Age: 26 at time of award
Published December 1, 1981
Michael Woodford is an economist who applies mathematical techniques to the analysis of economic dynamics.
His work has been concerned with the role of expectations in economic theory, especially with the possibility of self-fulfilling prophecies as a threat to the stability of competitive economies. His work also has stressed the role of strategic interactions between firms in the generation of business cycles, integrating recent developments in the theory of industrial organization with macroeconomic theory. Woodford is the author of Interest and Prices: Foundations of a Theory of Monetary Policy (2003) and co-author of Monitoring the European Central Bank 5: The Monetary Policy Strategy of the ECB Reconsidered (2004), and The Inflation Targeting Debate (2005). He is also the co-editor of the Handbook of Macroeconomics (1999) and Knowledge, Information and Expectations in Modern Macroeconomics: In Honor of Edmund S. Phelps (2002).
Woodford is the John Bates Clark Professor of Political Economy at Columbia University. He is also a research associate of the National Bureau of Economic Research. He served previously as a professor of economics at Princeton University (1995-2004) and at the University of Chicago (1986-1995).
Woodford received an A.B. (1977) from the University of Chicago, a J.D. (1980) from Yale University, and a Ph.D. (1983) from the Massachusetts Institute of Technology.
Last updated January 1, 2005.