... 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 commercial ... that the transmission mechanism of monetary policy depends on the institutional characteristics of the financial system, we go on to split the sample of countries into two groups depending on their ... in property prices influence GDP via their effects on wealth and consumption demand. Third, the width of the confidence bands indicates that the responses of residential property prices are,...