Marvin Goodfriend

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The Friends of Allan H. Meltzer Professor; Professor of Economics

  • Union College - B.S. - 1972
  • Brown University - Ph.D. - 1980
Areas of Expertise:
  • Economics
Teaching and Research Interests:
  • Macroeconomic fluctuations, monetary theory and policy, banking and financial markets, economic development
Select Publications: 
  • The Elusive Promise of Independent Central Banking
    Monetary and Economic Studies, Bank of Japan, November 2012.

  • Central Banking in the Credit Turmoil: An Assessment of Federal Reserve Practice
    Journal of Monetary Economics, January 2011.

  • How the World Achieved Consensus on Monetary Policy
    Journal of Economic Perspectives, Fall 2007.

  • Banking and Interest Rates in Monetary Policy Analysis: A Quantitative Exploration
    Journal of Monetary Economics, July 2007.
    (with: Bennett McCallum)

  • A Framework for Independent Monetary Policy in China
    CESifo Economic Studies, January 2007.
    (with: Eswar Prasad)

  • The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice
    Federal Reserve Bank of St. Louis Review, March/April 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.

  • Interest on Reserves and Monetary Policy
    Federal Reserve Bank of New York Economic Policy Review, May 2002.

  • Monetary Policy in the New Neoclassical Synthesis: A Primer
    International Finance, Summer 2002.

  • Overcoming the Zero Bound on Interest Rate Policy
    Journal of Money, Credit, and Banking, November 2000.

  • Industrial Development and the Convergence Question
    American Economic Review, December 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, March 1995.
    (with: John McDermott)

  • Interest Rate Policy and the Inflation Scare Problem: 1979-1992
    Federal Reserve Bank of Richmond Economic Quarterly, Winter 1993.

  • Information-Aggregation Bias
    American Economic Review, June 1992.

  • Monetary Mystique: Secrecy and Central Banking
    Journal of Monetary Economics, January 1986.

  • Excellence in the Classroom, B.S. Economics Program, Tepper School of Business, Carnegie Mellon - 2007
Editorial Boards:
  • Carnegie Rochester Conference Series on Public Policy (Co-Editor), 2010-
  • International Journal of Central Banking (Associate Editor), 2005-
  • Carnegie Rochester Conference Series on Public Policy (Advisory Committee), 1998-2010
  • Journal of Money, Credit and Banking (Associate Editor), 1996-2011
  • Journal of Monetary Economics (Advisory Board), 1995-2008
Other Professional Activities:
  • Honorary Advisor, Institute for Monetary and Economic Studies, Bank of Japan 2011-
  • Economic Advisory Panel, New York Fed 2009-
  • Monetary Policy Panel, New York Fed 2009-2010
  • Shadow Open Market Committee 2009-
  • Research Associate, National Bureau of Economic Research 2007-
  • Three-person Panel for External Review of Research and Policy Support: European Central Bank (2003), Norges Bank Watch (2006), Swiss National Bank (2006), Swedish Riksbank (2008)
  • Technical Assistance Expert: International Monetary Fund, Inflation Targeting Seminar, Central Bank of Brazil 1999, 2000
  • 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 1988-1990
  • Senior Staff Economist, Council of Economic Advisors, The White House 1984-1985
  • Visiting Economist, Federal Reserve Board 1982-1983
  • Visiting Scholar: Extended stays - Federal Reserve Bank of New York, (June-July 2006-2009); Institute for International Economic Studies, University of Stockholm, (November-December 1992); Swiss National Bank, (May-July 1988).
  • Visiting Scholar: Shorter stays - Board of Governors of the Federal Reserve System (1992, 1999, 2007); CFS, Germany (1999); Federal Reserve Banks of Atlanta (2007, 2009), Cleveland (2008, 2009), Kansas City (2008, 2009); IMF (1990, 2005, 2006)
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