Markus Mølbak Ingholt defends his PhD thesis at the Department of Economics

Candidate: Marcus Mølbak Ingholt

Title: "Financial Frictions in a Housing Economy: Multiple Credit Constraints, Internal Migration, and Bank Runs"

Time and venue

28 May 2019 at 9:00, University of Copenhagen, Centre for Health and Society, Øster Farimagsgade 5, 1353 Copenhagen K, building 26, CSS, 26.2.21.

Asssessment Committee
Professor Heino Bohn Nielsen, Department of Economics, University of Copenhagen, Denmark (chairman)
Associate Professor Vincent Sterk, University College London, UK
Assistant Professor Roman Sustek, Queen Mary, University of London, UK


This thesis consists of three self-contained chapters, written within macroeconomics and macrofinance. The overarching objective of the thesis is to improve our understanding of how asset price and credit fluctuations affect real activity. The thesis examines these issues through both empirical and theoretical methods.


In the first chapter (”Multiple Credit Constraints and Time-Varying Macroeconomic Dynamics”), I study the macroeconomic implications of homeowners simultaneously facing loan-to-value and debt-service-to-income constraints on the amount they may borrow. In the following two chapters, I explore how the housing market and credit issuance affect real activity via labor migration and wage setting (“Not Moving and Not Commuting: Macroeconomic Responses to a Housing Lock-In”), as well as via mortgage defaults and bank runs (“Mortgage Defaults, Bank Runs, and Regulation in a Housing Economy”).