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Stephanie Moulton

Professor, Incoming Acting Dean

Stephanie Moulton is professor and associate dean for faculty and research in the John Glenn College of Public Affairs at The Ohio State University. Moulton is also a visiting scholar at the Philadelphia Federal Reserve Bank, a member of the Academic Research Council for the Urban Institute’s Housing Finance Policy Center, and an elected Fellow of the National Academy of Public Administration

She is a faculty affiliate with the University of Wisconsin’s Institute for Research on Poverty and Ohio State’s Institute for Population Research, and she serves on the Scientific Advisory Board for the Wealth and Mobility Study at the University of Michigan’s Stone Center for Inequality Dynamics. She previously served in leadership roles with the Association for Public Policy Analysis and Management, the Public Management Research Association and the American Real Estate and Economics Association. An outgoing co-editor for the Journal of Policy Analysis and Management, she sits on the editorial board for the Journal of Housing Economics.

Moulton’s areas of expertise include housing and consumer finance, policy implementation and management across sectors, and program evaluation. She works in partnership with government, nonprofit organizations and private lenders to design, evaluate and improve public policies and programs. Substantively, Moulton’s research examines the causes and consequences of wealth inequality and household financial distress, with a focus on dynamics related to homeownership, mortgages and consumer debt. Her research has been funded by federal agencies and foundations including the U.S. Department of Housing and Urban Development, U.S. Social Security Administration, Russell Sage Foundation, John D. and Catherine T. MacArthur Foundation, Ohio Housing Finance Agency and National Foundation for Credit Counseling.

Moulton is the author of  numerous articles in top public affairs journals such as the Journal of Policy Analysis and Management, Public Administration Review, Perspectives on Public Management and Governance, and Journal of Public Administration and Theory. She also publishes in top general interest and specialty journals such as Nature: Human Behavior, Journal of the American Medical Association, Journals of Gerontology, Journal of Urban Economics, Real Estate Economics, and Social Science and Medicine. She is also the co-author of a book, “Effective Implementation In Practice: Integrating Public Policy and Management.” 

Moulton earned her PhD from the School of Public and Environmental Affairs at Indiana University. Prior to her academic career, Moulton worked in the nonprofit sector, designing and managing housing and community development programs at the local and state levels.

Type 2 Diabetes and Financial Outcomes
JAMA
July 28, 2025

PhD graduate Patthew Pesavento and professors Cäzilia Loibl and Stephanie Moulton published an economic evaluation study of 166,285 adult patients finding a higher probability of adverse financial outcomes among patients with type 2 diabetes.

Thinking Outside the Credit Box: Strategies to Advance Equity in the Housing Finance System
Housing Policy Debate
April 24, 2025

In this article, Dr. Stephanie Moulton and a team of housing policy experts draw from recent research to propose changes to the housing finance system that would improve access to mortgages while enabling homeownership stability for low wealth households in the U.S.

Labor outcomes of mortgage payment subsidies for unemployed homeowners
Journal of Housing Economics
January 08, 2025

Stephanie Moulton's paper provides novel evidence that stabilizing housing during an unemployment shock leads to better employment outcomes over the long term.

Self-affirmed for saving energy in the United States: Cognition, intention, and behavior
Energy Research & Social Science
October 01, 2024

Stephanie Moulton, along with her colleagues, introduces a self-affirmation intervention to test whether writing down personal values can enhance energy-saving attitudes and behaviors, finding it boosts positive cognitive outcomes especially among lower-income individuals, though it does not increase actual energy-saving actions.

Inequality in high-cost borrowing and unemployment insurance generosity in US states during the COVID-19 pandemic
Nature Human Behavior
July 11, 2024

Stephanie Moulton and colleagues research the association between public benefits and the use of costly credit.

Mortgage Borrowing and Chronic Disease Outcomes in Older Age: Evidence from Biomarker Data in the Health and Retirement Study
The Journals of Gerontology: Series B
April 17, 2024

Stephanie Moulton examines the extent to which older adults use home equity to help manage the costs associated with a chronic disease in older age and how such borrowing can affect their ability to manage the disease. 

