United States: Selected Issues

July 29, 2005

Summary

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.

Subject: Expenditure, Financial services, Health care spending, Inflation, Labor, Labor share, National accounts, Personal income, Prices, Real interest rates

Keywords: Africa, Asia and Pacific, CR, debt securities position, GDP, GDP ratio, Global, government debt, Health care spending, housing price, import price inflation, income, Inflation, inflation objective, ISCR, labor share, Labor share, OECD country, Personal income, price, Real interest rates, tax reform

Pages:
126
Volume:
2005
DOI:
https://doi.org/10.5089/9781451839647.002
Issue:
258
Series:
Country Report No. 2005/258
Stock No:
1USAEA2005002
ISBN:
9781451839647
ISSN:
1934-7685

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