... zero even at the 95% level in Canada, Finland, the Netherlands, Norway, Sweden, Switzerland, the UK and the US. Moreover, while in some countries, (including Finland, the UK and the US) residential ... also for these countries the existence of cointegration could not be rejected. We therefore specify the VAR models in the level of the variables. Nevertheless, we neither impose the number of cointegrating ... the Netherlands, Norway, Spain, Sweden, Switzerland, the UK and the US. The sample starts in 1986 in order to avoid the more turbulent, higher inflation period that ended in the first half of...