OeNB Visiting Professorships

2018 - Stefania Albanesi

Prof. Stefania Albanesi is Professor of Economics at the University of Pittsburgh. She is a macroeconomist whose research interests include the determinants and implications of various dimensions of inequality and the distributional implications of government policies. Prof. Albanesi has studied the political economy of inflation, the optimal taxation of capital and labor income, and the evolution of gender disparities in labor market outcomes.

18th of December 2018: Panel Discussion

"Wealth Inequality and Housing Booms: Are the Young Missing Out?"

On 18th of December, OeNB-Governor Dr. Ewald Nowotny and OeNB Visiting Professor Stefania Albanesi discussed the question of wealth inequality and housing booms at the Skylounge.

Urban centers have become increasingly attractive to professional households, causing housing shortages and pressure on house valuations. In most advanced economies, homeownership has been a sure path to building wealth. As house prices continue to climb in real terms, it is increasingly difficult for young households to purchase property close to their place of work. This increases the demand for rentals and fuels real estate investment activity in urban areas. These developments can further exacerbate the growth in wealth inequality and raise important questions for policy.

What has been the role of increasing income and wealth inequality in the growth of housing valuations? What are the long-term consequences for household formation and labor market mismatch? What can governments do to stabilize housing prices and ensure affordable housing is available for households of different income? Are there any mortgage market interventions that could be used to increase access to housing, especially by young households, without exacerbating real estate speculation?

After the discussion, Prof. Albanesi answered also questions from the audience. 

Watch here the trailer of the event or the full-length panel discussion

Photo Gallery: OeNB Panel Discussion