The steam engine was first invented by

The ability to make a credible commitment is necessary for the first mover to gain an advantage in a sequential game

Indicate whether the statement is true or false

Brandon, an economist, is a believer of the rational expectations school. According to him, which of the following is likely to affect the levels of output and employment in an economy?

a. An expansionary monetary policy, if it is fully anticipated b. A recessionary monetary policy, if it is fully anticipated c. A monetary policy that is unanticipated d. A fiscal policy that is anticipated e. The Fed's announcement of no change in monetary policy