Details about Michael Woodford

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Workplace:	Department of Economics, School of Arts and Sciences, Columbia University, (more information at EDIRC)

Access statistics for papers by Michael Woodford.

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Working Papers

2007

1. Does a "two-pillar Phillips curve" justify a two-pillar monetary policy strategy?
   Discussion Papers, Columbia University, Department of Economics
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007)
2. Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice
   NBER Working Papers, National Bureau of Economic Research, Inc View citations
3. Globalization and Monetary Control
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2007) View citations
   Discussion Papers, Columbia University, Department of Economics (2007) View citations
4. How Important is Money in the Conduct of Monetary Policy?
   NBER Working Papers, National Bureau of Economic Research, Inc View citations
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2007) View citations
   Working Papers, Queen's University, Department of Economics (2006) View citations
   Levine's Working Paper Archive, David K. Levine (2007) View citations
   Discussion Papers, Columbia University, Department of Economics (2007) View citations
5. Robustly Optimal Monetary Policy with Near-Rational Expectations
   CFS Working Paper Series, Center for Financial Studies
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2005) View citations
   Discussion Papers, Columbia University, Department of Economics (2005) View citations

2006

6. Linear-Quadratic Approximation of Optimal Policy Problems
   NBER Working Papers, National Bureau of Economic Research, Inc View citations
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2006) View citations
   Discussion Papers, Columbia University, Department of Economics (2006) View citations
7. Optimal Inflation Targeting Under Alternative Fiscal Regimes
   Working Papers Central Bank of Chile, Central Bank of Chile View citations
   Also in Discussion Papers, Columbia University, Department of Economics (2005)
   NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations

2005

8. Central Bank Communication and Policy Effectiveness
   NBER Working Papers, National Bureau of Economic Research, Inc View citations
   Also in Discussion Papers, Columbia University, Department of Economics (2005) View citations
   See also Journal Article in Proceedings (2005)
9. Firm-Specific Capital and the New Keynesian Phillips Curve
   MPRA Paper, University Library of Munich, Germany View citations
   Also in Discussion Papers, Columbia University, Department of Economics (2005) View citations
   NBER Working Papers, National Bureau of Economic Research, Inc (2005) View citations
   See also Journal Article in International Journal of Central Banking (2005)
10. Optimal Taxation in an RBC Model: A Linear-Quadratic Approach
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations
    Discussion Papers, Columbia University, Department of Economics (2004)
    See also Journal Article in Journal of Economic Dynamics and Control (2006)

2004

11. Implementing Optimal Policy Through Inflation-Forecast Targeting
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations
12. Inflation Stabilization and Welfare: The Case of a Distorted Steady State
    2004 Meeting Papers, Society for Economic Dynamics View citations
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations
    Discussion Papers, Columbia University, Department of Economics (2004) View citations
    See also Journal Article in Journal of the European Economic Association (2005)
13. Optimal Monetary and Fiscal Policy in a Liquidity Trap
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    Also in Discussion Papers, Columbia University, Department of Economics (2004) View citations
14. Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations
    Discussion Papers, Columbia University, Department of Economics (2004) View citations
    See also Journal Article in Proceedings (2005)
15. Optimal monetary and fiscal policy: A linear-quadratic approach
    Working Paper Series, European Central Bank View citations
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2004) View citations

2003

16. Optimal Inflation Targeting Rules
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
17. Optimal Interest-Rate Rules: A General Approach
    Levine's Bibliography, UCLA Department of Economics
18. Optimal Interest-Rate Rules: I. General Theory
    Levine's Bibliography, UCLA Department of Economics View citations
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations
19. Optimal Interest-Rate Rules: II. Applications
    Levine's Bibliography, UCLA Department of Economics View citations
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations
20. Optimal Monetary Policy in a Liquidity Trap
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
21. Optimal Policy with Partial Information in a Forward-Looking Model: Certainty-Equivalence Redux
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

2001

22. Fiscal Requirements for Price Stability
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Money, Credit and Banking (2001)
23. Imperfect Common Knowledge and the Effects of Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
24. Indicator Variables for Optimal Policy under Asymmetric Information
    Seminar Papers, Stockholm University, Institute for International Economic Studies View citations
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2001) View citations
    See also Journal Article in Journal of Economic Dynamics and Control (2004)
25. Inflation Stabilization and Welfare
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Contributions to Macroeconomics (2002)
26. Monetary Policy in the Information Economy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Proceedings (2001)

