Michael Woodford

Columbia University, Graduate School of Arts and Sciences, Department of Economics

420 W. 118th Street

New York, NY 10027

United States

  • Columbia University, Graduate School of Arts and Sciences, Department of Economics

SCHOLARLY PAPERS

87

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2,448

CROSSREF CITATIONS

3,492

Scholarly Papers (87)

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1.

Conventional and Unconventional Monetary Policy

Downloads 1,748 (16,816)
Citation 32

Conventional and Unconventional Monetary Policy

FRB of New York Staff Report No. 404
Number of pages: 65 Posted: 13 Nov 2009
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 1,736 (16,721)
Citation 15

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unconventional monetary policy, credit policy, zero lower bound, central bank balance sheet

Conventional and Unconventional Monetary Policy

CEPR Discussion Paper No. DP7514
Number of pages: 66 Posted: 17 Nov 2009
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 12 (962,480)
Citation 6
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credit frictions, credit spread, interest on reserves, quantitative easing

2.

Credit Frictions and Optimal Monetary Policy

Downloads 834 (49,412)
Citation 183

Credit Frictions and Optimal Monetary Policy

BIS Working Paper No. 278
Number of pages: 78 Posted: 30 Jul 2009
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 496 (95,127)
Citation 50

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Financial Frictions, Interest Rate Spreads

Credit Frictions and Optimal Monetary Policy

National Bank of Belgium Working Paper No. 146
Number of pages: 108 Posted: 03 Oct 2010
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 228 (222,306)
Citation 13

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Credit Frictions and Optimal Monetary Policy

Number of pages: 100 Posted: 06 Feb 2013
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 91 (468,603)
Citation 7

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Credit Frictions and Optimal Monetary Policy

NBER Working Paper No. w21820
Number of pages: 76 Posted: 21 Dec 2015 Last Revised: 13 Feb 2023
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 19 (890,733)
Citation 44

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3.

Price Level Determinacy Without Control of a Monetary Aggregate

NBER Working Paper No. w5204
Number of pages: 42 Posted: 25 May 2006 Last Revised: 22 Sep 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 413 (119,413)
Citation 4

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4.

Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach

Downloads 398 (124,646)
Citation 77

Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach

Number of pages: 73 Posted: 29 May 2004
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 197 (254,920)
Citation 34

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Loss function, output gap, tax smoothing, targeting rules

Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach

Number of pages: 83 Posted: 30 Nov 2004
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 160 (306,205)
Citation 18

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Loss function, output gap, tax smoothing, targeting rules

Optimal Monetary and Fiscal Policy: A Linear Quadratic Approach

NBER Working Paper No. w9905
Number of pages: 70 Posted: 19 Aug 2003 Last Revised: 27 Jul 2022
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 41 (708,416)
Citation 8

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5.

Financial Market Efficiency and the Effectiveness of Monetary Policy

Economic Policy Review, Vol. 8, No. 1, May 2002
Number of pages: 10 Posted: 26 Oct 2005
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 382 (130,605)
Citation 1

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monetary policy implementation, channel system

6.

'Outlier Blindness': Efficient Coding Generates an Inability to Represent Extreme Values

Number of pages: 59 Posted: 29 Mar 2018 Last Revised: 13 Jul 2020
Elise Payzan-LeNestour and Michael Woodford
University of New South Wales and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 268 (190,278)

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Tail risk, Instability, Imprecise perception, Efficient coding, Adaptation, Decision making under uncertainty, Behavioral finance, Neuroeconomics, Experiments

7.

Inflation Forecasts and Monetary Policy

NBER Working Paper No. w6157
Number of pages: 66 Posted: 12 Sep 2000 Last Revised: 30 Oct 2022
Ben S. Bernanke and Michael Woodford
Board of Governors of the Federal Reserve System and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 257 (198,420)
Citation 8

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8.

The Central-Bank Balance Sheet as an Instrument of Monetary Policy

Downloads 249 (204,780)
Citation 95

The Central-Bank Balance Sheet as an Instrument of Monetary Policy

FRB of New York Staff Report No. 463
Number of pages: 82 Posted: 01 Aug 2010
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 166 (296,788)
Citation 38

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credit policy, quantitative easing, zero lower bound

The Central-Bank Balance Sheet as an Instrument of Monetary Policy

NBER Working Paper No. w16208
Number of pages: 82 Posted: 26 Jul 2010 Last Revised: 16 Apr 2023
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 83 (496,529)
Citation 62

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9.

