A policy of forward guidance has been suggested either as a form of commitment (\Odyssean") or as a way of conveying information to the public (\Delphic"). I analyze the strategic interaction between households and the central bank as a game in which the central bank can send messages to the...

A policy of forward guidance has been suggested either as a form of commitment ("Odyssean") or as a way of conveying information to the public ("Delphic"). I analyze the strategic interaction between households and the central bank as a game in which the central bank can send messages to the...

The aim of this paper is to study the relationship between the intertemporal behavior of taxes and wealth distribution. The optimal-taxation literature has often concentrated on representative-agent models, in which it is optimal to smooth distortionary taxes. When tax liabilities are unevenly...