Michael Woodford

Columbia Business School - Economics Department

420 West 118th Street

New York, NY 10027

United States

  • Columbia Business School - Economics Department

SCHOLARLY PAPERS

86

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SSRN CITATIONS
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Top 103

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1,295

CROSSREF CITATIONS

3,660

Scholarly Papers (86)

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1.

Conventional and Unconventional Monetary Policy

Downloads 1,034 ( 24,706)
Citation 33

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 Business School - Economics Department
Downloads 1,022 (24,722)
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 Business School - Economics Department
Downloads 12 (682,913)
Citation 7
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credit frictions, credit spread, interest on reserves, quantitative easing

2.

Credit Frictions and Optimal Monetary Policy

Downloads 758 ( 38,182)
Citation 159

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 Business School - Economics Department
Downloads 478 (68,772)
Citation 49

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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 Business School - Economics Department
Downloads 198 (178,699)
Citation 10

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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 Business School - Economics Department
Downloads 68 (391,241)
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: 14 Feb 2021
Vasco Cúrdia and Michael Woodford
Federal Reserve Bank of San Francisco and Columbia Business School - Economics Department
Downloads 14 (667,020)
Citation 43

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3.

Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach

Downloads 372 ( 93,416)
Citation 75

Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach

Number of pages: 73 Posted: 29 May 2004
Pierpaolo Benigno and Michael Woodford
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 190 (185,439)
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
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 151 (226,596)
Citation 2

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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
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 31 (547,377)
Citation 7

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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 Business School - Economics Department
Downloads 369 (94,286)
Citation 35

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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 Business School - Economics Department
Downloads 356 (98,226)

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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 Business School - Economics Department
Downloads 219 (162,733)
Citation 5

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7.

'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 Business School - Economics Department
Downloads 216 (165,521)
Citation 2

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

8.

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

Downloads 216 (164,815)
Citation 61

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 Business School - Economics Department
Downloads 145 (234,270)
Citation 63

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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 Business School - Economics Department
Downloads 71 (381,959)

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9.

Credit Spreads and Monetary Policy

Downloads 160 (215,448)
Citation 77

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 Business School - Economics Department
Downloads 101 (307,136)
Citation 83

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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 Business School - Economics Department
Downloads 59 (421,506)

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10.

Indicator Variables for Optimal Policy

Downloads 122 (267,410)
Citation 69

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 Business School - Economics Department
Downloads 93 (324,300)
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: 19 Oct 2010
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia Business School - Economics Department
Downloads 29 (559,379)
Citation 2

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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 Business School - Economics Department
Downloads 122 (267,410)
Citation 12

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12.

Risk Aversion as a Perceptual Bias

Downloads 117 (275,545)

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, Columbia University and Columbia Business School - Economics Department
Downloads 89 (333,651)

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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 2021
Mel Khaw, Ziang Li and Michael Woodford
Duke University, Columbia University and Columbia Business School - Economics Department
Downloads 28 (565,649)

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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, Columbia University and Columbia Business School - Economics Department
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Bayesian decision theory, diminishing sensitivity, prospect theory, Rabin critique, Weber's Law

13.

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

Downloads 116 (277,225)

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 Business School - Economics Department and Columbia University, Graduate School of Arts and Sciences, Department of Economics, Students
Downloads 102 (305,151)

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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 Business School - Economics Department
Downloads 14 (667,020)

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14.

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 Business School - Economics Department
Downloads 115 (278,949)
Citation 8

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15.

Central Bank Communication and Policy Effectiveness

NBER Working Paper No. w11898
Number of pages: 67 Posted: 05 Feb 2006 Last Revised: 04 Jan 2021
Michael Woodford
Columbia Business School - Economics Department
Downloads 113 (282,402)
Citation 22

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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 Last Revised: 02 Apr 2001
Michael Woodford
Columbia Business School - Economics Department
Downloads 111 (285,943)
Citation 15

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17.

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 Business School - Economics Department
Downloads 108 (291,467)
Citation 3

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18.

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: 21 Feb 2021
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia Business School - Economics Department
Downloads 105 (299,218)
Citation 2

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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 Business School - Economics Department
Downloads 98 (311,136)
Citation 34

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20.

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 Business School - Economics Department
Downloads 97 (313,242)
Citation 27

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21.

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 Business School - Economics Department
Downloads 80 (353,001)
Citation 10

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22.

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 Business School - Economics Department
Downloads 79 (355,548)

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welfare analysis, behavioral science, human choice behavior, individualism

23.

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 Business School - Economics Department
Downloads 72 (374,680)
Citation 10

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24.

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

Downloads 72 (374,680)
Citation 9

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 Business School - Economics Department
Downloads 72 (378,929)
Citation 9

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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 Business School - Economics Department

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25.

