Michael Dean Woodford

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Michael Woodford
Born1955 (age 68–69)
Deutsche Bank Prize (2007)
Information at IDEAS / RePEc

Michael Dean Woodford (born 1955) is an American macroeconomist and monetary theorist who currently teaches at Columbia University.

Academic career

Woodford holds B.A. from the University of Chicago (1977) and a J.D. from Yale Law School (1980).[2] He completed his Ph.D. in economics at MIT in 1983.[3]

He began his teaching career at

Deutsche Bank Prize.[4]

Theoretical contributions

Woodford's early research topics included

sticky prices; together with Julio Rotemberg he developed one of the first microfounded New Keynesian macroeconomic models.[7] Since then he has used this framework to study many topics related to monetary policy, including the fiscal theory of the price level,[8] the effectiveness of monetary policy as consumers use more credit and less cash,[9] and inflation targeting rules.[10] Michael Woodford has especially praised Knut Wicksell
's advocacy of using the interest rate to maintain price stability, noting that this was a remarkable insight at a time when most monetary policy was based on the gold standard (Woodford, 2003, p. 32). Woodford calls his own framework 'neo-Wicksellian', and he titled his textbook on monetary policy in homage to Wicksell's work.

Interest and Prices

Woodford is probably best known as the author of an advanced textbook on monetary macroeconomics entitled Interest and Prices: Foundations of a Theory of Monetary Policy.[11][12] The book has, in the words of the Deutsche Bank Prize Committee, "quickly become the standard reference for monetary theory and analysis among academic economists and their colleagues at central banks."[4] The title Interest and Prices is a direct translation of Geldzins und Güterpreise the title of a book published by Wicksell in German 1898 and translated into English 1923.[13][14]

References

  1. ^ Woodford, Michael (1983), Essays in intertemporal economics. Ph.D. dissertation, Massachusetts Institute of Technology.
  2. ^ "Curriculum Vitae MICHAEL WOODFORD July 2017" (PDF). columbia.edu.
  3. ^ Woodford, Michael Dean (1983), Essays in Intertemporal Economics. Ph.D. dissertation, Massachusetts Institute of Technology.
  4. ^ a b "Michael Woodford: The Prize Winner 2007". October 4, 2007.
  5. JSTOR 2938205
    .
  6. ISBN 0-691-04323-X
    .
  7. S2CID 154438345
    .
  8. S2CID 2836780
    .
  9. S2CID 15413387
    .
  10. ISBN 0-226-04472-6
    .
  11. ISBN 0-691-01049-8
    .
  12. doi:10.1257/0022051053737799
    .
  13. ^ kanopiadmin (2014-08-18). "Interest and Prices". Mises Institute. Retrieved 2021-11-16.
  14. JSTOR 2956550
    .

External links
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