Data and Code for "Borrowing and Spending in the Money: Debt Substitution and the Cash-out Refinance Channel of Monetary Policy"

Principal Investigator(s):  View help for Principal Investigator(s) Elliot Anenberg, Federal Reserve Board; Tess Scharlemann, Federal Reserve Board; Eileen van Straelen, Federal Reserve Board

Version:  View help for Version V1

Name File Type Size Last Modified
  data 08/25/2025 11:42:AM
README_09222025.pdf application/pdf 412.4 KB 09/22/2025 09:31:AM
all_loans_refi_classification_hh_berger.do text/plain 9.8 KB 05/12/2025 10:23:AM
all_loans_refi_classification_hh_berger_150.do text/plain 9.7 KB 05/09/2025 06:11:AM
all_loans_refi_classification_hh_berger_150_2022.do text/plain 9.9 KB 05/05/2025 10:52:AM
all_loans_refi_classification_hh_berger_150_arm.do text/plain 9.7 KB 05/09/2025 06:25:AM
avgrates_he.do text/plain 3.1 KB 05/09/2025 06:26:AM
bootstrap_hurdle_v6_2013.do text/plain 24.4 KB 05/06/2025 06:52:AM
bootstrap_hurdle_v6_2022.do text/plain 24.5 KB 05/07/2025 12:35:PM
createurate_2025.do text/plain 2.4 KB 05/07/2025 07:59:PM
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Project Citation: 

Anenberg, Elliot, Scharlemann, Tess, and van Straelen, Eileen. Data and Code for “Borrowing and Spending in the Money: Debt Substitution and the Cash-out Refinance Channel of Monetary Policy” . Nashville, TN: American Economic Association [publisher], 2025. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2025-10-01. https://doi.org/10.3886/E229322V1

Project Description

Summary:  View help for Summary
We show that the strong negative effect of higher mortgage rates on cash-out refinancing reflects substitution into other borrowing products, not large changes in total new household borrowing. We exploit plausibly exogenous changes in interest rates due to unconventional monetary policy surprises to show that changes in cash-out and other borrowing are roughly offsetting. The elasticity of new household borrowing with respect to mortgage rates is low and varies little with the borrower's outstanding mortgage rate. Our results suggest that the cash-out refinance channel of unconventional monetary policy is weak and not path-dependent.


Scope of Project

JEL Classification:  View help for JEL Classification
      E21 Macroeconomics: Consumption; Saving; Wealth
      E52 Monetary Policy
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages


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V1 [2025-10-01]

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