This Selected Issues paper analyzes the United State’s (U.S.) household savings role in supporting the U.S. recovery; and focuses on the market for single-family housing, and the importance for household balance sheets. It discusses the underfunding of corporate pension plans, macroeconomic,...

Despite repeated shocks, the United States economy has provided valuable support for global growth. Executive Directors commended this development, and stressed the need to tighten fiscal and monetary policies. They welcomed the assessment of the fiscal transparency Reports on Observance of...

This Selected Issues paper summarizes estimates of the gap between current housing prices and their equilibrium levels in the United States. It examines short-term dynamics of price adjustment. Reflecting uncertainties about how to analyze underlying housing price trends, two approaches are used...

This paper reports on a pilot study to present the United States fiscal data in a manner consistent with the Government Finance Statistics Manual (GFSM 2001). The study incorporates cash and accrual source data in a consistent and harmonized statistical framework, enhancing the accuracy and...

The recent housing bust has reignited interest in psychological theories of speculative excess (Shiller, 2007). I investigate this issue by identifying a segment of the U.S. population-evangelical protestants-that may be less prone to speculative motives, and uncover a significant negative...

This paper discusses key findings of the Detailed Assessment of Observance of International Association of Insurance Supervisors (IAIS) Insurance Core Principles for the United States. Most U.S. insurers write primary insurance on U.S. risks. The U.S. market is characterized by low market...

The U.S. economy continued to grow strongly over the year even in the face of a withdrawal of monetary stimulus and high oil prices. Executive Directors commended the Federal Reserve for its monetary tightening. They recognized that the financial sector has proven innovative and resilient. They...

This paper discusses how financial innovation turned U.S. mortgages into an asset class with worldwide investor appeal. It suggests that U.S. financial markets have been skilful in developing tools that have helped households exploit favorable global financing conditions to boost home ownership...

This 2002 Article IV Consultation highlights that the United States economy slipped into recession in early 2001, as industrial production dropped sharply, investment and exports declined, and employment and weekly hours fell. The downturn was triggered in part by the collapse of the Information...

This paper discusses key findings of the Detailed Assessment of Observance of the Depository Trust Company’s Observance of the Committee on Payment and Settlement Systems/International Organization of Securities Commissions (CPSS–IOSCO) Recommendations for Securities Settlement Systems for...