Linear-Quadratic Approximation of Optimal Policy Problems

Downloads 71 (377,621)
Citation 41

Linear-Quadratic Approximation of Optimal Policy Problems

NBER Working Paper No. w12672
Number of pages: 73 Posted: 20 Nov 2006 Last Revised: 15 Feb 2021
Pierpaolo Benigno and Michael Woodford
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 53 (443,979)
Citation 4

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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
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 18 (636,242)
Citation 10
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Optimization

26.

Simple Analytics of the Government Expenditure Multiplier

Downloads 70 (380,536)
Citation 228

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 Business School - Economics Department
Downloads 66 (397,641)

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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 Business School - Economics Department
Downloads 4 (746,859)
Citation 46
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fiscal stimulus, zero lower bound

27.

Quantitative Easing and Financial Stability

Downloads 65 (395,812)
Citation 4

Quantitative Easing and Financial Stability

NBER Working Paper No. w22285
Number of pages: 85 Posted: 01 Jun 2016
Michael Woodford
Columbia Business School - Economics Department
Downloads 62 (410,890)
Citation 4

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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 Business School - Economics Department
Downloads 3 (755,757)
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macroprudential policy, money premium, zero lower bound

28.

Implementing Optimal Policy Through Inflation-Forecast Targeting

Downloads 65 (395,812)
Citation 123

Implementing Optimal Policy Through Inflation-Forecast Targeting

NBER Working Paper No. w9747
Number of pages: 71 Posted: 09 Jun 2003 Last Revised: 19 Feb 2021
Lars E. O. Svensson and Michael Woodford
Stockholm School of Economics and Columbia Business School - Economics Department
Downloads 38 (509,957)
Citation 5

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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 Business School - Economics Department
Downloads 27 (571,963)
Citation 8
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Inflation targeting, commitment, discretion

29.

Inflation Targeting and Financial Stability

NBER Working Paper No. w17967
Number of pages: 35 Posted: 06 Apr 2012 Last Revised: 04 Feb 2021
Michael Woodford
Columbia Business School - Economics Department
Downloads 64 (398,929)
Citation 7

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30.

Globalization and Monetary Control

Downloads 64 (398,929)
Citation 36

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 Business School - Economics Department
Downloads 60 (417,796)
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 Business School - Economics Department
Downloads 4 (746,859)
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capital mobility, global liquidity, global slack, inflation

31.

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 Business School - Economics Department
Downloads 60 (411,964)
Citation 21

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32.

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 Business School - Economics Department
Downloads 59 (415,486)
Citation 1

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probability estimation, probability distortion, conservatism, overconfidence

33.

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 Business School - Economics Department
Downloads 58 (418,910)
Citation 9

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34.

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, José Scheinkman and Michael Woodford
National Bureau of Economic Research (NBER), National Bureau of Economic Research (NBER), Columbia University and Columbia Business School - Economics Department
Downloads 58 (418,910)
Citation 5

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35.

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 Business School - Economics Department
Downloads 55 (429,601)
Citation 4

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36.

Leaning Against Housing Prices as Robustly Optimal Monetary Policy

Downloads 52 (440,433)
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 Business School - Economics Department
Downloads 23 (599,783)

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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 Business School - Economics Department
Downloads 20 (621,421)
Citation 1

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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 Business School - Economics Department
Downloads 9 (706,681)

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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 Business School - Economics Department
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Asset price bubbles, Inflation targeting, leaning against the wind, optimal target criterion

37.

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 Business School - Economics Department
Downloads 52 (440,433)
Citation 7

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38.

Optimal Monetary Stabilization Policy

NBER Working Paper No. w16095
Number of pages: 131 Posted: 21 Jun 2010 Last Revised: 13 Jul 2010
Michael Woodford
Columbia Business School - Economics Department
Downloads 51 (444,069)
Citation 10

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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 Business School - Economics Department
Downloads 50 (447,881)
Citation 14

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40.

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 Business School - Economics Department
Downloads 50 (447,881)

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41.

How Important is Money in the Conduct of Monetary Policy?

Downloads 49 (451,781)
Citation 43

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 Business School - Economics Department
Downloads 45 (476,934)
Citation 5

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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 Business School - Economics Department
Downloads 4 (746,859)
Citation 3
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Monetarism, monetary targeting, new Keynesian model, two-pillar strategy

42.

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

Downloads 49 (451,781)
Citation 17

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 2021
Pierpaolo Benigno and Michael Woodford
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 36 (520,084)

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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
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 13 (674,903)
Citation 3
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Optimal taxation, LQ solution

43.

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

Downloads 49 (451,781)
Citation 6

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 2021
Pierpaolo Benigno and Michael Woodford
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 34 (530,663)

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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
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 15 (659,217)
Citation 1
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Optimal monetary policy, sticky prices, sticky wages

44.

