The "rational expectations" school of economists,including Robert Lucas and Thomas Sargent,argue that changes in monetary policy cannot affect unemployment rates in the short run or long run.

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The "rational expectations" school of economists argue that changes in monetary policy can affect unemployment rates in the short run or long run, but only in a temporary way as people adjust their expectations and behavior based on the new policy. However, in the long run, monetary policy only affects the level of prices, not the level of output or employment.

The "Rational Expectations" School of Economists,including Robert Lucas and Thomas