Michael Woodford

An essential introduction to one of the most timely and important subjects in economicsInternational Macroeconomics presents a rigorous and theoretically elegant treatment of real-world international macroeconomic problems, incorporating the latest economic research while maintaining a microfounded, optimizing, and dynamic general equilibrium approach. This one-of-a-kind textbook introduces a basic model and applies it to fundamental questions in international economics, including the determinants of the current account in small and large economies, processes of adjustment to shocks, the determinants of the real exchange rate, the role of fixed and flexible exchange rates in models with nominal rigidities, and interactions between monetary and fiscal policy. The book confronts theoretical predictions using actual data, highlighting both the power and limits of given theories and encouraging critical thinking.Provides a rigorous and elegant treatment of fundamental questions in international macroeconomicsBrings undergraduate and master’s instruction in line with modern economic researchFollows a microfounded, optimizing, and dynamic general equilibrium approachAddresses fundamental questions in international economics, such as the role of capital controls in the presence of financial frictions and balance-of-payments crisesUses real-world data to test the predictions of theoretical modelsFeatures a wealth of exercises at the end of each chapter that challenge students to hone their theoretical skills and scrutinize the empirical relevance of modelsAccompanied by a website with lecture slides for every chapter

Ein Mann allein gegen einen gigantischen japanischen Konzern! Ein heldenhafter Kampf gegen Betrug und Vertuschung! Mut, Ehrlichkeit und Integrität, die ihresgleichen suchen! Das ist die Geschichte von Enthüllung und Michael Woodford. »Ein meisterhaft fesselndes Buch, in dessen Mittelpunkt ein wunderbarer Held steht. Mit allen Attributen eines John-Grisham-Romans ... Aber Enthüllung ist weit furchterregender, weil alles wahr ist.« Evening Standard »Bemerkenswert. Lebendig, zornig und aus vollem Herzen.« Mail on Sunday »Woodford erzählt in einem an Grisham erinnernden Tempo, wie er auf Betrügereien im Umfang von 1,7 Milliarden Dollar stieß, die er, anders als seine Vorstandskollegen, nicht bereit war zu vertuschen. Er ist einer der wenigen ausländischen Manager, die bis tief hinein in ein japanisches Unternehmen vorstießen und unerschrocken davon berichten.« Financial Times »Der Ex-Manager Woodford ist auf dem besten Weg, ein Bestsellerautor zu werden. Sein Buch hat alles, was ein guter Wirtschaftskrimi braucht!« Die Welt »Michael Woodford machte Bilanztricks bei Olympus öffentlich und brachte einen der größten Skandale der jüngeren Wirtschaftsgeschichte ins Rollen. Spiegel-online

When Michael Woodford was made president of Olympus, he became the first Westerner ever to climb to the top of one of Japan s corporate giants. Unfortunately, soon after, his dream job turned into a nightmare. Woodford learned about a series of bizarre mergers and acquisitions deals totaling $1.7 billion a scandal that threatened to bring down the entire company if exposed. Just weeks later, he was fired in a boardroom coup that shocked Japan and the business world. Woodford fled the country in fear for his life and went straight to the press making him the first CEO of a global multinational to blow the whistle on his own company. Now Woodford recounts his almost unbelievable true story and paints a devastating portrait of corporate Japan. His story is filled with mystery, suspense, and betrayal. Management Today A gripping chronicle. Kirkus Reviews I had walked into a John Grisham novel. Michael Woodford"

The bestselling business book of 2012, now in paperbackMichael Woodford was a company man. He'd risen through the ranks of giant Japanese firm Olympus to become CEO. But just weeks into the job in Tokyo he came across allegations of enormous fraud.Yet his every attempt at investigation was blocked. Losing his job, facing a cover up and possible threats to his life, Woodford fled the country.Then he did something Olympus didn't expect.He fought back. Risking everything, Woodford went on the offensive. He exposed the crimes at the company's heart, brought down those who tried to silence him - and became a hero.'Brace yourself. Woodford tells his tale like a thriller'The Times'A brilliantly gripping book with a great hero at its heart. Has all the hallmarks of a John Grisham novel.... But Exposure is all the more frightening for being true'Evening StandardBorn in 1960, Michael Woodford grew up in Liverpool, and after moving to the south of England spent the next 30 years of his professional life working at Olympus. In April 2011 he was appointed President of the Olympus Corporation - the first Western 'salary-man' to rise through the ranks to the top of a Japanese giant. That October he was also made CEO, but only two weeks later was dismissed after querying inexplicable payments approaching $2 billion.Woodford was named Business Person of the Year 2011 by the Sunday Times, the Independent and the Sun, and in 2012 he won the Financial Times ArcelorMittal Award for Boldness in Business. In 2013 he was the winner of the inaugural Contrarian Prize.Woodford is married with two teenage children and lives in London. He now spends his life writing and lecturing on business culture, and the frailties of human nature in the workplace.

With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 1980s, most central banks have abandoned money-growth targets as practical guidelines for monetary policy as well. How then can pure "fiat" currencies be managed so as to create confidence in the stability of national units of account? Interest and Prices seeks to provide theoretical foundations for a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets. In such a world, effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing. Michael Woodford reexamines the foundations of monetary economics, and shows how interest-rate policy can be used to achieve an inflation target in the absence of either commodity backing or control of a monetary aggregate. The book further shows how the tools of modern macroeconomic theory can be used to design an optimal inflation-targeting regime--one that balances stabilization goals with the pursuit of price stability in a way that is grounded in an explicit welfare analysis, and that takes account of the "New Classical" critique of traditional policy evaluation exercises. It thus argues that rule-based policymaking need not mean adherence to a rigid framework unrelated to stabilization objectives for the sake of credibility, while at the same time showing the advantages of rule-based over purely discretionary policymaking.