Eleftheriou, María2013-11-272013-11-272009Eleftheriou, M. (2009). Monetary policy in Germany: a cointegration analysis on the relevance of interest rate rules. Economic Modelling, 26(5), 946-960.02649993http://hdl.handle.net/11268/480The paper attempts to identify an empirical relationship that characterizes the way the Bundesbank adjusted its short-term rate with respect to various objectives. By building on a careful exploration of the properties of the variables involved, it is established that interest rate rules -often remarkably similar to the Taylor rule-remain valid and relevant in a Vector Error Correction framework, and thereby proposing a distinctive interpretation of German monetary policy during the period 1975-1998. (C) 2009 Elsevier B.V. All rights reserved.engCointegrationImpulse Response AnalysisMonetary PolicyTaylor RuleVector Error Correction ModelDeutsche BundesbankTime-SeriesUnit-RootReal-TimeTransmissionRegressionsBundesbankShiftsFundsTestsRankBusiness & Economicsjournal article10.1016/j.econmod.2009.03.003restricted accessPolítica monetariaAlemania