Credit Spreads and Monetary Policy

Downloads 199 (253,110)
Citation 100

Credit Spreads and Monetary Policy

FRB of New York Staff Report No. 385
Number of pages: 62 Posted: 02 Sep 2009
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 123 (378,112)
Citation 82

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credit frictions, monetary policy

Credit Spreads and Monetary Policy

NBER Working Paper No. w15289
Number of pages: 62 Posted: 31 Aug 2009 Last Revised: 12 Apr 2023
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 76 (523,736)

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10.

The Cyclical Behavior of Prices and Costs

NBER Working Paper No. w6909
Number of pages: 117 Posted: 17 Jun 1999 Last Revised: 19 Nov 2022
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 160 (306,044)
Citation 17

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11.

Risk Aversion as a Perceptual Bias

Downloads 158 (309,296)

Risk Aversion as a Perceptual Bias

CESifo Working Paper Series No. 6416
Number of pages: 47 Posted: 08 May 2017
Mel Khaw, Ziang Li and Michael Woodford
Duke University, Princeton University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 115 (397,519)

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Risk Aversion as a Perceptual Bias

NBER Working Paper No. w23294
Number of pages: 47 Posted: 05 Apr 2017 Last Revised: 24 Feb 2023
Mel Khaw, Ziang Li and Michael Woodford
Duke University, Princeton University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 43 (694,938)

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Risk Aversion as a Perceptual Bias

CEPR Discussion Paper No. DP11929
Number of pages: 49 Posted: 27 Mar 2017
Mel Khaw, Ziang Li and Michael Woodford
Duke University, Princeton University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Bayesian decision theory, diminishing sensitivity, prospect theory, Rabin critique, Weber's Law

12.

Central Bank Communication and Policy Effectiveness

NBER Working Paper No. w11898
Number of pages: 67 Posted: 05 Feb 2006 Last Revised: 07 Jul 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 156 (312,619)
Citation 22

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13.

Control of the Public Debt: A Requirement for Price Stability?

NBER Working Paper No. w5684
Number of pages: 39 Posted: 18 Nov 1996 Last Revised: 15 Jul 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 156 (312,619)
Citation 19

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14.

Outlier Blindness: A Neurobiological Foundation for Neglect of Financial Risk

Journal of Financial Economics (JFE), Forthcoming
Number of pages: 65 Posted: 28 Nov 2020 Last Revised: 28 Jul 2022
Elise Payzan-LeNestour and Michael Woodford
University of New South Wales and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 148 (326,579)
Citation 1

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Tail risk, Imprecise perception, Efficient coding, Adaptation, Decision making under uncertainty, Behavioral finance, Neuroeconomics, Experiments

15.

Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis

Downloads 146 (330,163)
Citation 43

Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis

Institute for New Economic Thinking Working Paper Series No. 18
Number of pages: 94 Posted: 02 Oct 2015
Michael Woodford and Mariana Garcia-Schmidt
Columbia University, Graduate School of Arts and Sciences, Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics, Students
Downloads 123 (378,112)

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Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis

NBER Working Paper No. w21614
Number of pages: 94 Posted: 06 Oct 2015 Last Revised: 22 Jan 2023
Mariana García-Schmidt and Michael Woodford
Central Bank of Chile and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 23 (852,557)
Citation 45

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16.

Indicator Variables for Optimal Policy

Downloads 144 (333,828)
Citation 75

Indicator Variables for Optimal Policy

Number of pages: 47 Posted: 02 Dec 2002
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 105 (424,865)
Citation 8

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Partial Information, Kalman Filter, Monetary Policy, Discretion and Commitment

Indicator Variables for Optimal Policy

NBER Working Paper No. w7953
Number of pages: 46 Posted: 12 Oct 2000 Last Revised: 27 Mar 2022
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 39 (722,436)
Citation 2

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17.

Fiscal Requirements for Price Stability

NBER Working Paper No. w8072
Number of pages: 80 Posted: 05 Jan 2001 Last Revised: 24 Jul 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 132 (357,168)
Citation 68

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18.

Monetary Policy in a World Without Money

NBER Working Paper No. w7853
Number of pages: 47 Posted: 20 Aug 2000 Last Revised: 18 Dec 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 132 (357,168)
Citation 24

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19.

