One key consequence of such economic and policy developments has been renewed upward pressure on the US dollar, which has benefitted from the further rise in interest rate differentials (nominal and real) between the US and other major advanced economies, and from the outperformance of US equities.
13  See International Monetary Fund “Housing and the Business Cycle” in World Economic Outlook, April 2008; and E. Cerutti, J. Dagher and G. Dell’Ariccia “Housing Finance and Real-Estate Booms: A Cross-Country Perspective,” IMF Staff Discussion Note, June 2015. 14  See International Monetary Fund “Housing and the Business Cycle” in World Economic Outlook, April 2008.