United States: Selected Issues

International Monetary Fund

No 2005/258, IMF Staff Country Reports from International Monetary Fund

Abstract: This Selected Issues paper on the United States examines the effect of the structure of the mortgage market on real housing activity and housing prices. The market-based financial structure has reduced the volatility of mortgage lending. Changes in the structure of the mortgage market have coincided with lower volatility of real housing activity. Regional income growth and unemployment rates have statistically significant and correct signed effects on housing prices. Tests of the relative importance of mortgage market structure and macroeconomic variables suggest an important effect from the financial structure.

Keywords: ISCR; CR; GDP; income; price; housing price; OECD country; debt securities position; tax reform; inflation objective; labor share; import price inflation; GDP ratio; government debt; Health care spending; Real interest rates; Personal income; Inflation; Labor share; Asia and Pacific; Global; Africa (search for similar items in EconPapers)
Pages: 126
Date: 2005-07-29
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Citations: View citations in EconPapers (14)

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