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Interest and Prices:
Foundations of a Theory of Monetary Policy
Michael Woodford

Book Description | Table of Contents
Chapter 1 [in PDF format]

ADDITIONAL ENDORSEMENTS:

"The ideas contained in Michael Woodford's book Interest and Prices have influenced the way central bank economists-to say nothing of academic economists-in every corner of the world think about the conduct of monetary policy. These ideas form the most significant original book-length contribution to monetary economics since Don Patinkin's Money, Interest, and Prices. Woodford's insights into a cashless world will prove enduring."--Fumio Hayashi, University of Tokyo, author of Econometrics

"This is the most important book in monetary theory in at least two decades, illustrating all the major conceptual ideas in modern monetary economics, and then some. Woodford's book is especially commendable for its forward-looking elements, such as how to conduct monetary policy in a near cashless society, and how international currencies may coexist when global financial markets become truly integrated. Some of the individual chapters are already firmly established as standard technical references for modern methods in monetary policy economics. By showing how to stretch the limits of purely analytical methods, the book also builds a bridge from classical monetary theory to modern computational macroeconomics, possibly pointing the way to a new generation of medium-scale macroeconomic models."--Kenneth Rogoff, Economic Counselor and Director of Research, International Monetary Fund

"This book is a masterpiece. Michael Woodford provides a lucid dynamic synthesis of two schools of thought--Monetarism versus New Keynesianism--that have recently been the subject of a remarkable convergence of thinking among macroeconomists."--Assaf Razin, Tel Aviv University, author of Fiscal Policies and Growth in the World Economy

"This is a landmark work that reevaluates monetary theory and policy in an intertemporal optimization framework with sticky prices. Well written, it systematically revisits classic issues in monetary theory and allows rigorous welfare analyses."--Maurice Obstfeld, University of California, Berkeley, coauthor of Foundations of International Macroeconomics

"A new landmark treatise on monetary theory. A must read for econo-nerds."--N. Gregory Mankiw, Chairman of the Council of Economic Advisors, citing his "favorite purchase of 2003" in The New York Times

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File created: 11/10/2014

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