.K., Germany and Italy, for the period 1980:4-2009:4, encompassing macro, fiscal and financial variables. The results show that (i …

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 … Italy. -- Bayesian Structural VAR ; fiscal policy ; housing prices ; stock prices …

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

standardised to be used in multi-country studies. Here, it is applied to Belgium, Finland, Germany, Italy, the Netherlands and … countries except Finland. In Belgium, Italy and the Netherlands, both revenue and expenditure contributed to the deterioration … of the structural primary balance. In Germany the large deterioration in revenue was partially offset by the decline in …