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Elliot Anenberg

Section Chief, Real Estate Finance · Federal Reserve Board

Section Chief of the Real Estate Finance Section at the Federal Reserve Board, working on housing market dynamics and work-from-home and commercial real estate. PhD in Economics from Duke University.

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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 ↗