Question 1
The Lucas supply function, in combination with the assumption that expectations are rational, implies that if a monetary policy change is announced to the public, the actual price level
◦ will be impacted more than the expected price level.
◦ will be impacted less than the expected price level.
◦ and the expected price level will be impacted in the same way.
◦ will be impacted but the expected price level will not.
Question 2
The Lucas supply function, in combination with the assumption that expectations are rational, implies that if a monetary policy change is announced to the public
◦ the price surprise will be positive.
◦ the price surprise will be negative.
◦ there will be no price surprise.
◦ Both the price surprise will be positive and the price surprise will be negative are possible, depending on they type of monetary policy change that has been announced.
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