"This long-awaited book by master macroeconomist Michael Woodford
belongs on the bookshelf of every economist. Woodford is well-known
as one of the world's current most original thinkers in economics.
In this book you will find not only a unified treatment of the
theoretical foundations of monetary policy, optimal policy inertia,
indicator variables for optimal policy, monetary policy in a world
without money, fiscal requirements for price stability, optimal
rules for setting interest rates, and much more, but also practical
details of implementation such as methods used by various central
banks for controlling interest rates."--William A. Brock,
University of Wisconsin, Madison
"Michael Woodford's "Interest and Prices" is a major
contribution to economics. The book it most resembles is Patinkin's
classic "Money, Interest, and Prices" now nearly 40 years old--and
it may well have the same impact. Woodford's book illustrates the
immense progress that macroeconomics has made in the past
generation, from its careful treatment of dynamics and of
optimizing behavior, to its discussion of optimal monetary policy.
It is an impressive intellectual achievement, all the way from
abstract theory to Taylor rules for central banks. I have gone to
it, pen and paper in hand, many times over the past few years when
it was still a manuscript. Each time, I found it illuminating. This
book is a classic."--Olivier Blanchard, Massachusetts Institute of
Technology
"The ideas contained in Michael Woodford's book "Interest and
Prices" have influenced the way central bank economists-to say
nothing of academic economists-in every corner of the world think
about the conduct of monetary policy. These ideasform the most
significant original book-length contribution to monetary economics
since Don Patinkin's "Money, Interest, and Prices," Woodford's
insights into a cashless world will prove enduring."--Fumio
Hayashi, University of Tokyo, author of "Econometrics"
"This is the most important book in monetary theory in at least
two decades, illustrating all the major conceptual ideas in modern
monetary economics, and then some. Woodford's book is especially
commendable for its forward-looking elements, such as how to
conduct monetary policy in a near cashless society, and how
international currencies may coexist when global financial markets
become truly integrated. Some of the individual chapters are
already firmly established as standard technical references for
modern methods in monetary policy economics. By showing how to
stretch the limits of purely analytical methods, the book also
builds a bridge from classical monetary theory to modern
computational macroeconomics, possibly pointing the way to a new
generation of medium-scale macroeconomic models."--Kenneth Rogoff,
Economic Counselor and Director of Research, International Monetary
Fund
"This book is a masterpiece. Michael Woodford provides a lucid
dynamic synthesis of two schools of thought--Monetarism versus New
Keynesianism--that have recently been the subject of a remarkable
convergence of thinking among macroeconomists."--Assaf Razin, Tel
Aviv University, author of "Fiscal Policies and Growth in the World
Economy"
"This is a landmark work that reevaluates monetary theory and
policy in an intertemporal optimization framework with sticky
prices. Well written, it systematically revisits classic issues in
monetary theory andallows rigorous welfare analyses."--Maurice
Obstfeld, University of California, Berkeley, coauthor of
"Foundations of International Macroeconomics"
"A new landmark treatise on monetary theory. A must read for
econo-nerds."--N. Gregory Mankiw, Chairman of the Council of
Economic Advisors, citing his "favorite purchase of 2003" in "The
New York Times"
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