Marvin Goodfriend

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Professor of Economics; Chairman, The Gailliot Center for Public Policy

Teaching and Research Interests:

• Macroeconomic fluctuations, monetary theory and policy, banking and financial markets, economic development

Select Publications: 

• The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice
  Federal Reserve Bank of St. Louis Review, 2005.
  
  
• Inflation Targeting in the United States
  In B. Bernanke and M. Woodford, eds., The Inflation Targeting Debate, Chicago: National Bureau of Economic Research, University of Chicago Press, 2005.
  
  
• Monetary Policy in the New Neoclassical Synthesis: A Primer
  International Finance, 2002.
  
  
• Industrial Development and the Convergence Question
  American Economic Review, 1998.
  (With: John McDermott)
  
  
• The New Neoclassical Synthesis and the Role of Monetary Policy
  In B. Bernanke and J. Rotemberg, eds., National Bureau of Economic Research Macroeconomics Annual, 1997.
  (With: Robert G. King)
  
  
• Early Development
  American Economic Review, 1995.
  (With: John McDermott)
  
  
• Interest Rate Policy and the Inflation Scare Problem: 1979-1992
  Federal Reserve Bank of Richmond Economic Quarterly, 1993.
  
  
• Information-Aggregation Bias
  American Economic Review, 1992.
  
  
• Monetary Mystique: Secrecy and Central Banking
  Journal of Monetary Economics, 1986.
  
  

Additional Publications: 

• A Framework for Independent Monetary Policy in China.
  (With: Eswar Prasad)
  
  
• Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration
  Journal of Monetary Economics 54, 2007.
  (With: Bennett McCallum)
  
  
• How the World Achieved Consensus on Monetary Policy
  Journal of Economic Perspectives, Fall, 2007.
  
  

Editorial Boards:

• International Journal of Central Banking (Associate Editor), 2005-
• Journal of Monetary Economics (Advisory Committee)
• Carnegie Rochester Conference Series on Public Policy (Advisory Committee), 1998-
• Journal of Money, Credit and Banking (Associate Editor), 1996-

Other Professional Activities:

• Visiting Economist, Federal Reserve Board (1982-1983)
• Senior Staff Economist, Council of Economic Advisors, The White House (1984-1985)
• Senior Vice President and Policy Advisor, Federal Reserve Bank of Richmond, regularly attended meetings of the Federal Open Market Committee (1993-2005)
• Director of Research, Federal Reserve Bank of Richmond (1993-1999)
• Visiting Professor of Business Economics, Graduate School of Business, University of Chicago (1998-1990)
• Member, Three-Person Panel for the External Evaluation of Research Activities at the European Central Bank (2003)
• Visiting Scholar: European Central Bank, Federal Reserve Bank of New York, Federal Reserve Board, Institute for International Economic Studies (University of Stockholm), International Monetary Fund, Swiss National Bank
• Research Associate, National Bureau of Economic Research (2007-)

Courses Taught:

• Money, Banking and Financial Markets (45-852)
  (Masters Program)
  • 2008, Mini 3 (Section: A)
  • 2007, Mini 2 (Section: A)
  
  
• Monetary Policy in the US and Abroad (45-853)
  (Masters Program)
  • 2009, Mini 4 (Section: A)
  • 2007, Mini 4 (Section: E)
  
  
• International Money and Finance (73-372)
  (B.S. in Economics Program)
  • 2009, Spring (Section: A)
  • 2008, Spring (Section: A)