If we look at the calculated DEPI, we find that it is strongly influenced by movements in the price of land, because of the large weight of land value in the national wealth; it is about half of national wealth, and the proportion of land value for residential use is about four times larger than the value of dwellings in 2005.
Having said that, I understand that trends in money demand have not been as stable in the United States as they have been in the euro area. This may partly explain the differences in our approaches. All in all, it seems to me that our similarities are more important than our differences.