Anthony DeFusco
Anthony DeFusco

Assistant Professor of Finance

Print Overview

Anthony DeFusco is an Assistant Professor of Finance at the Kellogg School of Management at Northwestern University. He is an applied microeconomist who studies household finance with a particular emphasis on household behaviors and policies affecting the housing and residential mortgage markets.

His recent work has studied the effects of regulations on household leverage in the mortgage market as well as the role of collateral constraints and interest rates in driving household borrowing behavior. In other work, he has also studied the role of short-term speculation and geographic spillovers in contributing to house price fluctuations.

Professor DeFusco joined the Kellogg School of Management in 2015 after receiving his Ph.D. in Applied Economics from the Wharton School at the University of Pennsylvania. He also holds a B.A. in Economics and Mathematics from Temple University.

Areas of Expertise
Banking and Financial Institutions
Household Finance
Real Estate Finance
Regulation of Financial Markets
Urban Economics

Print Vita
Ph.D., 2015, Applied Economics, University of Pennsylvania, Wharton School
M.S., 2012, Applied Economics, University of Pennsylvania, Wharton School
B.A., 2009, Economics and Mathematics, Temple University, Magna cum Laude

Academic Positions
Assistant Professor of Finance, Finance, Kellogg School of Management, Northwestern University, 2016-present
Donald P. Jacobs Scholar, Northwestern University, Kellogg School of Management, 2015-2016

Honors and Awards
American Real Estate and Urban Economics Association Dissertation Award (First Prize)
Dean's Fellowship for Distinguished Merit, The Wharton School, University of Pennsylvania, 2009-2014
Russell Ackoff Fellowship, The Wharton School, University of Pennsylvania

Print Research
Research Interests

Household and Consumer Finance

Real Estate Finance and Urban Economics

Applied Microeconomics

DeFusco, Anthony and Andrew Paciorek. 2017. The Interest Rate Elasticity of Mortgage Demand: Evidence from Bunching at the Conforming Loan Limit. American Economic Journal: Economic Policy. 9(1): 210-240.
DeFusco, Anthony. 2017. Homeowner Borrowing and Housing Collateral: New Evidence from Expiring Price Controls. Journal of Finance. 73(2): 523-573.
Working Papers
DeFusco, Anthony, Stephanie Johnson and John Mondragon. 2017. Regulating Household Leverage.
DeFusco, AnthonyCharles Nathanson and Eric Zwick. 2017. Speculative Dynamics of Prices and Volume.
DeFusco, Anthony, Wenjie Ding, Fernando Ferreria and Joseph Gyourko. 2017. The Role of Price Spillovers in the American Housing Boom.

Print Teaching
Teaching Interests

Corporate Finance


Principles of Finance (FE 310-0)

Principles of Finance is an intensive one-quarter course that provides and introduction to the major topics in the field of finance with an emphasis on valuation and corporate finance principles. The topics covered will include the impact of time and uncertainty on value, discounted cash flows, equity and debt valuation, the term structure of interest rates, portfolio theory, asset pricing, and efficient market theory. The course will also explore the financing decisions of firms, including capital budgeting, capital structure, and payout policy. 

Enrollment Requirements: Reserved for students enrolled in the Kellogg Certificate Program for Undergraduates (CPU).

Full-Time / Evening & Weekend MBA
Accelerated Corporate Finance (FINC-440-0)
Corporate finance covers the financial knowledge you need to run a firm, whether the firm is a multi-billion dollar international conglomerate or a three-person start up. Accelerated Corporate Finance will combine the material from Finance 1 and Finance 2 in an intensive one-quarter course. We will cover valuation (discounted cash flow, multiples, and real options), capital structure (how firms finance themselves and how they manage risk), and payout policy (should firms return capital to investors and if so how). For more details, you should read the descriptions of Finance 1 and Finance 2. The logical concepts will be covered in class, technical skills and intuition will be developed in class and through online exercises, and then the logic and tools will be applied to a set of valuation, financing, risk management, and payout cases. Given the pace of the course, students are expected to be prepared to put in the extra effort in class and outside of class. Basic finance knowledge (discounting) and accounting is assumed

Prerequisite: Business Analytics I (DECS-430-5)

Corequisite/Prerequisite: Accounting for Decision Making (ACCT-430) and Business Analytics II (DECS 431-0)

Principles of Finance (KELLG_FE-310-0)