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Mankiw and Reis (2002) have proposed sticky information as an alterna- tive to Calvo sticky prices in order to model the conventional view that i) inflation reacts with delay and gradually to a monetary policy shock, ii) an- nounced and credible disinflations are contractionary and iii) inflation acce l- erates with vigorous economic activity. We develop a fully-fledged DSGE model with sticky information and compare it to Calvo sticky prices, allow- ing also for dynamic inflation indexation as in Christiano, Eichenbaum and Evans (2001). We find that both models do equally well in delivering the conventional view.

Sticky Information vs. Sticky Prices: A Horse Race in a DSGE Framework