摘要：In this paper, we propose a simple econometric framework to disentangle the
respective roles of monetary policy inertia and persistent shocks in interest
rate rules. We exploit the restrictions of a DSGE model that is confronted with
a monetary SVAR. We show that, provided enough informative variables are
included in the formal test, the data favor a monetary policy representation
with modest inertia and highly serially correlated monetary shocks. To the
contrary, when the procedure is based solely on the dynamic behavior of the
nominal interest rate, no clear-cut conclusion can be reached about the correct
representation of monetary policy.