An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy: Expanded Version

NBER Working Paper No. t0233
Number of pages: 69 Posted: 13 Jul 2000 Last Revised: 20 Feb 2023
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 125 (372,179)
Citation 32

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20.

Optimal Monetary Policy in a Liquidity Trap

NBER Working Paper No. w9968
Number of pages: 79 Posted: 21 Sep 2003 Last Revised: 28 Sep 2022
Gauti B. Eggertsson and Michael Woodford
Federal Reserve Bank of New York and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 120 (383,620)
Citation 2

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21.

Individualistic Welfare Analysis in the Age of Behavioral Science

Capitalism and Society: Vol. 13: Iss. 1, Article 3
Number of pages: 7 Posted: 15 Oct 2018
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 115 (395,570)

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welfare analysis, behavioral science, human choice behavior, individualism

22.

Imperfect Common Knowledge and the Effects of Monetary Policy

NBER Working Paper No. w8673
Number of pages: 46 Posted: 20 Dec 2001 Last Revised: 14 Sep 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 114 (398,064)
Citation 29

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23.

Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets

NBER Working Paper No. w4502
Number of pages: 63 Posted: 17 May 2001 Last Revised: 26 Oct 2022
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 102 (431,036)
Citation 11

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24.

Quantitative Easing and Financial Stability

Downloads 98 (442,924)
Citation 3

Quantitative Easing and Financial Stability

NBER Working Paper No. w22285
Number of pages: 85 Posted: 01 Jun 2016 Last Revised: 24 May 2023
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 95 (455,488)
Citation 3

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Quantitative Easing and Financial Stability

CEPR Discussion Paper No. DP11287
Number of pages: 86 Posted: 24 May 2016
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 3 (1,047,987)
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macroprudential policy, money premium, zero lower bound

25.

Inflation Targeting and Financial Stability

NBER Working Paper No. w17967
Number of pages: 35 Posted: 06 Apr 2012 Last Revised: 04 Feb 2023
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 98 (442,924)
Citation 7

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26.

Individual Differences in the Perception of Probability

Number of pages: 28 Posted: 07 Sep 2019 Last Revised: 24 Jun 2020
Mel Khaw, Luminita Stevens and Michael Woodford
Duke University, University of Maryland and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 94 (455,122)
Citation 2

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probability estimation, probability distortion, conservatism, overconfidence

27.

Imperfect Competition and the Effects of Energy Price Increases on Economic Activity

Downloads 93 (458,293)
Citation 19

Imperfect Competition and the Effects of Energy Price Increases on Economic Activity

NBER Working Paper No. w5634
Number of pages: 43 Posted: 07 Sep 2000 Last Revised: 29 Nov 2022
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 93 (461,978)
Citation 19

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Imperfect Competition and the Effects of Energy Price Increases on Economic Activity

JOURNAL OF MONEY, CREDIT, AND BANKING, Vol. 28, No. 4, Part 1, November 1996
Posted: 11 May 1998
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics

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28.

Interest-Rate Rules in an Estimated Sticky Price Model

NBER Working Paper No. w6618
Number of pages: 92 Posted: 15 Sep 2000 Last Revised: 03 Aug 2022
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 87 (477,680)
Citation 23

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29.

Simple Analytics of the Government Expenditure Multiplier

Downloads 82 (495,142)
Citation 270

Simple Analytics of the Government Expenditure Multiplier

NBER Working Paper No. w15714
Number of pages: 46 Posted: 01 Feb 2010 Last Revised: 10 Jun 2023
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 78 (515,707)

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Simple Analytics of the Government Expenditure Multiplier

CEPR Discussion Paper No. DP7704
Number of pages: 53 Posted: 01 Mar 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 4 (1,039,812)
Citation 50
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fiscal stimulus, zero lower bound

30.

Linear-Quadratic Approximation of Optimal Policy Problems

Downloads 81 (498,802)
Citation 52

Linear-Quadratic Approximation of Optimal Policy Problems

NBER Working Paper No. w12672
Number of pages: 73 Posted: 20 Nov 2006 Last Revised: 18 Aug 2022
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 63 (581,548)
Citation 21

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Linear-Quadratic Approximation of Optimal Policy Problems

CEPR Discussion Paper No. 5964
Number of pages: 71 Posted: 05 Jan 2007
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 18 (900,737)
Citation 10
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Optimization

31.

