Business · Economy · 1 hr ago
Michael Woodford’s research shaped modern central banking, former students say
Michael Woodford, a Columbia University professor, received the 2026 Nobel Prize in Economics.
South Korean economists described his influence on the study of monetary policy and central banks.
Yoon Taek, an emeritus professor at Seoul National University, said Woodford supervised his doctoral research at the University of Chicago around 1990.
Another South Korean economist, Na Seung-hun of Korea University, worked as Woodford’s assistant while studying for a doctorate at Columbia.
Na said Woodford’s work offered a standard for researchers and central-bank economists, and described his 2003 book as widely valued by central-bank staff.
The prize’s other winner, Stanford professor emeritus Robert Hall, said in a 2018 interview in South Korea that sharp minimum-wage increases could make it harder for low-paid workers with limited skills to find jobs.
Hall said the pace of increases should be moderated.
The story gives no further details about policy steps to come.
Former students say Michael Woodford’s work helped shape modern monetary policy and central banking.
Yoon Taek, an emeritus professor at Seoul National University, said Woodford supervised his dissertation around 1990 while he was a doctoral student at the University of Chicago.
Na Seung-hoon, a professor at Korea University, said Woodford set a standard for researchers studying monetary policy and central bank economists.
Na said Woodford’s 2003 book, Interest and Prices, is regarded as a “bible” by central bank economists around the world.
The article also recalls economist Robert Hall’s 2018 comments that minimum-wage increases should be paced to avoid making it harder for low-wage workers to find jobs.
- Who
- Michael Woodford, a Columbia University professor, and former students Yoon Taek and Na Seung-hoon.
- What
- Former students described Woodford’s influence on monetary policy research and central bank economists.
- When
- The article was published on October 13, 2026; Yoon said Woodford supervised his dissertation around 1990.
- Where
- The article discusses Woodford’s influence internationally and among South Korean economists.
- Why
- The students said Woodford’s research and teaching shaped monetary policy scholarship and central banking.
This story does not have two clearly opposing sides.
Woodford supervised Yoon Taek’s dissertation while Yoon was a doctoral student at the University of Chicago.
Woodford published Interest and Prices, which Na Seung-hoon said central bank economists worldwide regard as a bible.
Robert Hall spoke to Maeil Business during a visit to South Korea and called for slowing the pace of minimum-wage increases.
Maeil Business published its article about Woodford’s influence and former students’ recollections.
- Award
- 2026 Nobel Prize in Economics
- Institution
- Columbia University
- Former student
- Yoon Taek, Seoul National University emeritus professor
- Former assistant
- Na Seung-hoon, Korea University professor
- Book
- Interest and Prices, published in 2003
- Hall interview
- 2018, during a visit to South Korea
What people are saying
통화정책 효과를 연구하는 학자와 중앙은행 이코노미스트에게 하나의 표준을 제시한 학자
2003년 저서 '이자와 가격(Interest and Prices)'은 전 세계 중앙은행 이코노미스트에게 바이블로 여겨진다
우드퍼드 교수의 탁월함은 그가 젊은 시절부터 이미 학계에 널리 알려져 있었다
He is god damn genius
Sources
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