... for Denmark, Switzerland, Spain, Finland, France, Germany, Ireland, Italy, the Netherlands, Norway and the UK, a three-month Treasury bill rate for Belgium, Sweden and the US, and a three-month ... equity and residential property price data: Australia, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, Norway, Spain, Sweden, Switzerland, the UK and ... property prices and not on whether monetary policy is able to stabilize asset price movements. 3Hofmann (2007b) and estimate a panel VAR incorporating real residential property and real equity prices. ...