Optimal Monetary Policy Inertia

NBER Working Paper No. w7261
Number of pages: 109 Posted: 07 Feb 2000 Last Revised: 05 Nov 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 81 (498,802)
Citation 22

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32.

Globalization and Monetary Control

Downloads 79 (506,104)
Citation 37

Globalization and Monetary Control

NBER Working Paper No. w13329
Number of pages: 78 Posted: 24 Aug 2007 Last Revised: 04 Dec 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 75 (527,749)
Citation 7

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Globalization and Monetary Control

CEPR Discussion Paper No. DP6448
Number of pages: 80 Posted: 30 May 2008
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 4 (1,039,812)
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capital mobility, global liquidity, global slack, inflation

33.

Inflation Stabilization and Welfare

NBER Working Paper No. w8071
Number of pages: 53 Posted: 05 Jan 2001 Last Revised: 23 Jul 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 78 (509,958)
Citation 4

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34.

Leaning Against Housing Prices as Robustly Optimal Monetary Policy

Downloads 76 (517,658)
Citation 1

Leaning Against Housing Prices as Robustly Optimal Monetary Policy

CESifo Working Paper Series No. 7071
Number of pages: 66 Posted: 21 Jul 2018
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 33 (767,235)

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asset price bubbles, leaning against the wind, inflation targeting

Leaning Against Housing Prices As Robustly Optimal Monetary Policy

CFS Working Paper, No. 601, 2018
Number of pages: 67 Posted: 19 Nov 2018
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 30 (791,616)
Citation 2

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Leaning Against Housing Prices as Robustly Optimal Monetary Policy

NBER Working Paper No. w24629
Number of pages: 64 Posted: 25 May 2018 Last Revised: 19 Apr 2023
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 13 (952,089)

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Leaning Against Housing Prices as Robustly Optimal Monetary Policy

CEPR Discussion Paper No. DP12937
Number of pages: 67 Posted: 21 May 2018
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Asset price bubbles, Inflation targeting, leaning against the wind, optimal target criterion

35.

Implementing Optimal Policy Through Inflation-Forecast Targeting

Downloads 74 (525,458)
Citation 128

Implementing Optimal Policy Through Inflation-Forecast Targeting

NBER Working Paper No. w9747
Number of pages: 71 Posted: 09 Jun 2003 Last Revised: 21 Aug 2022
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 47 (669,366)
Citation 10

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Implementing Optimal Policy Through Inflation-Forecast Targeting

Number of pages: 72 Posted: 27 Feb 2004
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 27 (816,663)
Citation 7
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Inflation targeting, commitment, discretion

36.

Aggregate Fluctuations from Independent Sectoral Shocks: Self-Organized Criticality in a Model of Production and Inventory Dynamics

NBER Working Paper No. w4241
Number of pages: 44 Posted: 27 Apr 2000 Last Revised: 05 Aug 2022
Peter Bak, Kan Chen, José A. Scheinkman and Michael Woodford
National Bureau of Economic Research (NBER), National Bureau of Economic Research (NBER), Columbia University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 70 (541,853)
Citation 8

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37.

Optimal Interest-Rate Rules: Ii. Applications

NBER Working Paper No. w9420
Number of pages: 102 Posted: 20 Jul 2003 Last Revised: 29 Sep 2022
Marc P. Giannoni and Michael Woodford
Barclays Corporate and Investment Bank and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 68 (550,376)
Citation 14

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38.

Optimal Target Criteria for Stabilization Policy

Downloads 67 (554,803)
Citation 10

Optimal Target Criteria for Stabilization Policy

FRB of New York Staff Report No. 535
Number of pages: 77 Posted: 22 Jan 2012
Marc P. Giannoni and Michael Woodford
Barclays Corporate and Investment Bank and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 39 (722,436)
Citation 11

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Optimal policy, Target criterion, Dynamic model, Optimal control

Optimal Target Criteria for Stabilization Policy

NBER Working Paper No. w15757
Number of pages: 76 Posted: 22 Feb 2010 Last Revised: 23 Jul 2023
Marc P. Giannoni and Michael Woodford
Barclays Corporate and Investment Bank and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 24 (843,256)
Citation 5

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Optimal Target Criteria for Stabilization Policy

CEPR Discussion Paper No. DP7719
Number of pages: 87 Posted: 09 Mar 2010
Marc P. Giannoni and Michael Woodford
Barclays Corporate and Investment Bank and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 4 (1,039,812)
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dynamic model, optimal control, Optimal policy, target criterion

39.

