A Neowicksellian in a New Classical World: The Methodology of Michael Woodford's Interest and Prices
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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Volume (Year): 28 (2006)
Issue (Month): 02 (June)
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References listed on IDEAS
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- Debreu, Gerard, 1974. "Excess demand functions," Journal of Mathematical Economics, Elsevier, vol. 1(1), pages 15-21, March. Full references (including those not matched with items on IDEAS)
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