The papers assigned for this test include Robert Lucas' original paper outlining his critique and an empirical examination from Karimova et al. (2020) on the Lucas Critique after the global financial crisis. As such, it is very relevant and, as the world emerges from an economic crisis of its own making, timely.

1 - How would the Lucas Critique apply in the example of quantitative easing and unconventional monetary policy? What would it suggest?