Front Matter

Front Matter

Yusuke Horiguchi
Published Date:
January 1992
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The United States Economy

Performance and Issues

By a Staff Team Headed by Yusuke Horiguchi

Charles Adams

Krister Andersson

A. Lans Bovenberg

Bankim Chadha

Daniel Citrin

David T. Coe

Sharmini Coorey

Robert Corker

Liam P. Ebrill

Owen Evans

Steven M. Fries

Lloyd kenward

Ellen M. Nedde

International Monetary Fund


© 1992 International Monetary Fund

Library of Congress Cataloging-in-Publication Data

The United States economy : performance and issues / by a staff team headed by Yusuke Horiguchi.

      • p. cm.

    • ISBN 1-55775-231-1

    • 1. United States—Economic policy—1981- 2. United States—

  • Economic conditions—1981- I. Horiguchi, Yusuke.

  • II. International Monetary Fund.

  • HC106.8.U548 1992

  • 338.973—dc20



This book’s cover and its interior were designed by the IMF Graphics Section.

Esha Ray of the IMF’s External Relations Department edited the book for publication.

Price: US$35.00

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This volume brings together technical papers prepared by the IMF staff for the Article IV consultations with the United States over the period 1988–90. The papers focused on key issues for U.S. economic policy in recent years and examined measures that might be expected to improve the prospects for growth over the medium term. The issues analyzed include macroeconomic questions related to fiscal and monetary policies, the current account, national saving, and exchange rates, as well as microeconomic topics such as the performance of the U.S. health care sector and the ramifications of U.S. tax and public expenditure structures.

The North American Division of the IMF’s Western Hemisphere Department was primarily responsible for the preparation of the papers but staff members of the Research and Fiscal Affairs Departments also made contributions. The authors are Liam Ebrill, Owen Evans, Charles Adams, Daniel Citrin, Lloyd Kenward, Robert Corker, Lans Bovenberg, Steven Fries, Sharmini Coorey, Krister Andersson, Bankim Chadha, and Ellen Nedde. The papers were prepared under the direction of Yusuke Horiguchi, at that time Assistant Director in the Western Hemisphere Department. The papers have benefited from discussions with U.S. officials and other staff members; however, the views expressed are those of the authors alone. Although time has elapsed since these papers were prepared, it was decided not to update them on the grounds that in their original form they would convey better the context in which they were written and the issues were discussed.

S. T. Beza

Counsellor and Director

IMF Western Hemisphere Department


In statistical matter throughout this book,

dots (…) indicate that data are not available; a dash (—) indicates that the figure is zero or less than half the final digit shown, or that the item does not exist

“billion” means a thousand million, and “trillion” means a thousand billion

a short dash (–) is used between years or months (for example, 1989–90 or January-October) to indicate a total of the years or months inclusive of the beginning and ending years or months

a stroke (/) is used between years (for example, 1990/91) to indicate a fiscal year or a crop year

a colon (:) is used between a year and the number indicating a quarter within that year (for example, 1991:2)

components of tables may not add to totals shown because of rounding.

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