Michael Woodford

Michael Woodford


University of Chicago,  A.B., 1977.

Yale Law School, J.D., 1980.

Massachusetts Institute of Technology, Economics, Ph.D., 1983.

Academic appointments

John Bates Clark Professor of Political Economy, Columbia University, 2004-present.

Harold H. Helm ’20 Professor of Economics and Banking, Princeton University, 1998-2004.

Professor of Economics, Princeton University, 1995-98.

Professor of Economics, University of Chicago, 1992-95.

Associate Professor of Economics, University of Chicago, 1989-92.

Assistant Professor of Business Economics, Graduate School of Business, University of Chicago, 1986-89.

Assistant Professor of Economics, Columbia University, 1984-86.


John D. and Catherine T. MacArthur Foundation Prize Fellowship, 1981-86.

Fellow, Econometric Society, since 1991.

Research Associate, Programs in Economic Fluctuations and Growth and in Monetary Economics, National Bureau of Economic Research, since 1994.

John Simon Guggenheim Memorial Foundation Fellowship, 1998-99.

Fellow, American Academy of Arts and Sciences, since 2004.

Research Fellow, Progam in International Macroeconomics, Centre for Economic Policy Research, since 2004.

Deutsche Bank Prize in Financial Economics, 2007.

Publications related to this theme

“Learning to Believe in Sunspots,” Econometrica 58: 277-307 (1990).

“Endogenous Fluctuations,” in J.-J. Laffont, ed., Advances in Economic Theory: Proceedings of the Sixth World Congress of the Econometric Society, Cambridge: Cambrige Univ. Press, 1992. (With R. Guesnerie.)

“Monetary Policy and Price Level Determinacy in a Cash-in-Advance Economy,” Economic Theory 4: 345-380 (1994).

“Rational Asset Pricing Bubbles,” Econometrica 65: 19-58 (1997). (With M.S. Santos.)

“Imperfect Common Knowledge and the Effects of Monetary Policy,” in P. Aghion, R. Frydman, J. Stiglitz, and M. Woodford, eds., Knowledge, Information and Expectations in Modern Macroeconomics, Princeton: Princeton University Press, 2002.

“Information-Constrained State-Dependent Pricing,” Journal of Monetary Economics 56(S): 100-124 (2009).

“Robustly Optimal Monetary Policy with Near-Rational Expectations,” American Economic Review 100: 274-303(2010).

Other publications

“Oligopolistic Pricing and the Effects of Aggregate Demand on Economic Activity,” Journal of Political Economy 100: 1153-1207 (1992). (With J.J. Rotemberg.)

“Price Level Determinacy without Control of a Monetary Aggregate,” Carnegie-Rochester Conference Series on Public Policy 43: 1-46 (1995).

“An Optimization-Based Econometric Framework for the Evaluation of Monetary Policy,” NBER Macroeconomics Annual 1997, pp. 297-346. (With J.J. Rotemberg.)

“Optimal Interest-Rate Smoothing,” Review of Economic Studies 70: 861-886 (2003).

“Interest and Prices: Foundations of a Theory of Monetary Policy”, Princeton: Princeton University Press, 2003.

“Optimal Monetary Stabilization Policy,” in B.M. Friedman and M. Woodford, eds., Handbook of Monetary Economics, vol. 3B, Elsevier, 2011.