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Michael Dean Woodford

Picture of Michael Dean Woodford

Date of Birth: 1955

Age: 60

Place of birth: Chicopee

Citizenship: United States

Background

Woodford studied in the University of Chicago (University of Chicago); degree in law, he was at Yale (Yale), and wrote his doctorate in economics from MIT (Massachusetts Institute of Technology).

At Columbia University, he first began to teach; later he worked in Chicago (Chicago) and Princeton (Princeton), after which he returned to Columbia University.

Woodford has become one of the few economists who were able to earn the award, John and Catherine MacArthur Foundation (John D. and Catherine T. MacArthur Foundation Prize Fellowship). Michael Research Foundation sponsored the 1981-th to 1986-th.

In 2007 Woodford received the prize `Deutsche Bank Prize`. Now Woodford is on the board of advisors of the Federal Reserve Bank of New York (Federal Reserve Bank of New York).

Early in his career Woodford worked on the study of imperfect competition and concepts `equilibrium pyaten` solar (sunspot equilibria). Woodford later switched to the study of macroeconomic models with fixed prices; with Rotembergom Julio (Julio Rotemberg) Woodford has developed one of the first New Keynesian macroeconomic microscopic models. Woodford later switched to the study of monetary policy and fiscal theory of the price level, monetary policy effectiveness using more credit cards and less cash and inflation control target.

Most of all Woodford known as the author quite advanced textbook on monetary macroeconomics. The name of this tutorial `Interest and Prices: Foundations of a Theory of Monetary Policy`; at the moment, the jury pomneniyu bank Deutsche Bank, this work is one of the most fundamental in the field of monetary theory and analysis and is of interest not only for conventional economics students, but also for a number of experts in banking. Woodford was possible to take part in writing another of a number of educational and scientific works, like `Handbook of Macroeconomics` John Taylor (John B. Taylor),` Handbook of Monetary Economics` Benjamin Friedman (Benjamin M. Friedman) and `The Inflation Targeting Debate` Ben Bernanke (Ben S. Bernanke).