@article{497098,
      note = {Includes bibliographical references.},
      author = {Piffanelli, Stefania},
      url = {http://digitallibrary.un.org/record/497098},
      title = {The instrument of monetary policy for Germany : a  structural VAR approach /},
      publisher = {UN,},
      abstract = {The paper tries to answer the question of what is the best  indicator for German monetary policy. Several VAR studies  about Germany use the call rate or other short term market  interest rates as a measure of German monetary policy  relying on the analogy to the US federal funds rate.  Although Bundesbank operations have become increasingly  similar to those of the Fed over time, historically there  are some differences. It might therefore be risky to use  the call rate as indicator of monetary policy. Because the  Bundesbank lacked the tools to target open-market interest  rate precisely, it seems possible that short-term  innovations in market rates might have reflected non-policy  factors in the economy, such as shifts in the demand for  reserves, as well as policy innovations. If shocks to the  call rate reflect non-policy influences, then measured  impulse responses to call rate innovations are no longer  ''clean'' estimates of the effects of monetary policy  shocks on the economy.},
      recid = {497098},
      pages = {[13] p. :},
      address = {[New York] :. 2001-09},
      year = {2001},
      month = {Sep},
}