Alessia De Stefani
I am an Economist at the Research Department of the International Monetary Fund. My research focuses on housing markets and household finance.
Any views expressed on this website are my own and should not be attributed to the IMF, its Executive Board, or its management.
E-mail address: adestefani[at]imf.org
Publications
with Henrik Yde Andersen and Stine Ludvig Bech
The Review of Economics and Statistics, 106 (1), Pages 277-285, 2024
House Price History, Biased Expectations and Credit Cycles: the Role of Housing Investors
Real Estate Economics, 49: 1238– 1266 , 2021
Journal of Housing Economics, 47: 101601, 2020
Book Chapters
Beliefs and Risk Taking, with Kaspar Zimmermann
Invited contribution in "Leveraged: The New Economics of Debt and Financial Fragility", Chicago University Press, 2022
Presented at: Private Debt Initiative (2019); Video
Policy Work
Feeling the Pinch? Tracing the Effects of Monetary Policy through Housing Markets, April 2024 WEO Chapter 2
Press coverage: FT, The Guardian (I), The Guardian (II), El Pais
IMF Blog: Housing is One Reason Not All Countries Feel Same Pinch of Higher Interest Rates
Accelerating Innovation and Digitalization in Asia to Boost Productivity, IMF Departmental Paper 2023/01
IMF blog: Asia's Productivity Needs a Boost That Digitalization Can Provide
The Effect of Food and Energy Price Inflation on Households in Asia, IMF APD REO, box 1.3, 2022
Household Vulnerability to Income Shocks in Emerging and Developing Asia, IMF WP 64/2022, with Athene Laws and Alexandre Sollaci
Expiring Interest-Only Loans Have Implications for Household Expenditure, Danmarks Nationalbank Analysis 2/2020
Press coverage: Børsen , Finans , Jyllandsposten (in Danish)
Housing as collateral and Home Equity Extraction, Danmarks Nationalbank WP n.135/2018
Press coverage: Bloomberg News
The Geography of Firm Dynamics, OECD Publishing, Paris, 2017
Selected Discussions
The Mortgage Cash Flow Channel: How Rising Interest Rates Impact Household Consumption, by I.Caspi, N. Eshev and N. Segev (NFA, 2024)
Expectations Uncertainty and Household Economic Behavior, by E.Fermand, C.Kuhnen, G.Li, I. Ben-David (EFA 2019)
House Price Beliefs and Mortgage Leverage Choice, by M.Bailey, E.Davila, T.Kuchler and J. Stroebel (EFA 2018)
Other Work
Real Effects of Relaxing Financial Constraints for Homeowners: Evidence from Danish Firms, (2020) with Julia Moertel
Selected presentations: University of Bonn; Household Finance and Consumption (2019); EABCN 2019, ESCB-EFA Day Ahead 2019