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A Neowicksellian in a New Classical World: The Methodology of Michael Woodford's Interest and Prices

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  • Hoover, Kevin D.

Abstract

Woodford’s Interest and Prices is considered from a methodological point of view. While innovative as a work of macroeconomic theory, it is decidedly in the mainstream methodologically. As such, it provides a good example of the methodological puzzles posed by modern macroeconomics: first, the notion that representative-agent models (or models with very constrained sorts of heterogeneous agents) provide genuine microfoundations; second, the idea that Paretian welfare economics in the context of such models gives any useful policy guidance.

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Bibliographic Info

Article provided by Cambridge University Press in its journal Journal of the History of Economic Thought.

Volume (Year): 28 (2006)
Issue (Month): 02 (June)
Pages: 143-149

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Handle: RePEc:cup:jhisec:v:28:y:2006:i:02:p:143-149_00

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  1. Jesus Felipe & Franklin M. Fisher, 2003. "Aggregation in Production Functions: What Applied Economists should Know," Metroeconomica, Wiley Blackwell, vol. 54(2-3), pages 208-262, 05.
  2. Neil R. Ericsson & John S. Irons, 1995. "The Lucas critique in practice: theory without measurement," International Finance Discussion Papers 506, Board of Governors of the Federal Reserve System (U.S.).
  3. Arturo Estrella & Jeffrey C. Fuhrer, 1999. "Are "deep" parameters stable? the Lucas critique as an empirical hypothesis," Working Papers 99-4, Federal Reserve Bank of Boston.
  4. Mantel, Rolf R., 1974. "On the characterization of aggregate excess demand," Journal of Economic Theory, Elsevier, vol. 7(3), pages 348-353, March.
  5. Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March.
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Cited by:
  1. Koen Vermeylen, 2013. "The Methodology of Modern Macroeconomics and the Descriptive Approach to Discounting," Tinbergen Institute Discussion Papers 13-200/VI, Tinbergen Institute.
  2. Fabio Bacchini & Cristina Brandimarte & Piero Crivelli & Roberta De Santis & Marco Fioramanti & Alessandro Girardi & Roberto Golinelli & Cecilia Jona-Lasinio & Massimo Mancini & Carmine Pappalardo & D, 2013. "Building the core of the Istat system of models for forecasting the Italian economy: MeMo-It," Rivista di statistica ufficiale, ISTAT - Italian National Institute of Statistics - (Rome, ITALY), vol. 15(1), pages 17-45.

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