Marvin Goodfriend

PHONE

412-268-8459

OFFICE

POS - Posner Hall - Room 257C

AREA OF EXPERTISE

Economics

EDUCATION

Brown University - Ph D - 1980
Union College - BS - 1972

TEACHING AND RESEARCH INTERESTS

Macroeconomic fluctuations; monetary theory and policy; banking and financial markets; economic development

USEFUL LINKS

Detailed Vita

BIOGRAPHY

Marvin Goodfriend is the Friends of Allan Meltzer Professor of Economics at Carnegie Mellon’s Tepper School of Business where his teaching and research focus on macroeconomic fluctuations, money and banking, international finance, and economic development. Before coming to Carnegie Mellon he was director of research and policy advisor at the Federal Reserve Bank of Richmond, regularly attending meetings of the Federal Open Market Committee at the Board of Governors of the Federal Reserve System in Washington, DC. from 1993 to 2005. Dr. Goodfriend was a visiting economist at the Federal Reserve Board in 1982-3. He served as a senior staff economist for the President’s Council of Economic Advisors at the White House in 1984-5. He was a visiting professor of business economics at the University of Chicago’s Graduate School of Business from September 1988 to June 1990. He has taught at the universities of Rochester, Stanford, and Virginia. He has been a visiting scholar at the Bank of Japan, the European Central Bank, de Nederlandsche Bank, the Federal Reserve Board, the Institute for International Economic Studies at the University of Stockholm, the International Monetary Fund, the Swiss National Bank, and the Federal Reserve Banks of Atlanta, Cleveland, Kansas City, and New York. He has served on three-person panels to evaluate research and policy advice at the European Central Bank, Norges Bank, the Swedish Riksbank, and the Swiss National Bank. He has taught short courses on monetary theory and policy in China, Germany, Japan, Korea, and Switzerland. Dr. Goodfriend is a research associate of the National Bureau of Economic Research. He is a member of the Economic Advisory Panel of the Federal Reserve Bank of New York and a past member of its Monetary Policy Panel. He is an honorary advisor of the Institute for Monetary and Economic Studies at the Bank of Japan and a member of the Shadow Open Market Committee. Dr. Goodfriend is coeditor of the Carnegie Rochester Conference Series on Public Policy and has served on the editorial boards of the Journal of Money, Credit, and Banking, the International Journal of Central Banking, and the Journal of Monetary Economics. Dr. Goodfriend holds a Ph.D. in economics from Brown University and a B.S. in mathematics from Union College.

PUBLICATIONS

• The Fed Needs a Credible Commitment to Price Stability

Testimony at the Subcommittee on Monetary Policy and Trade of the US House Committee for Financial Services Hearing “Sound Monetary Policy, 2017

• The Case for Unencumbering Interest Rate Policy at the Zero Bound
  Designing Resilient Monetary Policy Frameworks for the Future

Federal Reserve Bank of Kansas City Jackson Hole Economic Policy Symposium, 2016; 127-160

• Liquidity Regulation, Bank Capital, and Monetary Policy

Testimony at the Senate Committee on Banking, Housing, and Urban Affairs Hearing “Bank Capital and Liquidity Regulation, 2016

• Review of the Riksbank''s Monetary Policy 2010-2015

(author(s): Marvin Goodfriend, Mervyn King) Swedish Riksdag (Swedish Parliament); 144 pages, 2016; 144 pages

• Federal Reserve Policy Today in Historical Perspective (2012)

Federal Reserve Bank of Clevelend, 2015

• Lessons from a Century of Fed Policy: Why Monetary and Credit Policies Need Rules and Boundaries
  Conference Volume: Frameworks for Central Banking in the Next Century: A Special Issue on the Occasion of the Centennial of the Founding of the Federal Reserve, Guest Editors M. Bordo, W. Dupor, and J. B. Taylor

Elsevier 49(December 2014), 2014; 112-120

• Monetary Policy as a Carry Trade

Bank of Japan 32(November 2014), 2014; 29-44

• The Case for a Treasury-Federal Reserve Accord for Credit Policy

Website of US House of Representative Committee on Financial Services, 2014

• Policy Debates at the FOMC: 1993-2002
  Conference Volume: The Origins, History, and Future of the Federal Reserve

Cambridge University Press, 2013

• The Great Inflation Drift
  Conference Volume: The Great Inflation

(author(s): Marvin Goodfriend, Robert King) National Bureau of Economic Research, University of Chicago Press, 2013; 181 - 209

• Lessons Learned from the Financial Crisis for Federal Reserve Policy

US House of Representatives Committee on Financial Services Website, 2013

• Lessons Learned from a Century of Federal Reserve Last Resort Lending

US House of Representatives Committee on Financial Services Website, 2013

• Comment on Lars Svensson "Monetary Policy After the Crisis"
  Asia''s Role in the Post-Crisis Global Economy

