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Michael Woodford (economist)
Michael Dean Woodford (born 1955) is an American macroeconomist and monetary theorist who currently teaches at Columbia University. Academic career Woodford holds B.A. from the University of Chicago (1977) and a J.D. from Yale Law School (1980). He completed his Ph.D. in economics at MIT in 1983. He began his teaching career at Columbia, and then taught at Chicago and Princeton before returning to Columbia to accept the John Bates Clark chair in 2004. He was awarded the John D. and Catherine T. MacArthur Foundation Prize Fellowship, which financed his research from 1981 to 1986. In 2007, he was awarded the Deutsche Bank Prize. Theoretical contributions Woodford's early research topics included sunspot equilibria, and imperfect competition. Thereafter he began to work on macroeconomic models with sticky prices; together with Julio Rotemberg he developed one of the first microfounded New Keynesian macroeconomic models. Since then he has used this framework to study many topi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Keynesian Economics
New Keynesian economics is a school of macroeconomics that strives to provide microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroeconomics. Two main assumptions define the New Keynesian approach to macroeconomics. Like the New Classical approach, New Keynesian macroeconomic analysis usually assumes that households and firms have rational expectations. However, the two schools differ in that New Keynesian analysis usually assumes a variety of market failures. In particular, New Keynesians assume that there is imperfect competition in price and wage setting to help explain why prices and wages can become "sticky", which means they do not adjust instantaneously to changes in economic conditions. Wage and price stickiness, and the other market failures present in New Keynesian models, imply that the economy may fail to attain full employment. Therefore, New Keynesians ar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Princeton University
Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the nine colonial colleges chartered before the American Revolution. It is one of the highest-ranked universities in the world. The institution moved to Newark in 1747, and then to the current site nine years later. It officially became a university in 1896 and was subsequently renamed Princeton University. It is a member of the Ivy League. The university is governed by the Trustees of Princeton University and has an endowment of $37.7 billion, the largest endowment per student in the United States. Princeton provides undergraduate and graduate instruction in the humanities, social sciences, natural sciences, and engineering to approximately 8,500 students on its main campus. It offers postgraduate degrees through the Princeton Schoo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Review Of Economic Dynamics
The ''Review of Economic Dynamics'' is a quarterly peer-reviewed academic journal published by Elsevier on behalf of the Society for Economic Dynamics. It covers dynamic models from all areas of economics. The editor-in-chief is Matthias Doepke ( Northwestern University). Abstracting and indexing The journal is abstracted and indexed in RePEc, Scopus, Social Sciences Citation Index, and Current Contents/Social & Behavioral Sciences Behavioral sciences explore the cognitive processes within organisms and the behavioral interactions between organisms in the natural world. It involves the systematic analysis and investigation of human and animal behavior through naturalistic o .... According to the '' Journal Citation Reports'', the journal has a 2013 impact factor of 1.746. See also * List of economics journals References External links * Economics journals Elsevier academic journals Quarterly journals English-language journals Publications established in 19 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Journal Of Money, Credit, And Banking
The ''Journal of Money, Credit and Banking'' is a peer-reviewed academic journal covering monetary and financial issues in macroeconomics. It is published by Wiley-Blackwell on behalf of the Ohio State University Department of Economics. The editors-in-chief are Sanjay Chugh (Ohio State University), Robert DeYoung (University of Kansas), Pok-sang Lam (Ohio State University), Kenneth D. West (University of Wisconsin–Madison). Replicability In 2004, the ''American Economic Review'' instituted a mandatory archive for the submission of data and code used in economic journal submissions to ensure the replicability and legitimacy of research. An analysis of the ''Journal of Money, Credit and Banking''s archive from 1996 to 2003 found that only 14 of 186 empirical articles could be replicated. Some economists have published suggestions regarding procedures to ensure the replicability of journal articles. As a result, the journal's editors amended their procedures beginning with the D ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fiscal Theory Of The Price Level
The fiscal theory of the price level is the idea that government fiscal policy, including debt and taxes present and future, is the primary determinant of the price level or inflation as opposed to monetary theory. FTPL requires confidence the government will not default on its debts, but rather 'inflate away' debts. FTPL suggests that currency is like a stock in a government and if the government has structural deficit then the 'stock' loses value. Statement In nominal terms, government must pay off its existing domestic liabilities (government debt denominated in local currency units) either by refinancing (rolling over the debt, issuing new debt to pay the old) or amortizing (paying it off from surpluses in tax revenue). In real terms, a government can also inflate away the debt: if it causes or allows high inflation, the real amount it must repay will be smaller. Alternatively, it could default on its obligations. The fiscal theory states that if a government has an unsust ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Macroeconomic Model
