http://www.columbia.edu/~mw2230/cu_logo.gif


      Michael Woodford

        John Bates Clark Professor of Political Economy

         Department of Economics, Columbia University, 420 W. 118th Street, New York, NY 10027
         Phone: 212-854-1094  Fax: 212-854-8059

         e-mail:  michael.woodford@columbia.edu

         Office: 1009B International Affairs Building


§  Short Biography  (MS Word file)

§  Curriculum Vitae [August 2013 (pdf file)]

§  Interview with Michael Parkin, May 2002. [Published in Parkin, Economics, 6th edition, Addison-Wesley, 2002. (MS Word file)]

§  Interview with Philipp Harms, August 2004. [Published in Swiss National Bank Study Center Gerzensee Newsletter, January 2005.]

§  Research Summary: “Rules for Monetary Policy,” January 2006. [Published in NBER Reporter, Spring 2006.]

§  Deutsche Bank Prize in Financial Economics [For proceedings volume, go here.]

§  "Revolution and Evolution in Twentieth-Century Macroeconomics," June 1999. (pdf format) [Presented at a conference, Frontiers of the Mind in the Twenty-First Century, U.S. Library of Congress, Washington, D.C., June 1999.]

§  "Monetary Policy in a World Without Money," revised August 2000. (MS Word format) [Note: file must be printed on a Postscript printer in order for all figures to be visible.] [Published in: International Finance 3: 229-260 (2000).]

§  "Financial Market Efficiency and the Effectiveness of Monetary Policy," remarks at the symposium on "Financial Innovation and Monetary Transmission," Federal Reserve Bank of New York, April 5-6, 2001. Revised March 2002. (pdf format)

§  “The Return of Monetary Rules,” chapter 1 from Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press, 2003. (pdf format)

§  “Central-Bank Communication and Stabilization Policy,” published in German translation in Frankfurter Allgemeine Zeitung, September 29, 2007. (MS Word format)

§  “The Case for Forecast Targeting as a Monetary Policy Strategy,” Journal of Economic Perspectives, Fall 2007.

§  “The Fed’s ‘Enhanced’ Communication Strategy: Work in Progress,” remarks delivered at the NABE session on Monetary Policy Transparency and Communications, ASSA meetings, New Orleans, January 5, 2008. (MS Word format)

§  “Convergence in Macroeconomics: Elements of the New Synthesis,” remarks for a panel discussion at the AEA meetings, January 2008.

§  “Principles and Public Policy Decisions: The Case of Monetary Policy,” presented at the Law, Economics and Organization Workshop, Yale Law School, March 5, 2008. (pdf format)

§  “Financial Intermediation and Macroeconomic Analysis,” revised August 2010. (pdf format)

§  “Principled Policymaking in an Uncertain World,” April 2011. (MS Word format)

§  “What’s Wrong with Economic Models?” October 2011. (MS Word format)

§  “Methods of Policy Accommodation at the Interest-Rate Lower Bound,” presented at the Jackson Hole symposium, August 2012. (pdf format)

§  “Inflation Targeting: Fix It, Don’t Scrap It,” published in L. Reichlin and R. Baldwin, eds.,  Is inflation targeting dead? Thinking ahead about central banking after the crisis (CEPR, 2013).

§  “Helicopter Money as a Policy Option,” interview summarizing points made in a presentation at London Business School, March 28, 2013.

§  “Monetary Policy Targets After the Crisis,” presented at the conference ‘Rethinking Macro Policy II,’ IMF, April 16-17, 2013. (MS Word 2010 format)

§  Fedspeak: Does It Matter How Central Bankers Explain Themselves?” University Lecture delivered at Columbia University, April 22, 2013.

§  “The Limits of Monetary Policy,” speech at the conference “The New Bank of Israel,” Bank of Israel, June 18, 2013.

§  “Inattentive Valuation and Reference-Dependent Choice,” January 2012. (pdf format)

§  “Prospect Theory as Efficient Perceptual Distortion,” January 2012. (pdf format) [Published in AER Papers and Proceedings, May 2012.]