Optimal Interest-Rate Rules: I. General Theory

NBER Working Paper No. w9419
Number of pages: 71 Posted: 10 Jan 2003 Last Revised: 28 Sep 2022
Marc P. Giannoni and Michael Woodford
Barclays Corporate and Investment Bank and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 66 (559,037)

Abstract:

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40.

Optimal Monetary Stabilization Policy

NBER Working Paper No. w16095
Number of pages: 131 Posted: 21 Jun 2010 Last Revised: 25 Jun 2023
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 64 (568,046)
Citation 10

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41.

Monetary Policy in the Information Economy

NBER Working Paper No. w8674
Number of pages: 70 Posted: 20 Dec 2001 Last Revised: 15 Sep 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 64 (568,046)
Citation 8

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42.

Doing Without Money: Controlling Inflation in a Post-Monetary World

NBER Working Paper No. w6188
Number of pages: 64 Posted: 17 Aug 2000 Last Revised: 30 Nov 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 64 (568,046)
Citation 10

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43.

How Important is Money in the Conduct of Monetary Policy?

Downloads 62 (577,063)
Citation 51

How Important is Money in the Conduct of Monetary Policy?

NBER Working Paper No. w13325
Number of pages: 53 Posted: 24 Aug 2007 Last Revised: 30 Nov 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 58 (606,422)
Citation 11

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How Important is Money in the Conduct of Monetary Policy?

CEPR Discussion Paper No. DP6211
Number of pages: 55 Posted: 22 May 2008
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 4 (1,039,812)
Citation 5
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Monetarism, monetary targeting, new Keynesian model, two-pillar strategy

44.

Effective Demand Failures and the Limits of Monetary Stabilization Policy

Downloads 59 (591,163)
Citation 7

Effective Demand Failures and the Limits of Monetary Stabilization Policy

NBER Working Paper No. w27768
Number of pages: 83 Posted: 14 Sep 2020 Last Revised: 17 May 2023
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 59 (601,206)
Citation 7

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Effective Demand Failures and the Limits of Monetary Stabilization Policy

CEPR Discussion Paper No. DP15211
Number of pages: 63 Posted: 12 Sep 2020
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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circular flow, Covid-19 pandemic, Fiscal Transfers, Network structure

45.

Optimal Inflation Targeting Rules

NBER Working Paper No. w9939
Number of pages: 86 Posted: 01 Sep 2003 Last Revised: 29 Aug 2022
Marc P. Giannoni and Michael Woodford
Barclays Corporate and Investment Bank and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 59 (591,163)
Citation 11

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46.

Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State

Downloads 57 (601,116)
Citation 7

Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State

NBER Working Paper No. w10839
Number of pages: 55 Posted: 27 Oct 2004 Last Revised: 13 Feb 2022
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 42 (701,598)
Citation 2

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Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State

CEPR Discussion Paper No. 4740
Number of pages: 77 Posted: 31 Jan 2005
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 15 (931,132)
Citation 1
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Optimal monetary policy, sticky prices, sticky wages

47.

Optimal Taxation in an RBC Model: A Linear-Quadratic Approach

Downloads 55 (611,208)
Citation 19

Optimal Taxation in an RBC Model: A Linear-Quadratic Approach

NBER Working Paper No. w11029
Number of pages: 58 Posted: 02 Feb 2005 Last Revised: 20 Feb 2022
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 42 (701,598)

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Optimal Taxation in an RBC Model: A Linear-Quadratic Approach

Number of pages: 59 Posted: 15 Feb 2005
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 3
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Optimal taxation, LQ solution

48.

Macroeconomic Analysis Without the Rational Expectations Hypothesis

NBER Working Paper No. w19368
Number of pages: 83 Posted: 30 Aug 2013 Last Revised: 04 Jun 2023
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 54 (616,532)
Citation 15

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49.

Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity

NBER Working Paper No. w3206
Number of pages: 61 Posted: 17 Oct 2007 Last Revised: 10 Oct 2022
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 50 (637,958)
Citation 31

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50.

Inflation Stabilization and Welfare: The Case of a Distorted Steady State

NBER Working Paper No. w10838
Number of pages: 63 Posted: 27 Oct 2004 Last Revised: 14 Aug 2022
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 50 (637,958)
Citation 36

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51.

