans have implications for private consumption', Danmarks Nationalbank Analysis, forthcoming

'Housing Collateral and Home-Equity Extraction' with Simon Juul Hviid, Danmarks Nationalbank Working Paper, No. 135, (2019).

The Geography of Firm Dynamics: Measuring Business Demography for Regional Developement, OECD Publishing, Paris (2017), Contributer