It is an honor for me to speak at the opening of this conference in honor of Michael Woodford, whose contributions to the theory of economic policy are frequently a central part of the economic analysis that takes place in the policy discussions at the Federal Reserve.1 The main story I want to tell today is about the quality of Michael's major book, Interest and Prices (henceforth MWIP). I will start with his predecessors, beginning as Michael does in his Interest and Prices with Wicksell.2 3 I shall quote key points from and about Wicksell's Interest and Prices (henceforth KWIP), and following that, from Patinkin's ... (full story)