Quote by: Martin Feldstein

Homeowners who refinanced their mortgages took out cash and reduced their monthly payments at the same time. Much of the cash obtained by refinancing was spent on consumer durables, home improvements and the like.


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Author Bio


  • NameMartin Feldstein
  • DescriptionAmerican economist
  • BornNovember 25, 1939
  • CountryUnited States Of America
  • ProfessionEconomist
  • AwardsAdam Smith Award