Abstract: A DSGE model with sticky information is built and the macroeconomic variables response, where there exist two cases including current announce or announced in advance are analyzed, with the occurrence of two kinds of shocks including government purchase and money supply, and then the co-movement among macroeconomic variables is researched. Under the condition of benchmark information stickiness, the results show that when information announces immediately, inflation's lag structures appear difference, with the face of shocks of government purchase and monetary supply. Inflation reaches its maximum after 8 quarters of the money supply shocks, 6 quarters of the government purchase shocks. Inflation presents inertia in these two kinds of shocks. Nominal interest rate can response these two kinds of shocks immediately. When announced information in advance, inflation and nominal interest rate can make the spot reaction. When information is realized, the reaction reaches the maximum based on the fully absorbing the information, after which it is restored quickly in a non-linear manner. From the frequency domain and time domain perspective, nominal interest rates and inflation are lag the real money supply. Therefore, in order to achieve the goal of "steady growth", a combining policy is adopted, including a proactive fiscal policy by the spot announcement of enlarging government spending and a pre-announced expansion of the money supply in the monetary policy.

Key words: sticky information, inflation inertia, the effect of monetary policy, co-movement