I will start with his predecessors, beginning as Michael does in his Interest and Prices with Wicksell.1, 2 I shall quote key points from and about Wicksell’s Interest and Prices (henceforth KWIP), and following that, from Patinkin’s Money, Interest, and Prices (second edition, 1965) (henceforth MIP), which are relevant to MWIP, Michael Woodford’s Interest and Prices (2003). Wicksell’s interest and prices (1898) 1. Inflation.
The issues I have raised today are, I am sure, well known to those of you in the industry. There are many considerations to be taken into account in resolving them, and there will no doubt need to be a large input from the industry in doing so.