Optimal Inflation Targeting Rules

NBER Working Paper No. w9939
Number of pages: 86 Posted: 01 Sep 2003 Last Revised: 28 Feb 2021
Marc P. Giannoni and Michael Woodford
Federal Reserve Banks - Federal Reserve Bank of Dallas and Columbia Business School - Economics Department
Downloads 48 (455,762)
Citation 7

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45.

Optimal Target Criteria for Stabilization Policy

Downloads 47 (459,757)
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 Business School - Economics Department
Downloads 25 (585,637)
Citation 10

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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 Business School - Economics Department
Downloads 18 (636,242)

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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 Business School - Economics Department
Downloads 4 (746,859)
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dynamic model, optimal control, Optimal policy, target criterion

46.

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 Business School - Economics Department
Downloads 43 (476,533)
Citation 6

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47.

Cyclical Markups: Theories and Evidence

NBER Working Paper No. w3534
Number of pages: 43 Posted: 11 Apr 2004 Last Revised: 28 Feb 2021
Julio J. Rotemberg and Michael Woodford
Harvard University, Business, Government and the International Economy Unit (deceased) and Columbia Business School - Economics Department
Downloads 43 (476,533)

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48.

Robustly Optimal Monetary Policy with Near Rational Expectations

Downloads 42 (480,952)

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 Business School - Economics Department
Downloads 42 (490,716)
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 Business School - Economics Department

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Optimal Monetary Policy, Commitment, History-Dependent Policy

49.

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: 12 Feb 2021
Pierpaolo Benigno and Michael Woodford
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 41 (485,352)
Citation 22

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50.

Optimal Monetary and Fiscal Policy in a Liquidity Trap

NBER Working Paper No. w10840
Number of pages: 63 Posted: 15 Aug 2012 Last Revised: 14 Feb 2021
Gauti B. Eggertsson and Michael Woodford
Federal Reserve Bank of New York and Columbia Business School - Economics Department
Downloads 40 (489,850)
Citation 15

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51.

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 Business School - Economics Department
Downloads 39 (494,377)
Citation 14

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52.

Macroeconomic Analysis Without the Rational Expectations Hypothesis

NBER Working Paper No. w19368
Number of pages: 83 Posted: 30 Aug 2013
Michael Woodford
Columbia Business School - Economics Department
Downloads 37 (503,625)
Citation 12

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53.

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 Business School - Economics Department
Downloads 36 (508,335)
Citation 11

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54.

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 Business School - Economics Department
Downloads 33 (523,299)
Citation 13

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55.

Outlier Blindness: A Neurobiological Foundation for Neglect of Financial Risk

Number of pages: 61 Posted: 28 Nov 2020 Last Revised: 26 Jan 2021
Elise Payzan-LeNestour and Michael Woodford
University of New South Wales and Columbia Business School - Economics Department
Downloads 32 (528,494)

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

56.

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 Business School - Economics Department
Downloads 32 (528,494)

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57.

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
Luiss Guido Carli University and Columbia Business School - Economics Department
Downloads 30 (538,963)

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58.

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 Business School - Economics Department
Downloads 30 (538,963)

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59.

Monetary Policy Analysis When Planning Horizons are Finite

Downloads 28 (550,342)
Citation 14

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 Business School - Economics Department
Downloads 20 (621,421)
Citation 10

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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 Business School - Economics Department
Downloads 8 (714,545)

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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 Business School - Economics Department
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bounded rationality, forward guidance, neo-Fisherianism

60.

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 Jun 2010
Michael Woodford
Columbia Business School - Economics Department
Downloads 28 (550,342)
Citation 6

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61.

Self-Fulfilling Expectations and Fluctuations in Aggregate Demand

NBER Working Paper No. w3361
Number of pages: 43 Posted: 13 Sep 2010
Michael Woodford
Columbia Business School - Economics Department
Downloads 27 (556,130)
Citation 2

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62.

Equilibrium Models of Endogenous Fluctuations: An Introduction

NBER Working Paper No. w3360
Number of pages: 56 Posted: 08 Sep 2010
Michael Woodford
Columbia Business School - Economics Department
Downloads 27 (556,130)

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63.

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 Business School - Economics Department
Downloads 25 (568,608)

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64.

Effective Demand Failures and the Limits of Monetary Stabilization Policy

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Effective Demand Failures and the Limits of Monetary Stabilization Policy

NBER Working Paper No. w27768
Number of pages: 61 Posted: 14 Sep 2020
Michael Woodford
Columbia Business School - Economics Department
Downloads 24 (592,687)

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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 Business School - Economics Department
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circular flow, Covid-19 pandemic, Fiscal Transfers, Network structure

65.

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 Business School - Economics Department
Downloads 24 (575,031)

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66.

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 Business School - Economics Department
Downloads 24 (575,031)

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67.

