The aim of this paper is twofold. First, for West Germany, France, Italy and US, we econometrically select within a …

members - Germany, France, Italy and Spain. For that purpose we use Bayesian VARs with identification based on a combination …

Sims and Zha (1999, 2006), the empirical evidence for the U.S., the U.K., Germany, and Italy shows that it is important to … minor role in the asset markets of the U.S. and Germany; (ii) they substantially increase the variability of housing and …

, fiscal data; and (vii) analyze empirical evidence from the U.S., the U.K., Germany, and Italy. The results show that …