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Michael Woodford (economist)

 

 
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Michael Woodford (economist)
 
 
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Michael Dean Woodford is an American macroeconomist
Macroeconomics

Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole....
 who currently teaches at Columbia University. His early research topics included sunspot equilibria and imperfect competition
Imperfect competition

In economic theory, imperfect competition is the competitive situation in any market where the conditions necessary for perfect competition are not satisfied....
. More recently he has studied many topics related to monetary policy
Monetary policy

Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy....
, including the fiscal theory of the price level
Fiscal theory of the price level

The fiscal theory of the price level is the idea that government fiscal policy affects the price level: for the price level to be stable , government finances must be sustainable: they must run a balanced budget over the course of the business cycle, meaning they must not run a structural deficit....
, the effectiveness of monetary policy as consumers use more credit and less cash, and inflation targeting rules. His research on monetary policy makes use of the microfounded
Microfoundations

In economics, the term microfoundations refers to the microeconomics analysis of the behavior of individual Agent such as households or firms that underpins a macroeconomics theory...
 New Keynesian
New Keynesian economics

New Keynesian economics is a school of contemporary macroeconomics that strives to provide microfoundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of New classical macroeconomics....
 macroeconomic model
Model (macroeconomics)

A model in macroeconomics is a logical, mathematical, and/or computational framework designed to describe the operation of a national or regional economy, and especially the dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the le...
 he developed with Julio Rotemberg.






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Michael Dean Woodford is an American macroeconomist
Macroeconomics

Macroeconomics is a branch of economics that deals with the performance, structure, and behavior of a national or regional economy as a whole....
 who currently teaches at Columbia University. His early research topics included sunspot equilibria and imperfect competition
Imperfect competition

In economic theory, imperfect competition is the competitive situation in any market where the conditions necessary for perfect competition are not satisfied....
. More recently he has studied many topics related to monetary policy
Monetary policy

Monetary policy is the process by which the government, central bank, or monetary authority of a country controls the supply of money, availability of money, and cost of money or rate of interest, in order to attain a set of objectives oriented towards the growth and stability of the economy....
, including the fiscal theory of the price level
Fiscal theory of the price level

The fiscal theory of the price level is the idea that government fiscal policy affects the price level: for the price level to be stable , government finances must be sustainable: they must run a balanced budget over the course of the business cycle, meaning they must not run a structural deficit....
, the effectiveness of monetary policy as consumers use more credit and less cash, and inflation targeting rules. His research on monetary policy makes use of the microfounded
Microfoundations

In economics, the term microfoundations refers to the microeconomics analysis of the behavior of individual Agent such as households or firms that underpins a macroeconomics theory...
 New Keynesian
New Keynesian economics

New Keynesian economics is a school of contemporary macroeconomics that strives to provide microfoundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of New classical macroeconomics....
 macroeconomic model
Model (macroeconomics)

A model in macroeconomics is a logical, mathematical, and/or computational framework designed to describe the operation of a national or regional economy, and especially the dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the le...
 he developed with Julio Rotemberg. He is probably best known as the author of Interest and Prices: Foundations of a Theory of Monetary Policy, which 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'.

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. 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
MacArthur Fellows Program

The MacArthur Fellows Program or MacArthur Fellowship is an award given by the John D. and Catherine T. MacArthur Foundation each year to typically 20 to 40 United States citizens or residents, of any age and working in any field, who "show exceptional merit and promise for continued and enhanced creative work."...
, which financed his research from 1981 to 1986. In 2007, he was awarded the Deutsche Bank Prize in Financial Economics
Deutsche bank prize

The Deutsche Bank Prize in Financial Economics, established in 2004 by the Center for Financial Studies at Goethe University, is to be awarded every two years to recognize research in finance and monetary economics....
.

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