Michael Woodford

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

420 W. 118th Street

New York, NY 10027

United States

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

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

SCHOLARLY PAPERS

75

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3,480

Scholarly Papers (75)

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1.

Credit Frictions and Optimal Monetary Policy

Downloads 729 ( 31,692)
Citation 69

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 468 (55,841)
Citation 69

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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 191 (149,397)
Citation 69

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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 59 (344,906)
Citation 69

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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: 01 Jan 2016
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 11 (566,227)
Citation 55

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2.

Conventional and Unconventional Monetary Policy

Downloads 613 ( 39,960)
Citation 20

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 601 (40,490)
Citation 20

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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 (560,073)
Citation 20
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credit frictions, credit spread, interest on reserves, quantitative easing

3.

Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach

Downloads 350 ( 79,803)
Citation 84

Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach

FRB International Finance Discussion Paper No. 806
Number of pages: 73 Posted: 29 May 2004
Pierpaolo Benigno and Michael Woodford
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 183 (155,401)
Citation 84

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Loss function, output gap, tax smoothing, targeting rules

Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach

ECB Working Paper No. 345
Number of pages: 83 Posted: 30 Nov 2004
Pierpaolo Benigno and Michael Woodford
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 145 (190,236)
Citation 84

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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: 04 Nov 2010
Pierpaolo Benigno and Michael Woodford
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 22 (498,313)
Citation 84

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4.

Price Level Determinacy Without Control of a Monetary Aggregate

NBER Working Paper No. w5204
Number of pages: 42 Posted: 25 May 2006 Last Revised: 23 Sep 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 343 (81,739)
Citation 105

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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 339 (82,843)
Citation 3

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monetary policy implementation, channel system

6.

Inflation Forecasts and Monetary Policy

NBER Working Paper No. w6157
Number of pages: 66 Posted: 12 Sep 2000
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 205 (139,837)
Citation 123

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7.

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

Downloads 189 (150,909)
Citation 18

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 128 (210,401)
Citation 18

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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: 31 Jul 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 61 (339,178)
Citation 18

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8.

Credit Spreads and Monetary Policy

Downloads 136 (199,795)
Citation 68

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 90 (270,550)
Citation 68

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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: 02 Oct 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 46 (387,324)
Citation 60

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9.

Indicator Variables for Optimal Policy

Downloads 116 (225,749)
Citation 80

Indicator Variables for Optimal Policy

ECB Working Paper No. 12
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 89 (272,453)
Citation 80

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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: 19 Oct 2010
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 (469,160)
Citation 80

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10.

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: 03 Oct 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 109 (236,080)
Citation 134

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11.

The Cyclical Behavior of Prices and Costs

NBER Working Paper No. w6909
Number of pages: 117 Posted: 17 Jun 1999 Last Revised: 16 May 2000
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 107 (239,164)
Citation 125

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12.

Central Bank Communication and Policy Effectiveness

NBER Working Paper No. w11898
Number of pages: 67 Posted: 05 Feb 2006 Last Revised: 07 Jul 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 102 (247,361)
Citation 81

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13.

Optimal Monetary Policy in a Liquidity Trap

NBER Working Paper No. w9968
Number of pages: 79 Posted: 21 Sep 2003 Last Revised: 05 Nov 2010
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 98 (254,069)
Citation 37

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14.

Risk Aversion as a Perceptual Bias

Downloads 97 (255,831)

Risk Aversion as a Perceptual Bias

CESifo Working Paper Series No. 6416
Number of pages: 47 Posted: 08 May 2017
Mel Win Khaw, Ziang Li and Michael Woodford
Columbia University, Columbia University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 72 (310,034)

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Risk Aversion as a Perceptual Bias

NBER Working Paper No. w23294
Number of pages: 47 Posted: 05 Apr 2017
Mel Win Khaw, Ziang Li and Michael Woodford
Columbia University, Columbia University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 25 (480,574)
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Risk Aversion as a Perceptual Bias

CEPR Discussion Paper No. DP11929
Number of pages: 49 Posted: 27 Mar 2017
Mel Win Khaw, Ziang Li and Michael Woodford
Columbia University, Columbia 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

15.

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: 23 Aug 2010
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 97 (255,831)
Citation 513

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16.

Monetary Policy in a World Without Money

NBER Working Paper No. w7853
Number of pages: 47 Posted: 20 Aug 2000
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 90 (268,426)
Citation 41

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17.

