Michael Woodford (economist)

Michael Woodford

New Keynesian economics
Born	1955 (age 55–56) Chicopee, Massachusetts
Nationality	United States
Institution	Columbia University
Field	Macroeconomics Monetary policy
Alma mater	MIT University of Chicago
Awards	Deutsche Bank Prize (2007)
Information at IDEAS/RePEc

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

Academic career

Woodford holds an undergraduate degree from the University of Chicago and a law degree from Yale, and completed his economics doctorate at MIT in 1983.^[1] He began his teaching career at Columbia, and then taught at Chicago and Princeton before returning to Columbia to accept the John Bates Clark chair in 2004. He is one of relatively few economists to have been awarded the John D. and Catherine T. MacArthur Foundation Prize Fellowship, which financed his research from 1981 to 1986. In 2007, he was awarded the Deutsche Bank Prize.^[2]

Theoretical contributions

Woodford's early research topics included sunspot equilibria^[3] and imperfect competition.^[4] Thereafter he began to work on macroeconomic models with sticky prices; together with Julio Rotemberg he developed one of the first microfounded New Keynesian macroeconomic models.^[5] Since then he has used this framework to study many topics related to monetary policy, including the fiscal theory of the price level,^[6] the effectiveness of monetary policy as consumers use more credit and less cash,^[7] and inflation targeting rules.^[8]

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.^[9][10] 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'.^[2]

References

1. ^ Woodford, Michael Dean (1983), Essays in Intertemporal Economics. Ph.D. dissertation, Massachusetts Institute of Technology.
2. ^ ^{a b} Michael Woodford: The Prize Winner 2007
3. ^ Woodford, Michael (1984), 'Learning to believe in sunspots'. Econometrica 58 (2), pp. 287-307.
4. ^ Rotemberg, Julio, and Michael Woodford (1995), 'Dynamic general equilibrium models with imperfectly competitive product markets'. Ch. 9 of Thomas Cooley, ed., Frontiers of Business Cycle Research, Princeton University Press, ISBN 069104323X.
5. ^ Rotemberg, Julio, and Michael Woodford (1997), 'An optimization-based econometric framework for the evaluation of monetary policy'. NBER Macroeconomics Annual 12, pp. 297-346.
6. ^ Woodford, Michael (2001), 'Fiscal requirements for price stability'. Journal of Money, Credit, and Banking 33, pp. 669-728.
7. ^ Woodford, Michael (1998), 'Doing without money: controlling inflation in a post-monetary world'. Review of Economic Dynamics 1, pp. 173-219.
8. ^ Woodford, Michael (2005), 'Optimal inflation targeting rules'. In Ben Bernanke and Michael Woodford, eds., Inflation targeting. University of Chicago Press.
9. ^ Woodford, Michael (2003). Interest and prices: Foundations of a theory of monetary policy. Princeton, New Jersey: Princeton University Press. ISBN 0691010498. http://press.princeton.edu/titles/7603.html. 
10. ^ Green, Edward (2005), A review of Interest and Prices. Journal of Economic Literature 43, pp. 121-134.

External links

• Michael Woodford's homepage at Columbia University
• Michael Woodford 2007 winner of the Deutsche Bank Prize in Financial Economics

Persondata
Name	Woodford, Michael
Alternative names
Short description
Date of birth	1955
Place of birth	Chicopee, Massachusetts
Date of death
Place of death