Michael Woodford is "Harold H. Helm 20" Professor of Economics and Banking at Princeton University, a Fellow of the Econometric Society, and a Research Associate of the National Bureau of Economic Research. He has been awarded a MacArthur Fellowship (1981) and a Guggenheim Fellowship (1998). He has previously taught at Columbia University and the University of Chicago, and is editor, with John Taylor, of the forthcoming Handbook of Macroeconomics.