Federal Reserve Bank of San Francisco, 2012; 51-56

• The Elusive Promise of Independent Central Banking
  Monetary and Economic Studies (November 2012)

Bank of Japan, Monetary and Economic Studies 30(November 2012), 2012; 39-54

• Theory Meets Practice: Carnegie Rochester Conference Celebrates a Tradition Rich in Intellectual Rigor
  Tepper Magazine (Spring 2012)

(author(s): Marvin Goodfriend, Niki Kapsambelis) Tepper Magazine, 2012; 22-26

• Money Markets

Annual Review of Financial Economics 3, 2011; 119-37

• A Short History of Inflation Targeting at the Federal Reserve: Q and A with Marvin Goodfriend

Federal Reserve Bank of Cleveland Forefront, 2011; 4-5

• The Inflation Targeting Debate: A Case Study in FOMC Deliberation

Quarterly Journal of Central Banking 21(3), 2011; 76-83

• Central Banking In The Credit Turmoil: An Assessment Of Federal Reserve Practice

Journal of Monetary Economics 58(1), 2011; 1-12

• Discussion of T. Jordan, M. Peytrignet, and E. "Ten Years Experience with the Swiss National Bank''s Moentary Policy Strategy"

Swiss Journal of Economics and Statistics March , 2010

• Monetary Policy, Credit Policy, and Interest on Reserves Policy in the Economic Recovery

Full Committee on Finanical Services U.S. House of Representatives, 2010

• A Framework for Independent Monetary Policy in China
  Chapter 8 in Monetary Policy Frameworks for Emerging Markets

(author(s): Marvin Goodfriend, Eswar Prasad) Edward Elgar Publishing Limited, 2009; 136-52

• Forum—Tackling Asset-Price Bubbles

Quarterly Journal of Central Banking, 2008; 48-9

• Announcements And The Role Of Policy Guidance - Commentary

Federal Reserve Bank Of St Louis Review 90(4), 2008; 443-445

• What a Revaluation of the Renminbi Could Achieve

Quarterly Journal of Central Banking, 2008; 83-84

• The Case for an Inflation Target with a Flexible Exchange Rate in the New Neoclassical Synthesis

The Cato Journal, 2008; 247-254

• China''s Currency Crunch: Why Beijing Should Adopt a More Flexible Exchange Rate

(author(s): Marvin Goodfriend, Eswar Prasad) Foreign Policy, 2008; 84-5

• Monetary Policy in East Asia: Common Concerns

Bank of Japan Monetary and Economic Studies, 2007; 207-22

• The Optimal Rate of Inflation
  The Swiss National Bank, 1907-200

Neue Zurcher Zeitung Publishing, 2007; 625-645

• Elements of Effective Central Banking: Theory, Practice, and History

Reserve Bank of India Monthly Bulletin, 2007; 1929-41

• The Fed in the International Central Banking Community

Quarterly Journal of Central Banking, 2007; 43-5

• How the World Achieved Consensus on Monetary Policy

Journal of Economic Perspectives 21(4), 2007; 47-68

• Banking And Interest Rates In Monetary Policy Analysis: A Quantitative Exploration

(author(s): Marvin Goodfriend, Bennett McCallum) Journal of Monetary Economics 54(5), 2007; 1480-1507

• A Framework for Independent Monetary Policy in China

(author(s): Marvin Goodfriend, Eswar Prasad) CESifo Economic Studies 53(1), 2007

• Concluding Panel Overview

Monetary Policy in an Environment of Low Inflation, 2006; 253-9

• Money Must Have an Operational Role in Monetary Policy

Borsen-Zeitung, 2006

• Why a Corporate Bond Market: Growth and Direct Finance

Developing Corporate Bond Markets in Asia, proceedings of a BIS/PBC seminar held in Kunming, China, 2006; 22-3

• Inflation Targeting in the United States
  In The Inflation Targeting Debate

University of Chicago Press, 2005; 311-37

• Narrow Money, Broad Money, and the Transmission of Monetary Policy
  Models of Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter, and Peter Tinsley: Proceedings of a Federal Reserve Board Conference

Board of Governors of the Federal Reserve System, 2005; 277-303

• Monetary Policy Implementation in China

Monetary Policy in Asia: Approaches and Implementation, , 2005; 255-39

• Policy Suggestions for Improving Monetary Policy with Inflation Targeting

The Effectiveness of Stabilization Policies, 2005; 194-214

• The Incredible Volcker Disinflation

(author(s): Marvin Goodfriend, R. King) Journal of Monetary Economics 52(5), 2005; 981-1015

• The Monetary Policy Debate Since October 1979: Lessons for Theory and Practice
  Reflections on Monetary Policy: 25 Years After October1979: Proceedings of a Special Conference of the Federal Reserve Bank of St. Louis

