housing market for the G-7 area. Among the key results of the paper, we find that the US are
an important source of global fluctuations not only for real activity, nominal variables and
stock prices, but also for real housing prices. Secondly, albeit distinct driving forces for real
activity and financial factors can be pointed out, sizeable global interactions are also
evident. In particular, global supply-side shocks are an important determinant of G-7 house …