Why are Target Interest Rate Changes so Persistent

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Monetary Policy Regime Shifts and Inflation Persistence (2009, background): “10 Also, Coibion and Gorodnichenko (2012) show that policy rule inertia, rather than serially correlated policy shocks, is a more plausible description of U.S. monetary policy actions.”
Appendix: Monetary Policy Drivers of Bond and Equity Risks (2020, unknown): “A more ambitious approach is to build a general equilibrium model of bond pricing.”
The propagation of monetary policy shocks in a heterogeneous production economy (2018, methodology): “Coibion and Gorodnichenko (2012) show that interest-rate smoothing is a better description for persistent target rates compared to persistent shocks.”