information structures that generate non-fundamental equilibria. Econometric analyses that fail to model foresight will obtain …

validity of the sticky information model (Mankiw and Reis, 2002) for describing the dynamics of professional growth forecasts …. Instead, the empirical evidence is more in line with implications of "noisy" information models (Woodford, 2002; Sims, 2003 …). Second, we find that information rigidities are more pronounced in emerging economies than advanced economies. Third, there …