Michael Woodford

The prize winner 2007

Josef Ackermann, Michael Woodford, Volker Wieland

The Deutsche Bank Prize in Financial Economics for 2007 was awarded in Frankfurt on October 4, 2007. Josef Ackermann, Chairman of the Management Board and the Group Executive Committee of Deutsche Bank AG, presented the Deutsche Bank Prize in Financial Economics 2007 to Michael Woodford, Professor of Political Economy at Columbia University in New York.

The jury chose Professor Woodford for his fundamental contributions to the theory and practical analysis of monetary policy. Professor Woodford has developed an influential theory of the monetary economy that is built on microeconomic foundations. Its application has proved extremely useful for analyzing the role of expectations and communication in the implementation of monetary policy.  Michael Woodford’s research is summarized in his monumental monograph, 'Interest and Prices: Foundations of a Theory of Monetary Policy', which has quickly become the standard reference for monetary theory and analysis among academic economists and their colleagues at central banks.The award ceremony was preceded by a scientific symposium on "The Theory and Practice of Monetary Policy Today".


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