However, often the residual is a measure of the lack of explanatory power of the simple policy rule itself. Now, to the extent that economies are structurally different and are hit by shocks with different timings, •  global factors affect these economies with different lags.
In addition, the sharp fall in nominal and real interest rates on euro entry led many investors to exaggerate the degree to which a higher capitalization rate would apply to long-lived assets such as property. What new areas come to the fore now as topics for study?