Federal Reserve Bank of St. Louis Review, 2005; 243-62

• Interest Rate Policy Should Not React Directly to Asset Prices
  Asset Price Bubbles: Implications for Monetary, Regulatory, and International Policies, Chapter 31

MIT Press, 2003; 445-57

• Sustaining Price Stability

(author(s): Marvin Goodfriend, J. Broaddus, Jr.) Federal Reserve Bank of Richmond 2003 Annual Report, 2003

• The Phases of U.S. Monetary Policy: 1987-2001

Federal Reserve Bank of Richmond, 2002

• Panel: Implications of Declining Treasury Debt. Federal Reserve Asset Acquisition: A Proposal

(author(s): Marvin Goodfriend, J. Broaddus, Jr.) Journal of Money, Credit, and Banking, 2002; 946-51

• Monetary Policy in the New Neoclassical Synthesis: A Primer

International Finance, 2002; 165-92

• Interest on Reserves and Monetary Policy

Federal Reserve Bank of New York Economic Policy Review, 2002; 77-84

• A Short History of Monetary Policy

Econ-Exchange (a semi-annual publication for K-12 teachers, 2002

• The Case for Price Stability
  Why Price Stability? The First ECB Central Banking Conference

(author(s): Marvin Goodfriend, Robert King) European Central Bank, 2001; 53-94

• What Assets Should the Federal Reserve Buy

(author(s): Marvin Goodfriend, J. Broaddus, Jr.) Federal Reserve Bank of Richmond , 2001

• Financial Stability, Deflation, and Monetary Policy
  The Role of Monetary Policy Under Low Inflation: Deflationary Shocks and Their Policy Responses

Bank of Japan, Monetary and Economic Studies, Special Edition 19(S-1), 2001; 143-67

• Maintaining Low Inflation: Rationale and Reality
  Challenges for Modern Central Banking

Sveriges Riksbank, 2000

• Overcoming the Zero Bound on Interest Rate Policy

Journal of Money, Credit, and Banking, 2000; 1007-35

• Closing Remarks

Conference on Money, Monetary Policy, and Transmission Mechanisms, 1999; 413-21

• The Role of a Regional Bank in a System of Central Banks00004-X)

Carnegie-Rochester Conference Series on Public Policy 51, 1999; 51-71

• Industrial Development and the Convergence Question

(author(s): Marvin Goodfriend, John McDermott) American Economic Review, 1998; 1277-89

• Asset Prices and Monetary Policy: Four Views

(author(s): Marvin Goodfriend, Mark Gertler, Otmar Issing, Luigi Spaventa) Bank for International Settlements and Center for Economic Policy Research, 1998; 10-19

• Limited Commitment and Central Bank Lending

(author(s): Marvin Goodfriend, Jeffrey Lacker) Risk Measurement and Systemic Risk, Proceedings of the Second Joint Central Bank Research Conference, 1998

• Using the Term Structure of Interest Rates for Monetary Policy

Federal Reserve Bank of Richmond, 1998

• Monetary Policy Comes of Age: A Twentieth Century Odyssey

Federal Reserve Bank of Richmond 1997 Annual Report, 1997

• The New Neoclassical Synthesis and the Role of Monetary Policy
  National Bureau of Economic Research Macroeconomics Annual 1997

(author(s): Marvin Goodfriend, R. King) MIT Press, 1997; 231-295

• A Framework for The Analysis of Moderate Inflations00003-2)

Journal of Monetary Economics 39(1), 1997; 45-65

• Foreign Exchange Operations and the Federal Reserve

(author(s): Marvin Goodfriend, J. Broaddus, Jr.) Federal Reserve Bank of Richmond 1996 Annual Report, 1996

• Early Development

(author(s): Marvin Goodfriend, John McDermott) American Economic Review, 1995; 116-33

• Federal Reserve Automation Services

Federal Reserve Bank of Richmond 1994 Annual Report, 1994; 6-12

• Why We Need an "Accord" for Federal Reserve Credit Policy

Journal of Money, Credit and Banking 26(3, Part 2), 1994; 572-580

• Financial Theory and Central Bank Policies
  Monetary Theory and Monetary Policy: New Tracks for the 1990s

St. Martin''s Press, 1993

• Interest Rate Policy and the Inflation Scare Problem: 1979-1992

Federal Reserve Bank of Richmond 1993 Annual Report, 1993

• Central Banking: Then and Now

Federal Reserve Bank of Richmond Economic Quarterly, 1993; 1-12

• Discount Window
  The New Palgrave Dictionary of Money and Finance

The Stockton Press, 1992; 677-79

• Information-Aggregation Bias

American Economic Review, 1992; 508-19

• Interest Rates and the Conduct of Monetary Policy90002-M)

