The Policy Irrelevance Proposition States That

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The Policy Irrelevance Proposition States That

A. if expectations are not_ rational, monetary policy cannot have an impact on the economy. B. only anticipated monetary policy changes can affect real GDP or the unemployment rate. C. if expectations are_ rational, monetary policy cannot have an impact on the economy. D. only unanticipated monetary policy changes can affect real GDP or the unemployment rate.
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D. only unanticipated monetary policy changes can affect real GDP or the unemployment rate.

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