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

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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 77 (298,010)

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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
Mariana García-Schmidt and Michael Woodford
Central Bank of Chile and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 7 (590,615)

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18.

Imperfect Common Knowledge and the Effects of Monetary Policy

NBER Working Paper No. w8673
Number of pages: 46 Posted: 20 Dec 2001 Last Revised: 25 Oct 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 80 (288,505)
Citation 90

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19.

Fiscal Requirements for Price Stability

NBER Working Paper No. w8072
Number of pages: 80 Posted: 05 Jan 2001 Last Revised: 20 Oct 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 74 (301,947)
Citation 96

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20.

Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets

NBER Working Paper No. w4502
Number of pages: 63 Posted: 17 May 2001 Last Revised: 29 Jul 2001
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 70 (311,442)
Citation 77

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21.

Optimal Monetary Policy Inertia

NBER Working Paper No. w7261
Number of pages: 109 Posted: 07 Feb 2000 Last Revised: 05 May 2000
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 68 (316,288)
Citation 236

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22.

Simple Analytics of the Government Expenditure Multiplier

Downloads 67 (318,822)
Citation 45

Simple Analytics of the Government Expenditure Multiplier

NBER Working Paper No. w15714
Number of pages: 46 Posted: 01 Feb 2010 Last Revised: 25 Jun 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 63 (333,496)
Citation 43

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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 (609,440)
Citation 45
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fiscal stimulus, zero lower bound

23.

Linear-Quadratic Approximation of Optimal Policy Problems

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Citation 32

Linear-Quadratic Approximation of Optimal Policy Problems

NBER Working Paper No. w12672
Number of pages: 73 Posted: 20 Nov 2006 Last Revised: 18 Aug 2010
Pierpaolo Benigno and Michael Woodford
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 47 (383,773)
Citation 32

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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
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 18 (522,850)
Citation 32
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Optimization

24.

Implementing Optimal Policy Through Inflation-Forecast Targeting

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Citation 141

Implementing Optimal Policy Through Inflation-Forecast Targeting

NBER Working Paper No. w9747
Number of pages: 71 Posted: 09 Jun 2003 Last Revised: 03 Nov 2010
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 33 (439,412)
Citation 141

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Implementing Optimal Policy Through Inflation-Forecast Targeting

CEPR Discussion Paper No. 4229
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 (469,160)
Citation 141
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Inflation targeting, commitment, discretion

25.

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

Downloads 58 (342,852)
Citation 69

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: 07 Nov 2014
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 58 (347,771)
Citation 69

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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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26.

Globalization and Monetary Control

Downloads 57 (345,783)
Citation 20

Globalization and Monetary Control

NBER Working Paper No. w13329
Number of pages: 78 Posted: 24 Aug 2007 Last Revised: 22 Oct 2007
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 53 (363,684)
Citation 20

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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 (609,440)
Citation 20
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capital mobility, global liquidity, global slack, inflation

27.

Inflation Targeting and Financial Stability

NBER Working Paper No. w17967
Number of pages: 35 Posted: 06 Apr 2012
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 53 (358,023)
Citation 14

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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: 10 Oct 2010
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 51 (364,175)
Citation 218

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29.

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

NBER Working Paper No. w6188
Number of pages: 64 Posted: 17 Aug 2000
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 51 (364,175)
Citation 36

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30.

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

Number of pages: 30 Posted: 29 Mar 2018 Last Revised: 16 Dec 2018
Elise Payzan-LeNestour and Michael Woodford
University of New South Wales and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 49 (370,508)

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Neuroeconomics, Tail Risk, Efficient Coding, Normalization Theory, Adaptation, Decision-Making Under Uncertainty

31.

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

Downloads 47 (377,096)
Citation 16

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: 22 Aug 2010
Pierpaolo Benigno and Michael Woodford
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 34 (434,979)
Citation 16

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

CEPR Discussion Paper No. 4764
Number of pages: 59 Posted: 15 Feb 2005
Pierpaolo Benigno and Michael Woodford
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 13 (553,779)
Citation 16
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Optimal taxation, LQ solution

32.

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

Downloads 46 (380,443)
Citation 16

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: 15 Aug 2010
Pierpaolo Benigno and Michael Woodford
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 31 (448,591)
Citation 16

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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
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 15 (541,275)
Citation 16
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Optimal monetary policy, sticky prices, sticky wages

33.

