Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/31327
Authors: 
Hoover, Kevin D.
Year of Publication: 
2004
Series/Report no.: 
Working papers // University of California, Department of Economics 06,5
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.
Document Type: 
Working Paper

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