The rational expectations hypothesis suggests that

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The rational expectations hypothesis suggests that people have rational expectations about future economic outcomes based on all available information, including anticipated fiscal and monetary policy actions. Therefore, anticipated policy actions are unlikely to have any significant impact on economic outcomes as individuals will already have factored them into their behavior. However, unanticipated policy actions can potentially be effective in changing economic outcomes, although this is not necessarily always the case.

The Rational Expectations Hypothesis Suggests That