10 In a traditional model with rational expectations, a fixed economic structure, and stable policy objectives, there is no role for learning by the public. In such a model, there is generally a unique long-run equilibrium inflation rate which is fully anticipated; in particular, the public makes no inferences based on central bankers' words or deeds.
However, in periods of strong growth and rising wages, we often see people who are already employed become more willing to leave their current position and switch to a higher-paying job. When one person takes that step, he or she leaves an opening that needs to be filled. A period of job switching follows, where people move into better employment.