Cyclical Markups: Theories and Evidence

NBER Working Paper No. w3534
Number of pages: 43 Posted: 11 Apr 2004 Last Revised: 29 Aug 2022
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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52.

Optimally Imprecise Memory and Biased Forecasts

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Citation 3

Optimally Imprecise Memory and Biased Forecasts

CESifo Working Paper No. 8709
Number of pages: 85 Posted: 24 Nov 2020
Rava Azeredo da Silveira, Yeji Sung and Michael Woodford
University of Basel, Columbia University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Optimally Imprecise Memory and Biased Forecasts

CEPR Discussion Paper No. DP15459
Number of pages: 86 Posted: 02 Dec 2020
Rava Azeredo da Silveira, Yeji Sung and Michael Woodford
University of Basel, Columbia University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 3
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53.

Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

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Citation 3

Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

CESifo Working Paper No. 8127
Number of pages: 66 Posted: 04 Mar 2020
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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robust policy design, leaning against housing prices, distorted expectations

Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

NBER Working Paper No. w26833
Number of pages: 65 Posted: 09 Mar 2020 Last Revised: 27 Apr 2023
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

CEPR Discussion Paper No. DP14445
Number of pages: 67 Posted: 03 Mar 2020
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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54.

Robustly Optimal Monetary Policy with Near Rational Expectations

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Citation 12

Robustly Optimal Monetary Policy with Near Rational Expectations

NBER Working Paper No. w11896
Number of pages: 48 Posted: 05 Feb 2006 Last Revised: 02 Jan 2023
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 49 (657,245)
Citation 12

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Robustly Optimal Monetary Policy With Near-Rational Expectations

CFS Working Paper No. 2007/12
Posted: 08 Mar 2007
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics

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Optimal Monetary Policy, Commitment, History-Dependent Policy

55.

Firm-Specific Capital and the New-Keynesian Phillips Curve

NBER Working Paper No. w11149
Number of pages: 48 Posted: 16 Mar 2005 Last Revised: 19 Dec 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 6

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56.

Optimal Monetary and Fiscal Policy in a Liquidity Trap

NBER Working Paper No. w10840
Number of pages: 63 Posted: 15 Aug 2012 Last Revised: 15 Aug 2022
Gauti B. Eggertsson and Michael Woodford
Federal Reserve Bank of New York and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 46 (660,846)
Citation 25

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57.

Information-Constrained State-Dependent Pricing

NBER Working Paper No. w14620
Number of pages: 57 Posted: 15 Jan 2009 Last Revised: 14 Dec 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 17

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58.

Monetary Policy Analysis When Planning Horizons are Finite

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Citation 30

Monetary Policy Analysis When Planning Horizons are Finite

CESifo Working Paper Series No. 7108
Number of pages: 55 Posted: 09 Aug 2018
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 30 (791,616)
Citation 34

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forward guidance, neo-Fisherianism, Fisher equation, bounded rationality

Monetary Policy Analysis When Planning Horizons are Finite

NBER Working Paper No. w24692
Number of pages: 54 Posted: 11 Jun 2018 Last Revised: 21 Jun 2023
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Monetary Policy Analysis When Planning Horizons are Finite

CEPR Discussion Paper No. DP12968
Number of pages: 56 Posted: 05 Jun 2018
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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bounded rationality, forward guidance, neo-Fisherianism

59.

Discrete Adjustment to a Changing Environment: Experimental Evidence

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Citation 20

Discrete Adjustment to a Changing Environment: Experimental Evidence

CESifo Working Paper Series No. 6273
Number of pages: 56 Posted: 06 Feb 2017
Mel Khaw, Luminita Stevens and Michael Woodford
Duke University, University of Maryland and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Discrete Adjustment to a Changing Environment: Experimental Evidence

NBER Working Paper No. w22978
Number of pages: 56 Posted: 27 Dec 2016 Last Revised: 15 Apr 2023
Mel Khaw, Luminita Stevens and Michael Woodford
Duke University, University of Maryland and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 18

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Discrete Adjustment to a Changing Environment: Experimental Evidence

CEPR Discussion Paper No. DP11725
Number of pages: 58 Posted: 03 Jan 2017
Mel Khaw, Luminita Stevens and Michael Woodford
Duke University, University of Maryland and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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adjustment hazard, generalized Ss model, menu costs, rational inattention

60.

