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Bertrand Gruss, Mrs. Sandra V Lizarazo Ruiz, and Mr. Francesco Grigoli

that forecasters fail to systematically update their forecasts and disagree when updating. They argue that Mankiw and Reis (2002) and Sims (2003) models of sticky and noisy information are qualitatively consistent with the empirical findings but cannot quantitatively replicate the error and disagreement observed in the data. We contribute to this strand of literature by documenting a novel fact about inflation expectation disagreement, that it increases in response to policy rate shocks, and by showing that this fact can be rationalized within a sticky