United States: Selected Issues

International Monetary Fund

No 1998/105, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper on the United States explains the behavior of inflation and unemployment during 1997–98. The paper highlights that a simple Philips curve equation relating inflation to the unemployment gap has overpredicted inflation since 1993. The mean forecast error for 1994–97 is greater than zero by an amount equivalent to two-thirds of the standard deviation of the forecast error. The paper also examines the developments in the U.S. stock prices. Alternative approaches to social security reform are also discussed.

Keywords: ISCR; CR; U.S. official development assistance; price; outlay; earnings ratio; current account; DAC participant; defense outlay; OECD Development Assistance Committee; Income tax systems; Inflation; Flat tax; Stocks; Asset prices; Global; Asia and Pacific (search for similar items in EconPapers)
Pages: 68
Date: 1998-10-28
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Citations: View citations in EconPapers (2)

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