2000

27. Indicator Variables for Optimal Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    Also in Seminar Papers, Stockholm University, Institute for International Economic Studies (2000) View citations
    See also Journal Article in Journal of Monetary Economics (2003)
28. Monetary Policy in a World Without Money
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in International Finance (2000)
29. Optimal Monetary Policy Inertia
    Seminar Papers, Stockholm University, Institute for International Economic Studies View citations
    Also in Working Papers, Stockholm - International Economic Studies (1999) View citations
    NBER Working Papers, National Bureau of Economic Research, Inc (1999) View citations
    See also Journal Article in Manchester School (1999)

1999

30. The Cyclical Behavior of Prices and Costs
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Chapter (1999)

1998

31. An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy: Expanded Version
    NBER Technical Working Papers, National Bureau of Economic Research, Inc View citations
32. Interest-Rate Rules in an Estimated Sticky Price Model
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

1997

33. Doing Without Money: Controlling Inflation in a Post-Monetary World
    Seminar Papers, Stockholm University, Institute for International Economic Studies View citations
    Also in Working Papers, Stockholm - International Economic Studies (1997) View citations
    NBER Working Papers, National Bureau of Economic Research, Inc (1997) View citations
    See also Journal Article in Review of Economic Dynamics (1998)
34. Inflation Forecasts and Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Money, Credit and Banking (1997)

1996

35. Control of the Public Debt: A Requirement for Price Stability?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
36. Imperfect Competition and the Effects of Energy Price Increases on Economic Activity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Money, Credit and Banking (1996)
37. Loan Commitments and Optimal Monetary Policy
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Monetary Economics (1996)

1995

38. Price Level Determinacy Without Control of a Monetary Aggregate
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Carnegie-Rochester Conference Series on Public Policy (1995)

1994

39. Is the Business Cycles a Necessary Consequence of Stochastic Growth?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

1993

40. Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
41. Energy Taxes and Aggregate Economic Activity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
42. Rational Asset Pricing Bubbles
    Working Papers, Centro de Investigacion Economica, ITAM View citations
    See also Journal Article in Econometrica (1997)
43. Real Effects of Monetary Shocks in an Economy with Sequential Purchases
    NBER Working Papers, National Bureau of Economic Research, Inc View citations

1992

44. Aggregate Fluctuations from Independent Sectoral Shocks: Self-Organized Criticality in a Model of Production and Inventory Dynamics
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Ricerche Economiche (1993)

1991

45. Endogenous Fluctuations
    DELTA Working Papers, DELTA (Ecole normale supérieure) View citations
46. Gross Substitutes in Large Square Economics
    Levine's Working Paper Archive, David K. Levine

1990

47. Cyclical Markups: Theories and Evidence
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
48. Does Competition Between Currencies Lead to Price Level and Exchange Rate Stability?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
49. Equilibrium Models of Endogenous Fluctuations: an Introduction
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
50. Self-Fulfilling Expectations and Fluctuations in Aggregate Demand
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
51. Stability of Cycles with Adaptive Learning Rules
    DELTA Working Papers, DELTA (Ecole normale supérieure) View citations
52. The optimum quantity of money revisited
    Working Papers, Federal Reserve Bank of Minneapolis View citations

1989

53. Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity
    NBER Working Papers, National Bureau of Economic Research, Inc View citations
    See also Journal Article in Journal of Political Economy (1992)

1988

54. Equilibruim Models Displaying Endogenous Fluctuations and Chaos: A Survey
    UCLA Economics Working Papers, UCLA Department of Economics
    See also Journal Article in Journal of Monetary Economics (1990)

1986

55. Expectations, Finance and Aggregate Instability
    Working Papers, C.V. Starr Center for Applied Economics, New York University View citations
56. Learning to Believe in Sunspots
    Working Papers, C.V. Starr Center for Applied Economics, New York University View citations
    See also Journal Article in Econometrica (1990)

Journal Articles

2007

1. Interpreting Inflation Persistence: Comments on the Conference on "Quantitative Evidence on Price Determination"
   Journal of Money, Credit and Banking, 2007, 39, (s1), 203-210 View citations
2. The Case for Forecast Targeting as a Monetary Policy Strategy
   Journal of Economic Perspectives, 2007, 21, (4), 3-24 View citations
3. Transparency, Communication and Commitment
   International Journal of Central Banking, 2007, 3, (1)

