Identification of the monetary policy process is of ongoing interest to both economists and private sector agents. Econometricians have used a variety of tools to identify which macroeconomic variables stimulate a change in monetary policy and to estimate the magnitude and timing of the...

Over the years, optimal taxation has been extensively discussed, and a major focus has been on the question of whether the optimal capital income tax rate is zero in long-run equilibrium. This paper addresses this issue in the context of a model of vintage capital with technical change and the...