Equilibrium Models of Endogenous Fluctuations: An Introduction

NBER Working Paper No. w3360
Number of pages: 56 Posted: 08 Sep 2010 Last Revised: 09 Mar 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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61.

Real Effects of Monetary Shocks in an Economy with Sequential Purchases

NBER Working Paper No. w4250
Number of pages: 70 Posted: 11 Jul 2007 Last Revised: 14 Aug 2022
Robert E. Lucas and Michael Woodford
University of Chicago - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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62.

Self-Fulfilling Expectations and Fluctuations in Aggregate Demand

NBER Working Paper No. w3361
Number of pages: 43 Posted: 13 Sep 2010 Last Revised: 10 Mar 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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63.

Forecast Targeting as a Monetary Policy Strategy: Policy Rules in Practice

NBER Working Paper No. w13716
Number of pages: 52 Posted: 03 Jan 2008 Last Revised: 25 Dec 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 6

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64.

Indicator Variables for Optimal Policy Under Asymmetric Information

NBER Working Paper No. w8255
Number of pages: 29 Posted: 29 Apr 2001 Last Revised: 24 Jul 2022
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 39 (704,441)
Citation 13

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65.

Cognitive Imprecision and Small-Stakes Risk Aversion

NBER Working Paper No. w24978
Number of pages: 78 Posted: 17 Sep 2018 Last Revised: 02 Apr 2023
Mel Khaw, Ziang Li and Michael Woodford
Duke University, Princeton University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 38 (711,207)
Citation 30

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66.

Optimal Inflation Targeting Under Alternative Fiscal Regimes

NBER Working Paper No. w12158
Number of pages: 42 Posted: 18 May 2006 Last Revised: 22 Sep 2022
Pierpaolo Benigno and Michael Woodford
University of Bern - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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67.

Loan Commitments and Optimal Monetary Policy

NBER Working Paper No. w5660
Number of pages: 33 Posted: 21 Oct 1996 Last Revised: 21 Dec 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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68.

Optimal Policy with Partial Information in a Forward-Looking Model: Certainty-Equivalence Redux

NBER Working Paper No. w9430
Number of pages: 23 Posted: 16 Jan 2003 Last Revised: 10 Oct 2022
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 36 (724,936)
Citation 1

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69.

Energy Taxes and Aggregate Economic Activity

NBER Working Paper No. w4576
Number of pages: 43 Posted: 04 Oct 2001 Last Revised: 02 Jan 2023
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 35 (731,921)

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70.

Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints

NBER Working Paper No. w19711
Number of pages: 62 Posted: 10 Dec 2013 Last Revised: 12 May 2023
Aloisio Araujo, Aloísio P. Araújo, Susan Schommer and Michael Woodford
Getulio Vargas Foundation (FGV) - FGV/EPGE Escola Brasileira de Economia e Finanças, EPGE/FGV and IMPA, Instituto Nacional de Matemática Pura e Aplicada (IMPA) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 34 (738,940)
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71.

Is the Business Cycles a Necessary Consequence of Stochastic Growth?

NBER Working Paper No. w4650
Number of pages: 59 Posted: 27 Dec 2000 Last Revised: 17 Sep 2022
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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72.

An Optimizing Neuroeconomic Model of Discrete Choice

NBER Working Paper No. w19897
Number of pages: 46 Posted: 16 Feb 2014 Last Revised: 15 May 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 7

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73.

Rational Inattention and Sequential Information Sampling

NBER Working Paper No. w23787
Number of pages: 70 Posted: 11 Sep 2017 Last Revised: 01 Jul 2023
Benjamin Hebert and Michael Woodford
Stanford University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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74.

Does Competition between Currencies Lead to Price Level and Exchange Rate Stability?

NBER Working Paper No. w3441
Number of pages: 43 Posted: 27 Jun 2007 Last Revised: 29 May 2022
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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75.

Rational Inattention When Decisions Take Time

NBER Working Paper No. w26415
Number of pages: 93 Posted: 30 Oct 2019 Last Revised: 10 Apr 2023
Benjamin Hebert and Michael Woodford
Stanford University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 2

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76.

