ABSTRACT. Bhuiyan proposes to incorporate a forward-looking dimension into the monetary policy rule, by adding inflationary expectations as a contemporaneous input, to identify the policy shoch in the structural VAR model. Duarte claims that when prices are preset in the currency of the buyer, unanticipated movements in the nominal exchange rate do not affect the price of imported goods on impact. Lanne and Luetkepohl argue that in a structural vector auto- regressive setting there has been some controversy about which restrictions to use for identifying the shocks because standard theories do not provide enough information to fully identify monetary policy shocks.