 Nevertheless, the differing value of "r" and "q" consistent with a given value of MCI may have widely differing implications for real output and the inflation rate, especially if the time lags in the transmission of monetary policy are material.Since "a"1 and "a"2 are expected to have the same sign, "r" and "q" may move in opposite directions with little or no change in the MCI.Hence an MCI that changes little after an announced change in monetary policy is evidence that financial markets view the policy change as lacking credibility.