[en] Modelling business cycle fluctuations and the non-neutrality of money is an ongoing challenge for macroeconomists. While the imperfect-information hypothesis developed by Phelps and Lucas in the 1970s had been abandoned in favour of the sticky-price hypothesis, a recent trend in the literature has put this hypothesis back on the agenda to explain business fluctuations and monetary non-neutrality. The success of this revival lies in the introduction of strategic uncertainty into a framework of heterogeneous information. The current paper presents this macroeconomic framework and provides a brief overview of recent advances in the literature.
