A NeoWicksellian in a New Classical World: The Methodology of Michael Woodford's Interest and Prices

Kevin D. Hoover ()

Working Papers from University of California at Davis, Department of Economics

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.

Date: 2004-06
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Journal Article: A Neowicksellian in a new classical world: The methodology of michael woodford's Interest and Prices (2006)
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Persistent link: http://EconPapers.repec.org/RePEc:ecl:ucdeco:06-5

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