Template-Type: ReDIF-Paper 1.0
Author-Name: Kevin Hoover
Author-Name-First: Kevin
Author-Name-Last: Hoover
Author-Workplace-Name: Department of Economics, University of California Davis
Title: A NeoWicksellian in a New Classical World:  The Methodology of Michael Woodford?s Interest and Prices
Abstract: Woodford?s Interest and Prices is considered from a methodological point of view.  While innovative as a work of macroeconomic theory, it is decidedly in the mainstream methodologically.  As such, it provides a good example of the methodological puzzles posed by modern macroeconomics:  first, the notion that representative-agent models (or models with very constrained sorts of heterogeneous agents) provide genuine microfoundations; second, the idea that Paretian welfare economics in the context of such models gives any useful policy guidance.
Length: 13
File-URL: https://repec.dss.ucdavis.edu/files/9JmaPZrop9Ko5Te5j2bK4fcT/06-5.pdf
File-Format: application/pdf
Number: 249
Classification-JEL: B41, E31, E32, E52, E58
KeyWords: woodford, neowicksellian, classical
Creation-Date: 20040531
Handle: RePEc:cda:wpaper:249