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Ju­lie Marx

Assistant Professor

Subjects
Microeconomics Mortgage finance Data Gender

Primary research areas

House­hold Fin­ance
How do house­holds make fin­an­cial de­cisions?
The Hous­ing Mar­ket
How do house­holds be­have in the hous­ing mar­ket?
Be­ha­vi­or­al Eco­nom­ics
In what ways do house­holds not act ac­cord­ing to clas­sic­al eco­nom­ic the­ory?

Study­ing House­hold Be­ha­vi­or in Den­mark

I am an Assistant Professor at Copenhagen Business School (CBS), specializing in household finance. My research focuses on how families make financial decisions, with a special interest in the housing market and mortgages. I study how people buy, sell, and finance homes — and how these choices are shaped by financial constraints, incentives, and behavioral patterns.

I often draw on insights from behavioral economics to explore how psychological factors influence financial decisions. I am also interested in gender economics, including how gender roles and dynamics affect economic outcomes in households.

Recently, I have developed an interest in how households respond to changes in electricity prices, with a focus on understanding behavioral reactions to energy costs.

My research has been published in leading academic journals and aims to contribute to a better understanding of how real people make economic decisions in everyday life. 

Publications

See all publications

5 February 2026

A Danish Fix for U.S. Mortgage Lock-In?

David W. Berger

Jaehun Jeong

Julie Marx, Assistant Professor

Ma­ria Vi­cto­ria Ole­sen, PhD fellow

Fabrice Tourre
Go to publication

October 2022

Reference Dependence in the Housing Market

St­ef­fen An­der­sen, Professor

Cristian Badarinza

Lu Liu

Julie Marx, Assistant Professor

Tarun Ramadorai
Go to publication

Recent research projects

From Rates to Riches: How Dan­ish Homeown­ers Re­spond to In­terest Rate Shocks

with Dav­id Ber­ger, Jae­hun Jeong, Maria Olesen, and Fabrice Tourre

This pa­per in­vest­ig­ates the real ef­fects of a large, pos­it­ive net-worth shock ex­per­i­enced by Dan­ish fixed-rate mort­gage (``FRM'') bor­row­ers in 2022, when rising long-term in­terest rates en­abled them to re­pur­chase their mort­gages at steep dis­counts.

Un­like U.S. FRMs, Dan­ish mort­gages al­low bor­row­ers to mon­et­ize cap­it­al gains when rates rise, cre­at­ing a unique set­ting to study house­hold re­sponses to large wealth shocks.

Us­ing high-qual­ity mi­crodata, we doc­u­ment that many house­holds re­fin­anced to cap­ture gains, re­du­cing debt or in­creas­ing con­sump­tion and in­vest­ments.

A struc­tur­al mod­el con­firms het­ero­gen­eous re­sponses across mort­gage types, high­light­ing the role of in­sti­tu­tion­al design in shap­ing mon­et­ary policy trans­mis­sion.

Watt Changes: House­holds' Re­sponse to Hourly Elec­tri­city Prices

With Fatima Zahra Filali Adib and Clara Ege­hoved Tørsløv

A suc­cess­ful green trans­ition re­quires align­ing elec­tri­city de­mand with re­new­able sup­ply, which vari­able pri­cing can achieve. We use nov­el high-fre­quency data on elec­tri­city con­sump­tion and an in­stru­ment­al vari­able ap­proach to ana­lyze elec­tri­city price re­spons­ive­ness of Dan­ish house­holds. We es­tim­ate elec­tri­city price elast­i­cit­ies across and with­in days. We find that high­er prices lead house­holds to ad­just their con­sump­tion, mostly through level de­creases rather than shift­ing use to cheap­er off-peak hours. The level cuts per­sist after prices fall, es­pe­cially for lower-in­come house­holds, while with­in-day shift­ing is mod­est and con­cen­trated among high­er-in­come house­holds.
Link to Watt Changes

Outside activities

Be­ha­vi­or­al Fin­ance course in Danske Bank , 2024 - 2026

Co-teach­ing a Be­ha­vi­or­al Fin­ance course to em­ploy­ees in Danske Bank