美联储-货币借贷与支出：债务替代与货币政策的套现再融资渠道（英）-2023.11

# 债务替代 # 货币政策 # 货币借贷大小：1.44M | 页数：62 | 上架时间：2023-11-28 | 语言：英文

美联储-货币借贷与支出：债务替代与货币政策的套现再融资渠道（英）-2023.11.pdf

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美联储-货币借贷与支出：债务替代与货币政策的套现再融资渠道（英）-2023.11.pdf

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类型: 宏观

上传者: 谢文晓

撰写机构: 美联储

出版日期: 2023-11-14

摘要：

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 an exogenous increase in long-term rates to show that, in the cross-section of outstanding mortgage rates, changes in cash-out and alternative borrowing are offsetting. Additionally, we instrument using monetary policy surprises to show that, over the period from 2006-2021, changes in cash-out refinancing are offset by alternative borrowing. Our results suggest that debt substitution substantially weakens the cash-out refinance channel of monetary policy and reduces its path-dependence.

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