United States : Selected Issues.

Format:

Book

Government document

Author/Creator:

International Monetary Fund.

Series:

IMF Staff Country Reports; Country Report ; No. 2011/202

IMF Staff Country Reports

Language:

English

Subjects (All):

Housing--United States.

Housing.

Housing--Prices--United States.

Labor market--United States.

Labor market.

Mortgage loans--United States.

Mortgage loans.

Physical Description:

1 online resource (88 p.)

Place of Publication:

Washington, D.C. : International Monetary Fund, 2011.

Language Note:

English

Summary:

The note delves on the U.S. housing market outlook, the potential benefits of mitigating distressed sales household deleveraging, and the recovery. Policies to facilitate labor market adjustment to reduce the large employment volatility without affecting efficient labor allocation could prevent problems. U.S. firms are hoarding money but it is likely to be spent to boost firms’ capital expenditure, rather than kept as precautionary balances. The note discusses commodity price shocks affecting Treasury inflation protected securities (TIPS), budget institutions for federal fiscal consolidation, and mortgage delinquencies in the United States.

Contents:

Cover; Contents; I. The U.S. Housing Market Outlook-What are the Potential Benefits of Mitigating Distressed Sales?; A. Introduction; B. Weak Demand, Elevated Inventories, and Distress Sales Bearing on House Prices; C. What is the Outlook for Home Prices?; Tables; I.1. Model Analysis; I.2. Expected Nominal Home Price Changes by Year; D. Conclusion; Boxes; I.1. The U.S. Housing Market: Some Basic Facts; I.2. The Mortgage Legal Documentation Problem; Figures; I.1. Simulation and House Price Dynamics, 1995-2015; II. Household Deleveraging and the Recovery; A. Introduction; B. Analysis

C. ConclusionII.1. Variance Decomposition of Consumption (PCE) Fluctuations; II.1. Response of Consumption to Various Shocks; II.2. Percentage Deviation of Consumption from the Predicted Path: 2007Q4-2010Q4; III. Policies to Facilitate Labor Market Adjustment; A. Introduction; B. Structural Job Losses During the Great Recession; C. Policy Implications; III.1. Cyclical and Structural Changes in Employment Across U.S. Sectors; III.2. Sectoral Employment Changes Above and Beyond Usual Patterns During Downturns; III.3. Sectoral Employment Changes Above and Beyond Usual Patterns During Recoveries

III.4. Comparison of Labor Cutbacks in the United States, Canada, and GermanyIII.5. Cumulative Change in Unemployment Rates in the United States, Canada, and Germany; III.1. Industries with Structural Employment Losses, December 2007-May 2011; III.2. Industries with Structural Employment Gains, December 2007-May 2011; III.3. Industries with Procyclical Employment Flows, December 2007-May 2011; III.4. Industries with Countercyclical Employment Flows, December 2007-May 2011; III.5. Estimates of the Sensitivity of Industrial Employment Growth to Output Growth, 1947-2007

III.6. Seven Largest Programs: Estimated Amount Spent on Employment and Training Activities in Fiscal Year 2009 and Estimated Number of Participants ServedAppendices; III.1. Data Definitions and Sources; IV. Strengthening Private Mortgage Securitization; A. The Mortgage-Backed Securities Market After the Financial Crisis; B. The Magnitude of Mortgage Credit Shortfall as the GSEs Shrink; Impact of New Incentive Structure on Securitization; IV.1. Potential Scenario for Financing New Home Mortgage in 2018; C. The Impact of Winding Down the GSEs

The Impact of Reducing Conforming Loan Limits on Mortgage VolumeThe Impact of Raising the GSEs' Guarantee Fees; D. Conclusion; IV.1. Dodd-Frank Act Securitization Risk Retention Options; V. Why Are U.S. Firms Hoarding Money?; A. Motives for Money Holdings; V.1. Pairwise Granger Causality Tests; B. Money and Investment; V.1. Money Holdings and Investment Deviations from Desired Values; V.2. How Does Investment React to an Increase in the Money Stock Held?; V.1. Methodology and Data; Appendix Table; V.1. Test of Identifying Restrictions on the Co-integrating Vectors; Appendix Figures

VI.1. Fitted Versus Actual Values of the I(I) and I(0) Representations

Notes:

Description based upon print version of record.

Description based on online resource; title from PDF title page (ebrary, viewed September 24, 2014).

ISBN:

9786613864710

9781463900175

1463900171

9781463901035

1463901038

9781283552264

1283552264

9781463901059

1463901054