Eleftheriou, Maria2024-02-092024-02-092009-09Eleftheriou, M. (2009). Monetary policy in Germany: A cointegration analysis on the relevance of interest rate rules. Economic Modelling, 26(5), 946-960.Print ISSN: 0264-9993Online ISSN: 1873-6122https://hdl.handle.net/10115/30221The 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.engCointegrationImpulse response analysisMonetary policyTaylor ruleVector error correction modelDeutsche Bundesbankinfo:eu-repo/semantics/article10.1016/j.econmod.2009.03.003info:eu-repo/semantics/restrictedAccess