Optimal Interest-Rate Rules: I. General Theory

NBER Working Paper No. w9419
Number of pages: 71 Posted: 10 Jan 2003 Last Revised: 31 Oct 2010
Marc P. Giannoni and Michael Woodford
Federal Reserve Banks - Federal Reserve Bank of Dallas and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 46 (380,443)
Citation 77

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34.

How Important is Money in the Conduct of Monetary Policy?

Downloads 45 (383,779)
Citation 47

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: 19 Oct 2007
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 41 (405,726)
Citation 47

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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 (609,440)
Citation 47
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Monetarism, monetary targeting, new Keynesian model, two-pillar strategy

35.

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: 13 Aug 2010
Peter Bak, Kan Chen, Jose 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 45 (383,779)
Citation 20

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36.

Optimal Inflation Targeting Rules

NBER Working Paper No. w9939
Number of pages: 86 Posted: 01 Sep 2003 Last Revised: 05 Nov 2010
Marc P. Giannoni and Michael Woodford
Federal Reserve Banks - Federal Reserve Bank of Dallas and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 44 (387,215)
Citation 63

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37.

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 43 (390,767)

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welfare analysis, behavioral science, human choice behavior, individualism

38.

Optimal Monetary Stabilization Policy

NBER Working Paper No. w16095
Number of pages: 131 Posted: 21 Jun 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 43 (390,767)
Citation 9

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39.

Optimal Interest-Rate Rules: Ii. Applications

NBER Working Paper No. w9420
Number of pages: 102 Posted: 20 Jul 2003 Last Revised: 31 Oct 2010
Marc P. Giannoni and Michael Woodford
Federal Reserve Banks - Federal Reserve Bank of Dallas and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 43 (390,767)
Citation 49

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40.

Inflation Stabilization and Welfare

NBER Working Paper No. w8071
Number of pages: 53 Posted: 05 Jan 2001 Last Revised: 20 Oct 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 42 (394,279)
Citation 77

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41.

Optimal Target Criteria for Stabilization Policy

Downloads 39 (405,198)
Citation 8

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
Federal Reserve Banks - Federal Reserve Bank of Dallas and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 21 (504,525)
Citation 8

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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 2010
Marc P. Giannoni and Michael Woodford
Federal Reserve Banks - Federal Reserve Bank of Dallas and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 14 (547,527)
Citation 8

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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
Federal Reserve Banks - Federal Reserve Bank of Dallas and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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Citation 8
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dynamic model, optimal control, Optimal policy, target criterion

42.

Firm-Specific Capital and the New-Keynesian Phillips Curve

NBER Working Paper No. w11149
Number of pages: 48 Posted: 16 Mar 2005
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 39 (405,198)
Citation 40

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43.

Cyclical Markups: Theories and Evidence

NBER Working Paper No. w3534
Number of pages: 43 Posted: 11 Apr 2004 Last Revised: 30 Aug 2010
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 39 (405,198)
Citation 3

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44.

Quantitative Easing and Financial Stability

Downloads 38 (409,003)

Quantitative Easing and Financial Stability

NBER Working Paper No. w22285
Number of pages: 85 Posted: 01 Jun 2016
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 35 (430,753)

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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 (616,922)
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macroprudential policy, money premium, zero lower bound

45.

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 2010
Pierpaolo Benigno and Michael Woodford
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 37 (413,047)
Citation 67

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46.

Monetary Policy in the Information Economy

NBER Working Paper No. w8674
Number of pages: 70 Posted: 20 Dec 2001 Last Revised: 25 Oct 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 37 (413,047)
Citation 34

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47.

Robustly Optimal Monetary Policy with Near Rational Expectations

Downloads 36 (417,110)
Citation 23

Robustly Optimal Monetary Policy with Near Rational Expectations

NBER Working Paper No. w11896
Number of pages: 48 Posted: 05 Feb 2006 Last Revised: 05 Jul 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 36 (426,445)
Citation 23

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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

48.

Optimal Monetary and Fiscal Policy in a Liquidity Trap

NBER Working Paper No. w10840
Number of pages: 63 Posted: 15 Aug 2012
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 33 (429,146)
Citation 28

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49.

Information-Constrained State-Dependent Pricing

NBER Working Paper No. w14620
Number of pages: 57 Posted: 15 Jan 2009 Last Revised: 15 Jul 2009
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 33 (429,146)
Citation 43

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50.

Macroeconomic Analysis Without the Rational Expectations Hypothesis

NBER Working Paper No. w19368
Number of pages: 83 Posted: 30 Aug 2013
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 32 (433,345)
Citation 2

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51.