§  “An Optimizing Neuroeconomic Model of Discrete Choice,” January 2014. (pdf format)

§  “Imperfect Common Knowledge and the Effects of Monetary Policy,” October 2001. (pdf format) [Published in P. Aghion, R. Frydman, J. Stiglitz, and M. Woodford, eds., Knowledge, Information, and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps, Princeton Univ. Press, 2003.]

§  “Inattention as a Source of Randomized Discrete Adjustment,” incomplete draft, April 2008. (pdf format)

§  “Information-Constrained State-Dependent Pricing,” April 2008, revised June 2009. (pdf format)[Published in Journal of Monetary Economics, 2009.]

§  “Macroeconomic Analysis without the Rational Expectations Hypothesis,” revised January 2013. (pdf format) [Published in Annual Review of Economics, 2013.]

§  "The Zero Interest-Rate Bound and Optimal Monetary Policy," with Gauti B. Eggertsson, revised June 2003. (pdf format) [Presented at the Brookings Panel on Economic Activity, March 2003.]

§  "Optimal Monetary and Fiscal Policy in a Liquidity Trap," with Gauti B. Eggertsson, July 2004. (pdf format) [Published in NBER International Seminar on Macroeconomics 2004.]

§  “Credit Frictions and Optimal Monetary Policy,” with Vasco Curdia, revised August 2009. (pdf format) Revised draft of paper prepared for the BIS annual conference, “Whither Monetary Policy?” Lucerne, Switzerland, June 26-27, 2008. [Technical appendix.]

§  “Credit Spreads and Monetary Policy,” with Vasco Curdia, revised August 2009. (pdf format) [Appendix.][Published in Journal of Money, Credit and Banking, 2010.]

§  “Conventional and Unconventional Monetary Policy,” with Vasco Curdia, September 2009. (pdf format) [Published in Federal Reserve Bank of St. Louis Review, 2010.]

§  “Simple Analytics of the Government Expenditure Multiplier,” revised June 2010. (pdf format) [Published in AEJ Macroeconomics, 2011.]

§  “The Central-Bank Balance Sheet as an Instrument of Monetary Policy,” with Vasco Curdia, March 2010. (pdf format) [Published in Journal of Monetary Economics, 2011.]

§  “Financial Intermediation and Macroeconomic Analysis,” revised August 2010. (pdf format) [Published in Journal of Economic Perspectives, Fall 2010.]

§  Comment on Ashcraft, Garleanu and Pedersen, “Two Monetary Tools: Interest Rates and Haircuts,” revised June 2010. (pdf format) [Published in NBER Macroeconomics Annual 2010.]

§  “Inflation Targeting and Financial Stability,” a presentation at the conference “The Future of Monetary Policy,” EIEF, Rome, September 30, 2010. Revised November 2011. (pdf format)

§  "The Zero Interest-Rate Bound and Optimal Monetary Policy," with Gauti B. Eggertsson, revised June 2003. (pdf format) [Presented at the Brookings Panel on Economic Activity, March 2003.]

§  "Optimal Monetary Policy in a Liquidity Trap," with Gauti B. Eggertsson, September 2003. [Also available as NBER w.p. no. 9968. Updated version of Brookings paper, with additional discussion of Japan; presented at International Workshop on Overcoming Deflation and Revitalizing the Japanese Economy, ESRI, Tokyo, Sept. 18, 2003.]

§  "Optimal Monetary and Fiscal Policy in a Liquidity Trap," with Gauti B. Eggertsson, July 2004. (pdf format) [Published in NBER International Seminar on Macroeconomics 2004.]

§  “Comment on ‘Using a Long-Term Interest Rate as the Instrument of Monetary Policy’,” April 2005. (pdf format) [Published in: Journal of Monetary Economics 52: 881-887 (2005).]

