A NeoWicksellian in a New Classical World: The Methodology of Michael Woodford’s Interest and Prices
AbstractWoodford’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 InfoPaper provided by University of California, Davis, Department of Economics in its series Working Papers with number 65.
Date of creation: 01 Jun 2004
Date of revision:
woodford; neowicksellian; classical;
Other versions of this item:
- Hoover, Kevin D., 2006. "A Neowicksellian in a New Classical World: The Methodology of Michael Woodford's Interest and Prices," Journal of the History of Economic Thought, Cambridge University Press, vol. 28(02), pages 143-149, June.
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
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