A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices. Macroeconomic models may be logical, mathematical, and/or computational; the different types of macroeconomic models serve different purposes and have different advantages and disadvantages. Macroeconomic models may be used to clarify and illustrate basic theoretical principles; they may be used to test, compare, and quantify different macroeconomic theories; they may be used to produce "what if" scenarios (usually to predict the effects of changes in monetary, fiscal, or other macroeconomic policies); and they may be used to generate economic forecasts. Thus, macroeconomic models are widely ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Microfoundations
Microfoundations are an effort to understand macroeconomic phenomena in terms of economic agents' behaviors and their interactions.Maarten Janssen (2008),Microfoundations, in ''The New Palgrave Dictionary of Economics'', 2nd ed. Research in microfoundations explores the link between macroeconomic and microeconomic principles in order to explore the aggregate relationships in macroeconomic models. During recent decades, macroeconomists have attempted to combine microeconomic models of individual behaviour to derive the relationships between macroeconomic variables. Presently, many macroeconomic models, representing different theories, are derived by aggregating microeconomic models, allowing economists to test them with both macroeconomic and microeconomic data. However, microfoundations research is still heavily debated with management, strategy and organization scholars having varying views on the "micro-macro" link. The study of microfoundations is gaining popularity even outsid ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Julio Rotemberg
Julio Jacobo Rotemberg was an Argentine/American economist at Harvard Business School. He was known for his collaboration with Michael Woodford on the first New Keynesian DSGE model, especially on monopolistic competition. He was also known for an alternative model of sticky prices. Rotemberg held a B.A. in economics (1975) from the University of California, Berkeley, and a Ph.D. in economics (1981) from Princeton University. References Selected publications * ''"Sticky Prices in the United States"''. Journal of Political Economy, University of Chicago Press. December 1982. * ''"The New Keynesian Microfoundations"''. NBER Macroeconomics Annual 1987, Volume 2. * "''Human Relations in the Workplace''". Journal of Political Economy. August 1994. * Rotemberg and Garth Saloner. "''A Supergame-Theoretic Model of Price Wars during Booms"''. American Economic Review The ''American Economic Review'' is a monthly peer-reviewed academic journal published by the American Economi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sticky (economics)
Nominal rigidity, also known as price-stickiness or wage-stickiness, is a situation in which a nominal price is resistant to change. Complete nominal rigidity occurs when a price is fixed in nominal terms for a relevant period of time. For example, the price of a particular good might be fixed at $10 per unit for a year. Partial nominal rigidity occurs when a price may vary in nominal terms, but not as much as it would if perfectly flexible. For example, in a regulated market there might be limits to how much a price can change in a given year. If one looks at the whole economy, some prices might be very flexible and others rigid. This will lead to the aggregate price level (which we can think of as an average of the individual prices) becoming "sluggish" or "sticky" in the sense that it does not respond to macroeconomic shocks as much as it would if all prices were flexible. The same idea can apply to nominal wages. The presence of nominal rigidity is an important part of mac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Imperfect Competition
In economics, imperfect competition refers to a situation where the characteristics of an economic market do not fulfil all the necessary conditions of a perfectly competitive market. Imperfect competition will cause market inefficiency when it happens, resulting in market failure. Imperfect competition is a term usually used to describe the seller's position, meaning that the level of competition between sellers falls far short of the level of competition in the market under ideal conditions. The structure of a market can significantly impact the financial performance and conduct of the firms competing within it. There is a causal relationship between structure, behaviour and performance paradigm. The characteristics of market structure can be measured by evaluating the degree of seller's market concentration to determine the nature of market competition. The degree of market power refers to the firms' ability to affect the price of a good and thus, raise the market price of the go ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Econometrica
''Econometrica'' is a peer-reviewed academic journal of economics, publishing articles in many areas of economics, especially econometrics. It is published by Wiley-Blackwell on behalf of the Econometric Society. The current editor-in-chief An editor-in-chief (EIC), also known as lead editor or chief editor, is a publication's editorial leader who has final responsibility for its operations and policies. The highest-ranking editor of a publication may also be titled editor, managing ... is Guido Imbens. History ''Econometrica'' was established in 1933. Its first editor was Ragnar Frisch, recipient of the first Nobel Memorial Prize in Economic Sciences in 1969, who served as an editor from 1933 to 1954. Although ''Econometrica'' is currently published entirely in English, the first few issues also contained scientific articles written in French. Indexing and abstracting ''Econometrica'' is abstracted and indexed in: * Scopus * EconLit * Social Science Citation Inde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
