Marvin Seth Goodfriend

The Friends of Allan H. Meltzer Professor
Professor of Economics




POS - Posner Hall - Room 257C




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


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


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. October 2012


  • 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

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

    Cambridge University Press, 2013

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  • Unskilled Processing, Learning, and Past and Future Growth (2012)

    (author(s): Marvin Goodfriend, John McDermott)

  • The Macroeconomics of Banking Services, Collateral, and Interest Rate Spreads
    Majid Bazarbash PhD Dissertation: Essays on Banking Stress and Interest Rate Spreads in Macroeconomics

    (author(s): Majid Bazarbash, Marvin Goodfriend)

  • Money, Banking, and Central Banking


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

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

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  • Bank of Japan - Honorary Advisor to the Institute for Monetary and Economic Studies (2-year term) (2015)
  • Carnegie Rochester NYU Conference on Public Policy for Three Years - National Science Foundation Grant of $300,000 (2014)
  • Bank of Japan - Honorary Advisor (reappointment for 2-year term) (2013)
  • Tepper School - Friends of Allan Meltzer Professorship (2012)


  • Representative from Tepper School at Faculty Senate, University Senate Service, Attend meetings every couple of months (2014 - )
  • Elliot Dunlap Smith Award Committee, Committee Member, Choose recipient of the Elliot Dunlap Smith Award for the year (2014 - )
  • Masters Academic Advisory Committee, Committee Member, Deals with advising on, judging infractions, and enforcing academic rules and standards for the MBA program, and related matters. (2014 - 2015)
  • CMU Economics Society, Guest Speaker, Guest Speaker on Program "Thomas Piketty's Capital: Why a 700 Page Economics Book Is Receiving So Much Attention."
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  • Honorary Advisor, Bank of Japan, Institute for Monetary and Economic Studies (2011 - )
  • Economic Advisory Panel, Federal Reserve Bank of New York, Member, Economic and Monetary Policy Advisor (2010 - )
  • Federal Reserve Bank of New York, Member, Economic Advisory Panel (2009 - )
  • Shadow Open Market Committee, Member (2009 - )
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  • The Committee on Finance of the Parliament of Sweden (Riksdag) (November 2014 - January 2016)
  • PNC Bank Executive Education (June 2014 - March 2015)
  • Bank of Korea (July 2014 - July 2014)
  • Alex Mouradian for a Frinancial Audience (January 2014)
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  • Non-executive Director , Economic Club of Pittsburgh (2010 -)
  • Committee Member, Federal Reserve Bank of New York, Economic Advisory Panel, Federal Reserve Bank of New York (2009 -)
  • Associate Editor, International Journal of Central Banking (January 2005 -)
  • Member, American Economics Association (1978 -)
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  • Money, Banking and Financial Markets (45810)
    2015 Mini 3 Section: A, E, M
    2014 Mini 3 Section: A, E
    2013 Mini 3 Section: A, E
  • Monetary Policy in the US and Abroad (45811)
    2015 Mini 4 Section: E
    2014 Mini 4 Section: E
    2013 Mini 4 Section: E
    2014 Section: A
    2013 Section: A
  • International Money and Finance (73372)
    2012 Section: A
    2011 Section: A
    2010 Section: A
    2009 Section: A
    2008 Section: A
    2007 Section: A
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Marvin Goodfriend