Biography

Denis Gorea is an economist working on issues at the interplay between macroeconomics, real estate finance and taxation. Prior to joining the Max Weber Programme, he served as a Senior Economist in the Macro-Financial Studies division of the Bank of Canada and as a Research Economist at a Moldovan research institute.
Denis obtained his PhD in Economics from Goethe University Frankfurt in 2014. During his graduate studies, he was a teaching assistant for undergraduate courses in Macroeconomics and worked as a PhD intern for the European Central Bank and the International Monetary Fund.
In his research projects, he uses quantitative macro models to study how household consumption and saving behaviour is affected by taxation, access to mortgages and other important features of the housing market. His most recent paper (co-authored with Virgiliu Midrigan) shows that a vast majority of US households are liquidity constrained, despite being qualified as wealthy and having access to a rich set of financial instruments for extracting home equity (e.g., cash-out refinancing, HELOCs, HELs, etc.).

His future research will explore how households set prices when selling their homes, as well as the competitive effects of new supply in the housing market.