How Nobel laureate Michael Woodford’s research shaped policy at China’s central bank

Two decades before winning this year’s Nobel Prize in economics, US-born economist Michael Woodford was influential in shaping policy at the People’s Bank of China through his landmark models on economic downturns. In 2005, Woodford delivered a speech titled “Economic Literacy, Central Bank Communication, and Macroeconomic Stability” at a forum in Beijing, with tickets highly sought after, according to a report by state-owned China News Service at the time. Xie Ping, a professor at the Graduate.