2006

4. An Example of Robustly Optimal Monetary Policy with Near-Rational Expectations
   Journal of the European Economic Association, 2006, 4, (2-3), 386-395
5. Comments on the symposium on Interest and Prices
   Journal of the History of Economic Thought, 2006, 28, (2), 187-198
6. Optimal taxation in an RBC model: A linear-quadratic approach
   Journal of Economic Dynamics and Control, 2006, 30, (9-10), 1445-1489 View citations
   See also Working Paper (2005)
7. Staggered Pricing Models Face the Facts
   International Journal of Central Banking, 2006, 2, (3)

2005

8. Central bank communication and policy effectiveness
   Proceedings, 2005, (Aug), 399-474 View citations
   See also Working Paper (2005)
9. Comment on: "Using a long-term interest rate as the monetary policy instrument"
   Journal of Monetary Economics, 2005, 52, (5), 881-887 View citations
10. Firm-Specific Capital and the New Keynesian Phillips Curve
    International Journal of Central Banking, 2005, 1, (2) View citations
    See also Working Paper (2005)
11. Inflation Stabilization And Welfare: The Case Of A Distorted Steady State
    Journal of the European Economic Association, 2005, 3, (6), 1185-1236 View citations
    See also Working Paper (2004)
12. Optimal stabilization policy when wages and prices are sticky: the case of a distorted steady state
    Proceedings, 2005, 127-180 View citations
    See also Working Paper (2004)

2004

13. Indicator variables for optimal policy under asymmetric information
    Journal of Economic Dynamics and Control, 2004, 28, (4), 661-690 View citations
    See also Working Paper (2001)
14. Inflation targeting and optimal monetary policy
    Review, 2004, (Jul), 15-42 View citations

2003

15. Comment on: Multiple-solution indeterminacies in monetary policy analysis
    Journal of Monetary Economics, 2003, 50, (5), 1177-1188 View citations
16. Editorial Announcement
    Review of Economic Studies, 2003, 70, (4), 697-697
17. How forward-looking is optimal monetary policy?
    Proceedings, 2003, 1425-1483 View citations
18. Indicator variables for optimal policy
    Journal of Monetary Economics, 2003, 50, (3), 691-720 View citations
    Also in Proceedings, 2000 (2000) View citations
    See also Working Paper (2000)
19. Optimal Interest-Rate Smoothing
    Review of Economic Studies, 2003, 70, (4), 861-886 View citations
20. The Zero Bound on Interest Rates and Optimal Monetary Policy
    Brookings Papers on Economic Activity, 2003, 34, (2003-1), 139-235 View citations

2002

21. Financial market efficiency and the effectiveness of monetary policy
    Economic Policy Review, 2002, (May), 85-94 View citations
22. Inflation Stabilization and Welfare
    Contributions to Macroeconomics, 2002, 2, (1), 1009-1009 View citations
    See also Working Paper (2001)

2001

23. Fiscal Requirements for Price Stability
    Journal of Money, Credit and Banking, 2001, 33, (3), 669-728 View citations
    See also Working Paper (2001)
24. Monetary policy in the information economy
    Proceedings, 2001, 297-370 View citations
    See also Working Paper (2001)
25. The Taylor Rule and Optimal Monetary Policy
    American Economic Review, 2001, 91, (2), 232-237 View citations

2000

26. Monetary Policy in a World without Money
    International Finance, 2000, 3, (2), 229-60 View citations
    See also Working Paper (2000)
27. Pitfalls of Forward-Looking Monetary Policy
    American Economic Review, 2000, 90, (2), 100-104 View citations

1999

28. Commentary: how should monetary policy be conducted in an era of price stability?
    Proceedings, 1999, 277-316 View citations
29. Optimal Monetary Policy Inertia
    Manchester School, 1999, 67, 1-35 View citations
    Also in Proceedings, 1999 (1999) View citations
    See also Working Paper (2000)

1998

30. Doing Without Money: Controlling Inflation in a Post-Monetary World
    Review of Economic Dynamics, 1998, 1, (1), 173-219 View citations
    See also Working Paper (1997)

