A NeoWicksellian in a New Classical World: The Methodology of Michael Woodford’s Interest and Prices
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.Download Info
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Paper provided by University of California, Davis, Department of Economics in its series Working Papers with number 65.Length: 13
Date of creation: 01 Jun 2004
Date of revision:
Handle: RePEc:cda:wpaper:06-5
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Related research
Keywords: 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.
- Hoover, Kevin D., 2004. "A NeoWicksellian in a New Classical World: The Methodology of Michael Woodford's Interest and Prices," Working Papers 06-5, University of California at Davis, Department of Economics.
- 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
References
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Daniel L. Thornton, 2008.
"Monetary policy: why money matters and interest rates don't,"
Working Papers
2008-011, Federal Reserve Bank of St. Louis.
- Daniel L. Thornton, 2012. "Monetary policy: why money matters, and interest rates don’t," Working Papers 2012-020, Federal Reserve Bank of St. Louis.
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