Doing without money: a critical assessment of Woodford's analysis
批判伍德福德用跨期一般均衡模型分析从实物货币到电子货币的演变，指出其模型存在根本性概念和方法错误，对央行操作无实际意义。
Woodford employs an inter-temporal general equilibrium model to examine the properties of the monetary system as it evolves from the use of a physical medium of exchange to an electronic medium. He presents a structure in which cash as a means of payment can be made to vanish at the limit, but where he claims the price level remains determinate. It is shown that Woodford's analysis involves fundamental but still widespread conceptual and methodological errors. His general equilibrium model does not map into the world of electronic money, and his analysis has no implications for the art of central banking. Copyright 2006, Oxford University Press.