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Monetary policy analysts looking for a model on which to base decisions may consider 2 popular approaches - the New Keynesian (NK) and the identified vector autoregression (VAR) approaches. Choosing between the 2 can be difficult: NK models are stylized and have simple rules while structural VAR models have complex dynamics and loose behavioral interpretations. The simpler NK models often produce stark conclusions. In contrast, VARs find little instability in the policy parameters or in the dynamic impacts of exogenous shifts in policy. Taking the view that NK models are simply restricted VARs, systems of structural equations implied by NK models are estimated. These estimated equations vary considerably over different periods. It is treacherous to draw inferences about policy effects solely from policy rules estimated in isolation from a complete macro model.