The Effects of Administrative Burden on Program Equity and Performance: Evidence from a Natural Experiment in a Foreclosure Prevention Program
RSF: The Russell Sage Foundation Journal of the Social Sciences
September 01, 2023

Stephanie Moulton's study examines the effects of reforms to reduce administrative burden in a foreclosure prevention program by streamlining the application process and reducing applicant wait times.

Economic Impacts of the COVID-19 Crisis: Evidence from Credit and Debt of Older Adults
Journal of Pension Economics & Finance
November 09, 2022

Stephanie Moulton documents the credit outcomes of older adults immediately before and after the onset of the COVID-19 pandemic in the United States.

Managing the onset of a new disease in older age: Housing wealth, mortgage borrowing, and medication adherence
Social Science & Medicine
October 13, 2022

Stephanie Moulton examines the relationship between wealth and health. 

Credit Counseling and Long-Term Credit Outcomes: Evidence from the National Foundation for Credit Counseling’s Sharpen Your Financial Focus Program
September 21, 2022

Adrienne DiTommaso and Stephanie Moulton's study identifies the characteristics and long-term outcomes of consumers participating in nonprofit credit counseling, including those who do and do not enroll in debt management plans. 

Property Tax Compliance and Reverse Mortgages: Using Nudges to Improve the Market
National Tax Journal
March 01, 2022

Stephanie Moulton's study is based on a field experiment designed to increase the salience of property tax and insurance payments among a particularly vulnerable population, older adults who took out a reverse mortgage. 

Does Temporary Mortgage Assistance for Unemployed Homeowners Reduce Longer-Term Mortgage Default? An Analysis of the Hardest Hit Fund Program
Journal of Policy Analysis and Management
January 22, 2022

Stephanie Moulton and Stephanie Casey-Pierce analyze the longer-term effects of temporary mortgage payment subsidies on mortgage default.

The relationship of financial stress with the timing of the initial claim of U.S. Social Security retirement income
Journal of the Economics of Aging
January 04, 2022

Stephanie Moulton and Caezilia Loibl explore why some older adults claim Social Security benefits early and whether the level of an individual’s financial stress prior to the claiming decision is associated with a benefit claim at age 62.

Researching Homeownership Inequalities: A Life-Cycle Perspective
Cityscape
January 01, 2022

This article examines four specific research topics at different stages in the homeownership life cycle—from mortgage underwriting to post-purchase support, as proposed in the HUD learning objectives.

Food Insecurity Among Older Adults in the U.S.: The Role of Mortgage Borrowing
Applied Economics Perspectives and Policy
December 12, 2021

Stephanie Moulton assesses the impact of new mortgage borrowing on food insecurity among homeowners aged 65 and older.

The Role of Consumer and Mortgage Debt for Financial Stress
Journal of Aging and Mental Health
November 10, 2020

Caezilia Loibl and Stephanie Moulton examine the extent to which credit cards, other consumer debts, and mortgage debt increase financial stress.

How Federally Insured Reverse Mortgages Affect the Credit Outcomes of Older Adults
The Journal of Consumer Affairs
September 22, 2020

Stephanie Moulton's paper explores how extraction of home equity through the federally insured Home Equity Conversion Mortgage (HECM) affects the credit outcomes of older adults. 

Debt Stress and Debt Illusion: The Role of Consumer Credit, Reverse and Standard Mortgages
The Journals of Gerontology
September 18, 2020

Stephanie Moulton's study examines the relationship of debt stress and reverse mortgage borrowing and compares it to stress from standard mortgages and consumer debt.

Low-Income Homeownership and the Role of State Subsidies: A Comparative Analysis of Mortgage Outcomes
Journal of Policy Analysis and Management
August 05, 2020

Stephanie Moulton examines the role of state subsides on low-income home mortgages

A Dynamic Discrete Choice Model of Reverse Mortgage Borrower Behavior
International Economic Review
June 09, 2020

Stephanie Moulton examines the behavior of mortgage borrowers. 

Office

350D Page Hall

Expertise

Housing and Urban Economics; Consumer Finance and Financial Inclusion; Economic Inequality; Policy Implementation and Analysis