§  “Methods of Policy Accommodation at the Interest-Rate Lower Bound,” presented at the Jackson Hole symposium, August 2012. (pdf format)

§  “Central-Bank Communication and Policy Effectiveness,” revised September 2005. (pdf file) [Publication draft of paper presented at FRB Kansas City Symposium on “The Greenspan Era: Lessons for the Future,” Jackson Hole, Wyoming, August 25-27, 2005.]

§  “The Fed’s ‘Enhanced’ Communication Strategy: Work in Progress,” remarks delivered at the NABE session on Monetary Policy Transparency and Communications, ASSA meetings, New Orleans, January 5, 2008. (MS Word format)

§  “Methods of Policy Accommodation at the Interest-Rate Lower Bound,” presented at the Jackson Hole symposium, August 2012. (pdf format)

§  Fedspeak: Does It Matter How Central Bankers Explain Themselves?” University Lecture delivered at Columbia University, April 22, 2013.

§  “Forward Guidance by Inflation-Targeting Central Banks,” prepared for the conference ‘Two Decades of Inflation Targeting,’ Sveriges Riksbank, June 3, 2013.

§  “Optimal Monetary Policy Inertia,” August 1999. (pdf format) [Also available as NBER working paper no. 7261.]

§  “Optimal Interest-Rate Smoothing,” revised June 2003. (pdf format) [Revised excerpt from “Optimal Monetary Policy Inertia,” published in Review of Economic Studies 70: 861-886 (2003).]

§  “Commentary: How Should Monetary Policy Be Conducted in an Era of Price Stability?” September 1999. (pdf format) [Published in: Federal Reserve Bank of Kansas City, New Challenges for Monetary Policy, 1999.]

§  “Pitfalls of Forward-Looking Monetary Policy,” January 2000. (MS Word format) [Published in: American Economic Review 90(2): 100-104 (2000).]

§  “The Taylor Rule and Optimal Monetary Policy,” January 2001. (pdf format) [Shorter version published in: American Economic Review 91(2): 232-237 (2001).]

§  “Optimal Interest-Rate Rules: I. General Theory,” with Marc P. Giannoni, revised December 2002. (pdf format) [Also available as NBER working paper no. 9419.]

§  “Optimal Interest-Rate Rules: II. Applications,” with Marc P. Giannoni, revised December 2002. (pdf format) [Also available as NBER working paper no. 9420.]

§  “Optimal Target Criteria for Stabilization Policy,” with Marc P. Giannoni, February 2010. (pdf format)

§  “Optimal Monetary Stabilization Policy,” February 2010. (pdf format) [Published in: B.M. Friedman and M. Woodford, eds., Handbook of Monetary Economics, vol. 3B, 2011.]

§  “Inflation Stabilization and Welfare,” Contributions to Macroeconomics, vol. 2, issue 1, article 1 (2002). [A substantially extended version of this can be found as chapter 6 of Interest and Prices.]

§  “Inflation Stabilization and Welfare: The Case of a Distorted Steady State,” with Pierpaolo Benigno, revised February 2005. (pdf format) [Published in:  Journal of the European Economics Association 3: 1185-1236 (2005). May 2004 draft presented at ESSIM 2004 contains generalizations that have been omitted in later drafts.]

§  “Optimal Stabilization Policy when Wages and Prices are Sticky: The Case of a Distorted Steady State,” with Pierpaolo Benigno, revised July 2004. (pdf format) [Also available as NBER working paper no. 10839.]

§  “Optimal Taxation in an RBC Model: A Linear-Quadratic Approach,” with Pierpaolo Benigno, revised December 2005. (pdf format) [Published in: Journal of Economic Dynamics and Control 30: 1445-1489 (2006).]

§  “Linear-Quadratic Approximation of Optimal Policy Problems,” with Pierpaolo Benigno, revised August 2008. (pdf format)[Revised draft published in Journal of Economic Theory, 2012.]

§  "Implementing Optimal Policy through Inflation-Forecast Targeting," with Lars E.O. Svensson, November 1999, revised April 2003. (pdf format) [Published in: B.S. Bernanke and M. Woodford, eds., Inflation Targeting, University of Chicago Press, 2005.]

