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Eileen van Straelen

Principal Economist, Real Estate Finance · Federal Reserve Board

Principal Economist in the Real Estate Finance Section at the Federal Reserve Board. Her research covers house prices, real estate, internal capital markets and consumer finance, including how monetary policy affects housing and household borrowing. PhD in Finance from Northwestern Kellogg (2019); received the 2019 Homer Hoyt Dissertation Award.

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Published American Economic Review Online 1 Nov 2025 Published Nov 2025

Borrowing and Spending in the Money: Debt Substitution and the Cash-Out Refinance Channel of Monetary Policy

Elliot Anenberg · Tess Scharlemann · Eileen van Straelen

Does monetary policy stimulate household borrowing and consumption by enabling cash-out mortgage refinancing ("the cash-out refinance channel"), or does it primarily induce substitution across …

Monetary Policy Housing Banking Credit Free Read ↗