Towards new microfoundations for macro

Michael Woodford's masterly monograph on Interest and Prices, published in 2003,1 marked a decisive shift in monetary economics from looking at the quantity of money to the cost of borrowing - a shift from Milton Friedman back to Knut Wicksell. It was, moreover, inspired by an over-arching vision - the creation of a new synthesis that would reconcile mainline macroeconomics with dynamic general equilibrium modelling, as practised by real business cycle theorists in particular.

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