Carnegie-Rochester Conference Series on Public Policy 34, 1991; 7-30

• Money, Credit, Banking, and Payments System Policy

Economic Review - Federal Reserve Bank of Richmond, 1990; 7-23

• Central Banking Under the Gold Standard90007-3)
  Money, Cycles, and Exchange Rates: Essays in Honor of Allan H. Meltzer

Carnegie- Rochester Conference Series on Public Policy 29, 1988; 85-124

• Financial Deregulation, Monetary Policy, and Central Banking

(author(s): Marvin Goodfriend, Robert King) Economic Review - Federal Reserve Bank of Richmond, 1988; 3-22

• Federal Reserve Interest Rate Smoothing
  The Financial Services Revolution

Academic Publishers, 1987; 227-34

• Theoretical Analysis of the Demand for Money

(author(s): Marvin Goodfriend, Bennett McCallum) Economic Review - Federal Reserve Bank of Richmond, 1987; 16-24

• Interest Rate Smoothing and Price Level Trend-Stationarity90002-X)

Journal of Monetary Economics, 1987; 335-48

• Fed Secrecy and the Choice of a Rule

Cato Journal 6(2), 1986; 557-562

• Federal Funds: Instrument of Federal Reserve Policy

(author(s): Marvin Goodfriend, Bill Whelpley) Economic Review - Federal Reserve Bank of Richmond, 1986; 3-11

• A Weekly Rational Expectations Model of the Nonborrowed Reserve Operating Procedure

(author(s): Marvin Goodfriend, Gary Anderson, Anil Kashyap, George Moore, Richard Porter) Economic Review, 1986; 11-28

• Monetary Mystique: Secrecy and Central Banking90006-1)

Journal of Monetary Economics, Contributions in Honor of Karl Brunner, 1986; 63-92

• Reinterpreting Money Demand Regressions90033-8)

Carnegie-Rochester Conference Series on Public Policy 22, 1985; 207-41

• Base Drift and the Longer Run Growth of M1: Experience from a Decade of Monetary Targeting

(author(s): Marvin Goodfriend, J. Broaddus, Jr.) Economic Review - Federal Reserve Bank of Richmond, 1984; 3-14

• The Promises and Pitfalls of Contemporaneous Reserve Requirements for the Implementation of Monetary Policy

Economic Review - Federal Reserve Bank of Richmond, 1984; 3-12

• Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979 Federal Reserve Operating Procedure90058-2)

Journal of Monetary Economics, 1983; 343-56

• A Historical Assessment of the Rationales and Functions of Reserve Requirements

(author(s): Marvin Goodfriend, Monica Hargraves) Economic Review - Federal Reserve Bank of Richmond , 1982; 3-21

• A Model of Money Stock Determination with Loan Demand and a Banking System Balance Sheet Constraint

Economic Review - Federal Reserve Bank of Richmond, 1982; 3-16

• An Alternate Method of Estimating the Cagan Money Demand Function in Hyperinflation Under Rational Expectations90049-6)

Journal of Monetary Economics, 1982; 43-57

• A Prescription for Monetary Policy 1981

Economic Review - Federal Reserve Bank of Richmond, 1981; 11-18

• A Note on the Neutrality of Temporary Monetary Disturbances

(author(s): Marvin Goodfriend, R. King) Journal of Monetary Economics 7(3), 1981; 371-385

• Eurodollars

Economic Review - Federal Reserve Bank of Richmond, 1981; 12-18

• Credit Cards and Monetary Policy

The Money Manager, 1981; 3 and 23

• Recent Financial Innovations: Causes, Consequences for the Payments System, and Implications for Monetary Control

(author(s): Marvin Goodfriend, James Parthemos, Bruce Summers) Economic Review - Federal Reserve Bank of Richmond, 1980; 5-19

• Exchange Rate Policy and the Dual Role of Exchange Rate Movements in International Adjustment

Economic Review - Federal Reserve Bank of Richmond, 1979; 16-26

AWARDS AND HONORS

• MBA Program, Tepper School of Business - George Leland Bach Excellence in Teaching Award (2016)
• Undergraduate Economics Program, Tepper School of Business - Excellence in the Classroom Teaching Award (2007)

UNIVERSITY SERVICE

• Adam Smith Society for MBAs, Faculty Advisor (2016 - )

PROFESSIONAL ACTIVITIES

• Task Force Chair, The Parliament of Sweden, Committee on Finance (January 2015 - May 2016)

COURSES TAUGHT

• Money, Banking and Financial Markets (45810) 2017 Mini 3 Section: A, E
  2016 Mini 4 Section: M

• Monetary Policy in the US and Abroad (45811) 2017 Mini 4 Section: E
  2016 Mini 4 Section: E