Abstract
The paper by Chung, Herbst, and Kiley (2014) is a paper on a potentially important issue, namely whether the set of central bank models used for monetary policy is too restrictive, dominated by sticky-price models rather than also including sticky-information models. The paper compares a sticky-price model and a sticky-information model with regard to the empirical support and the response to current and anticipated shocks, including persistent episodes of a binding zero lower bound for policy rates. It also considers the performance in the two models of different monetary policies such as alternative instrument and targeting rules, under different shocks, with and without a binding lower bound for the policy rate.