§  "Optimal Inflation Targeting Rules," with Marc P. Giannoni, revised August 2003. (pdf format)  [Published in: B.S. Bernanke and M. Woodford, eds., Inflation Targeting, University of Chicago Press, 2005.]

§  "Inflation Targeting and Optimal Monetary Policy," October 2003. (pdf format) [Presented at the Annual Policy Conference, Federal Reserve Bank of St. Louis, Oct. 16-17, 2003.]

§  “The Case for Forecast Targeting as a Monetary Policy Strategy,” Journal of Economic Perspectives, Fall 2007.

§  “Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice,” December 2007. (pdf format) [Revision of paper presented at the conference “John Taylor’s Contributions to Monetary Theory and Policy,” Federal Reserve Bank of Dallas, October 2007.]

§  “Optimal Target Criteria for Stabilization Policy,” with Marc P. Giannoni, February 2010. (pdf format)

§  “Inflation Targeting and Financial Stability,” keynote lecture at the conference “The Future of Monetary Policy,” EIEF, Rome, September 30, 2010. Revised draft published in Sveriges Riksbank Economic Review, 2012. (pdf format)

§  “Inflation Targeting: Fix It, Don’t Scrap It,” published in L. Reichlin and R. Baldwin, eds., Is inflation targeting dead? Thinking ahead about central banking after the crisis (CEPR, 2013).

§  “Monetary Policy Targets After the Crisis,” presented at the conference ‘Rethinking Macro Policy II,’ IMF, April 16-17, 2013.

§  “Forward Guidance by Inflation-Targeting Central Banks,” prepared for the conference ‘Two Decades of Inflation Targeting,’ Sveriges Riksbank, June 3, 2013.

§   “Indicator Variables for Optimal Policy,” with Lars E.O. Svensson, revised January 2002. (pdf format) [Published in: Journal of Monetary Economics 50: 691-720 (2003).]

§  “Indicator Variables for Optimal Policy under Asymmetric Information,” with Lars E.O. Svensson, revised August 2002. (pdf format) [Earlier draft available as NBER working paper no. 8255.][Published in: Journal of Economic Dynamics and Control.]

§  “Optimal Policy with Partial Information in a Forward-Looking Model: Certainty-Equivalence Redux,” with Lars E.O. Svensson, June 2002. (pdf format)

§  “Robustly Optimal Monetary Policy with Near-Rational Expectations,” revised August 2009. (pdf format)[Published in American Economic Review.]  [Additional material in December 2005 draft.]

§  “Principled Policymaking in an Uncertain World,” April 2011. (MS Word format)

§  “Robustly Optimal Monetary Policy in a Microfounded New Keynesian Model,” with Klaus Adam, revised November 2011. (pdf format)[Published in Journal of Monetary Economics, 2012.]

§  "Doing without Money: Controlling Inflation in a Post-Monetary World," Review of Economic Dynamics 1: 173-219 (1998). [ August 1997 draft. (pdf format) Published version available at www.idealibrary.com]

§  "Monetary Policy in a World Without Money," revised August 2000. (MS Word format) [Note: file must be printed on a Postscript printer in order for all figures to be visible.] [Published in: International Finance 3: 229-260 (2000).]

§  "Monetary Policy in the Information Economy," revised September 2001. (pdf format) Paper presented at the 2001 Jackson Hole Symposium, August 30 - September 1, 2001. [For data, see below.]

§  "Financial Market Efficiency and the Effectiveness of Monetary Policy," remarks at the symposium on "Financial Innovation and Monetary Transmission," Federal Reserve Bank of New York, April 5-6, 2001. Revised March 2002. (pdf format)

§  “How Important is Money in the Conduct of Monetary Policy?” Revised July 2007. (pdf format)  Paper presented at the Conference in Honor of Ernst Baltensperger, University of Bern, June 2007. (Published: Journal of Money, Credit and Banking, 2008.)

