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 …