1997

31. Inflation Forecasts and Monetary Policy
    Journal of Money, Credit and Banking, 1997, 29, (4), 653-84 View citations
    Also in Proceedings, 1997, 653-686 (1997) View citations
    See also Working Paper (1997)
32. Rational Asset Pricing Bubbles
    Econometrica, 1997, 65, (1), 19-58 View citations
    See also Working Paper (1993)

1996

33. Imperfect Competition and the Effects of Energy Price Increases on Economic Activity
    Journal of Money, Credit and Banking, 1996, 28, (4), 550-77 View citations
    See also Working Paper (1996)
34. Loan commitments and optimal monetary policy
    Journal of Monetary Economics, 1996, 37, (3), 573-605 View citations
    See also Working Paper (1996)
35. Real-Business-Cycle Models and the Forecastable Movements in Output, Hours, and Consumption
    American Economic Review, 1996, 86, (1), 71-89 View citations

1995

36. Price-level determinacy without control of a monetary aggregate
    Carnegie-Rochester Conference Series on Public Policy, 1995, 43, (1), 1-46 View citations
    See also Working Paper (1995)
37. The Quantitative Analytics of the Basic Neomonetarist Model: Comment
    Journal of Money, Credit and Banking, 1995, 27, (4), 1278-89 View citations

1994

38. Monetary Policy and Price Level Determinacy in a Cash-in-Advance Economy
    Economic Theory, 1994, 4, (3), 345-80 View citations
39. Self-Organized Criticality and Economic Fluctuations
    American Economic Review, 1994, 84, (2), 417-21 View citations
40. Structural Slumps
    Journal of Economic Literature, 1994, 32, (4), 1784-1815 View citations
41. Symposium: Bounded Rationality and Learning: Introduction
    Economic Theory, 1994, 4, (6), 811-20
42. The quantitative analysis of the basic neomonetarist model
    Proceedings, 1994, 1241-1289 View citations

1993

43. Aggregate fluctuations from independent sectoral shocks: self-organized criticality in a model of production and inventory dynamics
    Ricerche Economiche, 1993, 47, (1), 3-30 View citations
    See also Working Paper (1992)

1992

44. Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity
    Journal of Political Economy, 1992, 100, (6), 1153-1207 View citations
    See also Working Paper (1989)
45. Seven schools of macroeconomic thought by E.S. Phelps: A book review
    Journal of Economic Dynamics and Control, 1992, 16, (2), 391-398 View citations

1991

46. Gross substitutability in large-square economies
    Journal of Economic Theory, 1991, 54, (1), 1-25 View citations

1990

47. Equilibrium models displaying endogenous fluctuations and chaos: A survey
    Journal of Monetary Economics, 1990, 25, (2), 189-222 View citations
    See also Working Paper (1988)
48. Indeterminacy of stationary equilibrium in stochastic overlapping generations models
    Journal of Economic Theory, 1990, 50, (2), 265-284 View citations
49. Learning to Believe in Sunspots
    Econometrica, 1990, 58, (2), 277-307 View citations
    See also Working Paper (1986)
50. Public Debt as Private Liquidity
    American Economic Review, 1990, 80, (2), 382-88 View citations

1988

51. Determinacy of equilibrium in stationary economies with both finite and infinite lived consumers
    Journal of Economic Theory, 1988, 46, (2), 255-290 View citations

1987

52. Three Questions about Sunspot Equilibria as an Explanation of Economic Fluctuations
    American Economic Review, 1987, 77, (2), 93-98 View citations

1986

53. Stationary sunspot equilibria in a finance constrained economy
    Journal of Economic Theory, 1986, 40, (1), 128-137 View citations

Edited books

1999

1. Handbook of Macroeconomics, vol 1
   Handbook of Macroeconomics, Elsevier

Chapters

1999

1. The cyclical behavior of prices and costs
   Chapter 16 in Handbook of Macroeconomics, 1999, vol. 1, Part B, pp 1051-1135 View citations
   See also Working Paper (1999)

1990

2. The optimum quantity of money
   Chapter 20 in Handbook of Monetary Economics, 1990, vol. 2, pp 1067-1152 View citations

Editor

1. Handbook of Macroeconomics
   Elsevier
2. Handbook of Macroeconomics
   Elsevier