An Optimizing Neuroeconomic Model of Discrete Choice

NBER Working Paper No. w19897
Number of pages: 46 Posted: 16 Feb 2014
Michael Woodford
Columbia Business School - Economics Department
Downloads 23 (581,439)
Citation 7

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68.

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: 12 Feb 2021
Robert E. Lucas and Michael Woodford
University of Chicago - Department of Economics and Columbia Business School - Economics Department
Downloads 23 (581,439)

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69.

Robustly Optimal Monetary Policy in a New Keynesian Model with Housing

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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 Business School - Economics Department
Downloads 18 (636,242)

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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
Klaus Adam and Michael Woodford
University of Mannheim and Columbia Business School - Economics Department
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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 Business School - Economics Department
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70.

Optimally Imprecise Memory and Biased Forecasts

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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 Business School - Economics Department
Downloads 18 (636,242)

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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 Business School - Economics Department
Downloads 1 (780,796)
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71.

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

Downloads 17 (621,353)
Citation 2

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
Michael Woodford and Yinxi Xie
Columbia Business School - Economics Department and Bank of Canada
Downloads 17 (643,702)
Citation 1
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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 Business School - Economics Department and Bank of Canada
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Citation 1
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Monetary Accommodation, monetary and fiscal policy coordination, planning horizons

72.

Discrete Adjustment to a Changing Environment: Experimental Evidence

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Citation 12

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 Business School - Economics Department
Downloads 13 (674,903)

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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 Khaw, Luminita Stevens and Michael Woodford
Duke University, University of Maryland and Columbia Business School - Economics Department
Downloads 3 (755,757)
Citation 7

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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 Business School - Economics Department
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adjustment hazard, generalized Ss model, menu costs, rational inattention

73.

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 Business School - Economics Department
Downloads 16 (628,271)
Citation 2

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74.

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 Business School - Economics Department
Downloads 15 (635,460)

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75.

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 Business School - Economics Department
Downloads 9 (678,806)

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76.

Cognitive Imprecision and Small-Stakes Risk Aversion

NBER Working Paper No. w24978
Number of pages: 78 Posted: 17 Sep 2018
Mel Khaw, Ziang Li and Michael Woodford
Duke University, Columbia University and Columbia Business School - Economics Department
Downloads 9 (678,806)
Citation 3

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77.

Modeling Imprecision in Perception, Valuation and Choice

Downloads 8 (686,055)
Citation 5

Modeling Imprecision in Perception, Valuation and Choice

NBER Working Paper No. w26258
Number of pages: 39 Posted: 18 Sep 2019
Michael Woodford
Columbia Business School - Economics Department
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Citation 5
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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 Business School - Economics Department

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78.

Noisy Memory and Over-Reaction to News

NBER Working Paper No. w25478
Number of pages: 11 Posted: 23 Jan 2019 Last Revised: 12 Feb 2021
Rava Azeredo da Silveira and Michael Woodford
affiliation not provided to SSRN and Columbia Business School - Economics Department
Downloads 4 (715,583)
Citation 6

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79.

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 Business School - Economics Department
Downloads 4 (715,583)
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band-pass regression, ECB monetary policy strategy, monetarism

80.

Rational Inattention When Decisions Take Time

NBER Working Paper No. w26415
Number of pages: 46 Posted: 30 Oct 2019
Benjamin Hebert and Michael Woodford
Stanford University and Columbia Business School - Economics Department
Downloads 3 (723,597)
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81.

Forward Guidance by Inflation-Targeting Central Banks

CEPR Discussion Paper No. DP9722
Number of pages: 56 Posted: 08 Nov 2013
Michael Woodford
Columbia Business School - Economics Department
Downloads 3 (723,597)
Citation 2
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82.

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 Business School - Economics Department
Downloads 3 (723,597)
Citation 5
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belief distortions, near-rational expectations, robust control, target criterion

83.

Optimally Imprecise Memory and Biased Forecasts

NBER Working Paper No. w28075
Number of pages: 85 Posted: 16 Nov 2020
Rava Azeredo da Silveira, Yeji Sung and Michael Woodford
affiliation not provided to SSRN, Columbia University and Columbia Business School - Economics Department
Downloads 2 (733,435)
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84.

Neighborhood-Based Information Costs

NBER Working Paper No. w26743
Number of pages: 59 Posted: 11 Feb 2020
Benjamin Hebert and Michael Woodford
Stanford University and Columbia Business School - Economics Department
Downloads 1 (745,464)
Citation 1
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85.

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 Business School - Economics Department
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Citation 15
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86.

Macroeconomic Analysis Without the Rational Expectations Hypothesis

Annual Review of Economics, Vol. 5, pp. 303-346, 2013
Posted: 07 Aug 2013
Michael Woodford
Columbia Business School - Economics Department

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