Modeling Imprecision in Perception, Valuation and Choice

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Citation 31

Modeling Imprecision in Perception, Valuation and Choice

NBER Working Paper No. w26258
Number of pages: 39 Posted: 18 Sep 2019 Last Revised: 01 Apr 2023
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 31

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Modeling Imprecision in Perception, Valuation, and Choice

Annual Review of Economics, Vol. 12, pp. 579-601, 2020
Posted: 14 Aug 2020
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics

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77.

Fiscal and Monetary Stabilization Policy at the Zero Lower Bound: Consequences of Limited Foresight

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Citation 13

Fiscal and Monetary Stabilization Policy at the Zero Lower Bound: Consequences of Limited Foresight

NBER Working Paper No. w27521
Number of pages: 57 Posted: 14 Jul 2020 Last Revised: 13 Mar 2023
Michael Woodford and Yinxi Xie
Columbia University, Graduate School of Arts and Sciences, Department of Economics and Bank of Canada
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Citation 13

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Fiscal and Monetary Stabilization Policy at the Zero Lower Bound: Consequences of Limited Foresight

CEPR Discussion Paper No. DP15042
Number of pages: 59 Posted: 28 Jul 2020 Last Revised: 16 Aug 2020
Michael Woodford and Yinxi Xie
Columbia University, Graduate School of Arts and Sciences, Department of Economics and Bank of Canada
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Monetary Accommodation, monetary and fiscal policy coordination, planning horizons

78.

Information Costs and Sequential Information Sampling

NBER Working Paper No. w25316
Number of pages: 57 Posted: 03 Dec 2018 Last Revised: 05 Mar 2023
Benjamin Hebert and Michael Woodford
Stanford University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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79.

Neighborhood-Based Information Costs

NBER Working Paper No. w26743
Number of pages: 141 Posted: 11 Feb 2020 Last Revised: 27 Jan 2023
Benjamin Hebert and Michael Woodford
Stanford University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 19 (861,984)
Citation 6

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80.

Cognitive Imprecision and Stake-Dependent Risk Attitudes

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Citation 4

Cognitive Imprecision and Stake-Dependent Risk Attitudes

CESifo Working Paper No. 9923
Number of pages: 60 Posted: 19 Sep 2022
Mel Win Khaw, Ziang Li and Michael Woodford
Microsoft Corporation, Princeton University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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prospect theory, fourfold pattern, endogenous precision, cognitive noise

Cognitive Imprecision and Stake-Dependent Risk Attitudes

NBER Working Paper No. w30417
Number of pages: 59 Posted: 05 Sep 2022 Last Revised: 14 Apr 2023
Mel Win Khaw, Ziang Li and Michael Woodford
Microsoft Corporation, Princeton University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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81.

Noisy Memory and Over-Reaction to News

NBER Working Paper No. w25478
Number of pages: 11 Posted: 23 Jan 2019 Last Revised: 12 Feb 2023
Rava Azeredo da Silveira and Michael Woodford
affiliation not provided to SSRN and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 18 (871,427)
Citation 11

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82.

Optimally Imprecise Memory and Biased Forecasts

NBER Working Paper No. w28075
Number of pages: 85 Posted: 16 Nov 2020 Last Revised: 19 Mar 2023
Rava Azeredo da Silveira, Yeji Sung and Michael Woodford
affiliation not provided to SSRN, Columbia University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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83.

Does a 'Two-Pillar Phillips Curve' Justify a Two-Pillar Monetary Policy Strategy?

CEPR Discussion Paper No. DP6447
Number of pages: 39 Posted: 30 May 2008
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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band-pass regression, ECB monetary policy strategy, monetarism

84.

Forward Guidance by Inflation-Targeting Central Banks

CEPR Discussion Paper No. DP9722
Number of pages: 56 Posted: 08 Nov 2013
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 2
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85.

Robustly Optimal Monetary Policy in a Microfounded New Keynesian Model

CEPR Discussion Paper No. DP8826
Number of pages: 65 Posted: 01 Mar 2012
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 5
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belief distortions, near-rational expectations, robust control, target criterion

86.

Are Low Interest Rates Deflationary? A Paradox of Perfect-Foresight Analysis

CEPR Discussion Paper No. DP10893
Number of pages: 95 Posted: 20 Oct 2015
Mariana Garcia-Schmidt and Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics, Students and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 18
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87.

Macroeconomic Analysis Without the Rational Expectations Hypothesis

Annual Review of Economics, Vol. 5, pp. 303-346, 2013
Posted: 07 Aug 2013
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics

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