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: 21 May 2008
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 32 (433,345)
Citation 118

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52.

Indicator Variables for Optimal Policy Under Asymmetric Information

NBER Working Paper No. w8255
Number of pages: 29 Posted: 29 Apr 2001 Last Revised: 21 Oct 2010
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 30 (442,188)
Citation 69

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53.

Loan Commitments and Optimal Monetary Policy

NBER Working Paper No. w5660
Number of pages: 33 Posted: 21 Oct 1996 Last Revised: 14 May 2000
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 29 (446,770)
Citation 11

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54.

Leaning Against Housing Prices as Robustly Optimal Monetary Policy

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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 15 (541,275)

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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 7 (590,615)

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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
Klaus Adam and Michael Woodford
University of Mannheim and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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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

55.

Optimal Inflation Targeting Under Alternative Fiscal Regimes

NBER Working Paper No. w12158
Number of pages: 42 Posted: 18 May 2006 Last Revised: 22 Sep 2010
Pierpaolo Benigno and Michael Woodford
New York University - Stern School of Business and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 27 (456,447)
Citation 10

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56.

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: 31 Jan 2003
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 (456,447)
Citation 5

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57.

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

NBER Working Paper No. w13716
Number of pages: 52 Posted: 03 Jan 2008
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 25 (466,754)
Citation 9

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58.

Energy Taxes and Aggregate Economic Activity

NBER Working Paper No. w4576
Number of pages: 43 Posted: 04 Oct 2001 Last Revised: 13 Nov 2014
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 20 (493,877)
Citation 3

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59.

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 2010
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 20 (493,877)

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60.

Monetary Policy Analysis When Planning Horizons are Finite

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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 12 (560,073)

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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
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

61.

An Optimizing Neuroeconomic Model of Discrete Choice

NBER Working Paper No. w19897
Number of pages: 46 Posted: 16 Feb 2014
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 19 (499,387)

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62.

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
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 19 (499,387)
Citation 2

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63.

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 2010
Robert E. Lucas and Michael Woodford
University of Chicago - Department of Economics and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 18 (504,871)
Citation 8

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64.

Self-Fulfilling Expectations and Fluctuations in Aggregate Demand

NBER Working Paper No. w3361
Number of pages: 43 Posted: 13 Sep 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 16 (515,814)
Citation 17

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65.

Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints

NBER Working Paper No. w19711
Number of pages: 62 Posted: 10 Dec 2013
Aloísio P. Araújo, Susan Schommer and Michael Woodford
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 12 (538,158)

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66.

Equilibrium Models of Endogenous Fluctuations: An Introduction

NBER Working Paper No. w3360
Number of pages: 56 Posted: 08 Sep 2010
Michael Woodford
Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 12 (538,158)

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67.

Rational Inattention and Sequential Information Sampling

NBER Working Paper No. w23787
Number of pages: 70 Posted: 11 Sep 2017
Benjamin Hebert and Michael Woodford
Stanford University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
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68.

Discrete Adjustment to a Changing Environment: Experimental Evidence

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Discrete Adjustment to a Changing Environment: Experimental Evidence

CESifo Working Paper Series No. 6273
Number of pages: 56 Posted: 06 Feb 2017
Mel Win Khaw, Luminita Stevens and Michael Woodford
Columbia University, University of Maryland and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 10 (572,431)

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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
Mel Win Khaw, Luminita Stevens and Michael Woodford
Columbia 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

CEPR Discussion Paper No. DP11725
Number of pages: 58 Posted: 03 Jan 2017
Mel Win Khaw, Luminita Stevens and Michael Woodford
Columbia 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

69.

Information Costs and Sequential Information Sampling

NBER Working Paper No. w25316
Number of pages: 57 Posted: 03 Dec 2018
Benjamin Hebert and Michael Woodford
Stanford University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 5 (576,687)
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70.

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
Downloads 4 (582,456)
Citation 9
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band-pass regression, ECB monetary policy strategy, monetarism

71.

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
Downloads 3 (589,078)
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72.

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
Downloads 3 (589,078)
Citation 2
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belief distortions, near-rational expectations, robust control, target criterion

73.

Cognitive Imprecision and Small-Stakes Risk Aversion

NBER Working Paper No. w24978
Number of pages: 65 Posted: 17 Sep 2018
Mel Win Khaw, Ziang Li and Michael Woodford
Columbia University, Columbia University and Columbia University, Graduate School of Arts and Sciences, Department of Economics
Downloads 2 (598,030)
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74.

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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75.

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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