16  BIS Review 49/2009  Figure 3: Price/earnings ratio of the US stock market (percentages) 35  30  25  20 average 1980-2008 = 17.4  15  10  5  0 1980  1982  1984  1986  1988  1990  1992  1994  1996  1998  2000  2002  2004  2006  2008  Source: Thomson Financial Datastream.
Figure 4: House prices in real terms (1) (quarterly data; 1996 = 100) 300  United Kingdom  250  200  Sweden  United States (b) 150 United States (a)  100 Japan  50 1995  1996  1997  1998  1999  2000  2001  2002  2003  2004  2005  2006  2007  2008  Sources: Japan: Ministry of Land, Infrastructure, Transport and Tourism; United Kingdom: Nationwide; United States (a): FHFA and (b) Standard and Poor’s Case-Shiller 10-City Home Price Composite Index; and Sweden: Statistics Sweden.