This suggests that fine-tuning the model may be required in order to identify optimal approaches. For instance, Gionnani and Woodford add that, "It is only if we ask whether the same policy continues to be optimal when we vary the statistical properties of the disturbances that we can hope to find an advantage of one representation of the policy rule over the other (1427).

Gionnani points out that rather than restricting the analysis to the Taylor rules component of the new Keynesian model, an optimal model should determine a robust optimal monetary policy rule within a larger family of rules that is sufficiently flexible to implement the optimal plan in those cases where the parameters are known with certainty. A study by Leeper reports that optimal monetary policy behavior in the simplest forward-looking version of the popular class of dynamic stochastic general equilibrium models with nominal rigidities. Woodford (2003) exhaustively...
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