When applying rational expectations within a macroeconomic framework, Sargent and Wallace produced the policy ineffectiveness proposition, according to which the government could not intervene in the economy to manipulate output.
According to the proposition the government would not be able to intervene in the economy to manipulate output. When applying rational expectations within a macroeconomic framework Sargent and Wallace produced the policy ineffectiveness proposition.
When applying rational expectations within a macroeconomic framework Sargent and Wallace produced the policy ineffectiveness proposition. According to the proposition the government would not be able to intervene in the economy to manipulate output.
When applying rational expectations within a macroeconomic framework Sargent and Wallace produced the policy ineffectiveness proposition. According to the proposition the government would not be able to intervene in the economy to manipulate output.