Microsoft Word Baily-Bosworth 11-09-2013 (revised)

Figure 4. Percent of Homeowners With Negative Home Equity; Q2, 2013 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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29
 
 
Figure 5. Housing Vacancy Rates, 1965-2013 
Source: Department of Commerce, Total vacant housing units as a percent of total housing units 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
8
9
10
11
12
13
14
15
1965
‐
Q1 1970
‐
Q1 1975
‐
Q1 1980
‐
Q1 1985
‐
Q1 1990
‐
Q1 1995
‐
Q1 2000
‐
Q1 2005
‐
Q1 2010
‐
Q1

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Figure 6. Domestic Credit Market Debt by Sector 
Ratio to GDP 
Source: Financial Accounts of the United States, Flow of Funds, Balance Sheets, and 
Integrated Macroeconomic Accounts. Table D.3. 1
st
Quarter, 2013 

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31
Figure 7. The Saving-Investment Balance of the Business Sector, 1970-2012 
Percent of GDP 
 
Source: National Income and Product Accounts, table 5.1, and authors' calculations. 
 
1970-79 1980-89 1990-99 2000-08 2009-12 
Business sector 
saving
4.1
3.3
2.9
2.9 
5.7
Business sector investment 
6.0
5.4
4.2
3.5 
1.0
Business sector net lending 
-1.9
-2.1
-1.3
-0.6 
4.7
‐
2
0
2
4
6
8
‐
2
0
2
4
6
8
1970
1975
1980
1985
1990
1995
2000
2005
2010
Business investment
Business
saving

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32
Figure 8. Percentage of Bank Respondents Reporting a Tightening of Loan Standards 
Source: Federal Reserve Board. 2013. “Senior Loan Officer Opinion Survey on Bank Lending 
Practices,” available at 
http://www.federalreserve.gov/boarddocs/snloansurvey/

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33
Figure 9. Federal Reserve Bank Assets by Major Category, 2007-2013 
Billions of dollars 
Source: Cleveland Federal Reserve.
http://www.clevelandfed.org/research/data/credit_easing/index.cfm

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34
Figure 10. Total Revenues and Outlays, 1980-2023 
Percent of GDP 
Source: Congressional Budget Office. Historical trend for outlays and 
revenues as a percent of GDP are computed as averages over the last four 
decades. 
 
 

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35
Figure 11. Composition of Federal Outlays, 1980—2023 
Percent of GDP 
Source: Congressional Budget Office. Expenditure shares are based on the old 
(pre-revision) levels of actual and projected GDP. 
Figure 12. Labor Force Participation Rate, 2000-2013 
Share of civilian population age 16 and over 
Source: Bureau of Labor Statistics. Participation rates are held constant at 2000 
(peak year of participation rate) values for 5-year age groups, and the total is 
reweighted by the age-specific population of each age group.