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United States: Selected Issues

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  • 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.

Suggested Citation

  • International Monetary Fund, 2005. "United States: Selected Issues," IMF Staff Country Reports 2005/258, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2005/258
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=18445
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    1. Laxton, Douglas & Pesenti, Paolo, 2003. "Monetary rules for small, open, emerging economies," Journal of Monetary Economics, Elsevier, vol. 50(5), pages 1109-1146, July.
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    1. Enders, Almira & Enders, Zeno & Hoffmann, Mathias, 2018. "International financial market integration, asset compositions, and the falling exchange rate pass-through," Journal of International Economics, Elsevier, vol. 110(C), pages 151-175.
    2. Mr. Alexander Plekhanov & Mr. Manmohan S. Kumar & Mr. Daniel Leigh, 2007. "Fiscal Adjustments: Determinants and Macroeconomic Consequences," IMF Working Papers 2007/178, International Monetary Fund.
    3. Gust, Christopher & Leduc, Sylvain & Sheets, Nathan, 2009. "The adjustment of global external balances: Does partial exchange-rate pass-through to trade prices matter?," Journal of International Economics, Elsevier, vol. 79(2), pages 173-185, November.
    4. Fritz Breuss & Werner Roeger & Jan in’t Veld, 2009. "Global impact of a shift in foreign reserves to euros," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 36(1), pages 101-122, February.
    5. Mr. Dennis P Botman & Ms. Anita Tuladhar, 2008. "Tax and Pension Reform in the Czech Republic—Implications for Growth and Debt Sustainability," IMF Working Papers 2008/125, International Monetary Fund.
    6. Sigitas Karpavicius & Igor Vetlov, 2008. "Personal Income Tax Reform in Lithuania: Macroeconomic and Welfare Implications," Bank of Lithuania Working Paper Series 2, Bank of Lithuania.
    7. Mr. Dennis P Botman & Ms. Keiko Honjo, 2006. "Options for Fiscal Consolidation in the United Kingdom," IMF Working Papers 2006/089, International Monetary Fund.
    8. Mr. Manmohan S. Kumar & Mr. Dennis P Botman, 2007. "Global Aging Pressures: Impact of Fiscal Adjustment, Policy Cooperation, and Structural Reforms," IMF Working Papers 2007/196, International Monetary Fund.
    9. Mr. Manmohan S. Kumar & Mr. Dennis P Botman, 2006. "Fundamental Determinants of the Effects of Fiscal Policy," IMF Working Papers 2006/072, International Monetary Fund.
    10. International Monetary Fund, 2006. "Euro Area Policies: Selected Issues," IMF Staff Country Reports 2006/288, International Monetary Fund.
    11. Philip R. Lane & Gian Maria Milesi-Ferretti, 2007. "Europe and global imbalances [‘New rates for new weights’]," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 22(51), pages 520-573.
    12. Mr. Dennis P Botman & David Rose & Mr. Douglas Laxton & Mr. Philippe D Karam, 2007. "DSGE Modeling at the Fund: Applications and Further Developments," IMF Working Papers 2007/200, International Monetary Fund.
    13. Mr. Tamim Bayoumi & Mr. Dennis P Botman & Mr. Manmohan S. Kumar, 2005. "Macroeconomic Effects of Social Security and Tax Reform in the United States," IMF Working Papers 2005/208, International Monetary Fund.

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