§  “Does a ‘Two-Pillar Phillips Curve’ Justify a Two-Pillar Monetary Policy Strategy?” March 2007. (pdf format)

§  “Credit Frictions and Optimal Monetary Policy,” with Vasco Curdia, revised August 2009. (pdf format) Revised draft of paper prepared for the BIS annual conference, “Whither Monetary Policy?” Lucerne, Switzerland, June 26-27, 2008. [Technical appendix.]

§  “The Central-Bank Balance Sheet as an Instrument of Monetary Policy,” with Vasco Curdia, March 2010. (pdf format) Paper prepared for Carnegie-Rochester Conference on Public Policy, “The Future of Central Banking,” April 16-17, 2010.

§  “Public Debt and the Price Level,” June 1998. (pdf format)

§  “Fiscal Requirements for Price Stability,” October 2000. (pdf format) [Published in: Journal of Money, Credit and Banking 33: 669-728 (2001).]

§  “Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach,” with Pierpaolo Benigno, revised July 2003. (pdf format) [Published in: NBER Macroeconomics Annual 2003]

§  “Optimal Inflation Targeting under Alternative Fiscal Regimes,” with Pierpaolo Benigno, revised January 2006. (pdf format) Revision of paper presented at the Ninth Annual Conference of the Central Bank of Chile, October 21-22, 2005.

§  “Optimal Monetary and Fiscal Policy in a Liquidity Trap,” with Gauti B. Eggertsson, July 2004. (pdf format) [Published in NBER International Seminar on Macroeconomics 2004.]

§  “Simple Analytics of the Government Expenditure Multiplier,” revised June 2010. (pdf format) [Published in: AEJ Macroeconomics, January 2011.]

§  “Globalization and Monetary Control,” revised July 2007. (pdf format) [Published in: J. Gali and M. Gertler, eds., International Dimensions of Monetary Policy, U. of Chicago Press, 2009.]

§  “Is an Undervalued Currency the Key to Economic Growth?” January 2009. (pdf format) Comment on Dani Rodrik, “The Real Exchange Rate and Economic Growth,” Brookings Papers on Economic Activity, 2008. [Shorter version published in BPEA.]

§  PUP listing

§  Table of contents

§  Errata: file last updated Febuary 3, 2008. [Readers are encouraged to submit additional corrections at the e-mail address at top of this page.] Certain equations in chapter 5, section 3 of the book are corrected in the paper: "Inflation and Output Dynamics with Firm-Specific Investment," May 2004. [Part of this paper has been revised as “Firm-Specific Capital and the New-Keynesian Phillips Curve,” International Journal of Central Banking 1(2): 1-46 (2005).]

§  Symposium on Interest and Prices, at the annual meeting of the History of Economics Society, Toronto, June 2004: papers by Kevin Hoover, David Laidler, Perry Mehrling, Mauro Boianovsky and Hans-Michael Trautwein, and a response to the papers by Michael Woodford. [Post-conference revised drafts posted here.]

§  "Indeterminacy of Equilibrium in the Overlapping Generations Model: A Survey," May 1984. [Scanned typescript. (pdf format) ]

§  "Stationary Sunspot Equilibria: The Case of Small Fluctuations around a Deterministic Steady State," September 1986. [Scanned typescript.(pdf format)]

§  “Expectations, Finance and Aggregate Instability,” in M. Kohn and S.-C. Tsiang, eds., Finance Constraints, Expectations and Macroeconomics, Oxford University Press, 1988. [Scanned copy. (pdf format)]

§  "Aggregate Fluctuations from Independent Sectoral Shocks: Self-Organized Criticality in a Model of Production and Inventory Dynamics," Ricerche Economiche 47: 3-30 (1993). With P. Bak, K. Chen, and J. Scheinkman. [November 1992 draft. (pdf format)]

§  "Real Effects of Monetary Shocks in an Economy with Sequential Purchases," with Robert E. Lucas, Jr., revised April 1994. [Substantial revision relative to earlier NBER working paper. Scanned typescript. (pdf format)]

§  "Notes on Dynamic Efficiency Wage Models," August 1994. [Scanned typescript. (pdf format) ]