A statistical relationship can change when the economic environment changes because of effects through expectations.

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Expectations play an important role in the economic
theories that underpin most macroeconomic models.
Planning for the future is a central part of economic
life. The need to make decisions about the type of car
to buy, the amount of education to pursue, and the fraction of income to save forces households to think about which choices make the most sense not just for
today but for years into the future. Similarly, business
firms, in deciding where to locate factories and
offices, what equipment to install, and what products
to develop and produce, make decisions with conse-
quences that may last many years. Individuals must
make informed guesses about circumstances in the
years ahead and then base decisions on these expec-
tations. The approach to expectations taken in the
FRB/US model is best understood in the context of a
debate that has engaged macroeconomists for the past twenty-five years.

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