According to the conventional account, economists have relied on three types of expectations: static (contained in the original Keynesian Phillips curve); adaptive (introduced by Milton Friedman’s in the course of his Monetarist counter-revolution) and rational (part of Robert Lucas’s natural rate New Classical counter revolution). This chapter argues that there is a fourth expectational type: the myths associated with these natural rate counter revolutions.
Leeson, R., & Young, W. (2008). Mythical expectations. In R. Leeson (Ed). The anti-Keynesian tradition. New York, NY: Palgrave Macmillan.