【摘要】Based on the introduction of basic model of rational expectation and its policy effects,the essay explores deeply into the policy effects from the view point of the basic model structure and basic assumption of rhc rational expectation. The results show that"lapsed economic policy"in rational expectation theory is unaccepred.Taking into consideration of disequilibrium status of pragmatic economic operarion.the author finally sets up an nonwalrasian equilibrium model of ancillary expectation variblc,and reaches the conclusion that whether economic policies arc efficient or nor depends on the status of economy.