Carnegie Mellon University

Marvin Goodfriend

Marvin Goodfriend

The Allan H. Meltzer Professorship in Political Economy (November 6, 1950 - December 5, 2019)

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  • TEP - Tepper Building - Room 4124
  • 412-268-8459
5000 Forbes Avenue
Pittsburgh, PA 15213


Marvin Goodfriend (November 6, 1950 - December 5, 2019) held The Allan H. Meltzer Professorship in Political Economy 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 has been a member of the Economic Advisory Panel of the Federal Reserve Bank of New York and a member of its Monetary Policy Panel. He was an honorary advisor of the Institute for Monetary and Economic Studies at the Bank of Japan. He is 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.


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


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


Working Papers

  • The American System of Economic Growth

    (author(s): Marvin Goodfriend, John Mcdermott)
    December 2018

Awards and Honors

  • Marvin Goodfriend’s nomination expired without a vote on December 31, 2018
  • Marvin Goodfriend’s Nomination advanced by Senate Banking Committee vote on February 8, 2018 to the full Senate for confirmation vote

  • Confirmation Hearing before The Senate Banking Committee, January 23, 2018 on Marvin Goodfriend’s Nomination by the President of the United States for a seat on The Board of Governors of the Federal Reserve System

  • I was nominated on November 29, 2017 by the President of the United States to serve a fourteen-year term on the Board of Governors of the Federal Reserve System, Washington, DC. I testified at a confirmation hearing before the Senate Banking Committee on January 23, 2018. The Senate Banking Committee voted on February 6 to advance my nomination to the full Senate. The Senate has not yet scheduled a vote on my nomination. (2017)
  • 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)

Professional Activities

  • Editor, Conference Proceedings, Organizer of November Conference and Editor of Journal of Monetary Economics Conference Issue, Carnegie Rochester NYU Conference Series on Public Policy (January 2010 -)
  • Committee Member, Shadow Open Market Committee (2009 -)
  • Research Associate, National Bureau of Economic Research (2007 -)
  • Member, American Economics Association (1978 -)
  • External Reviewer, The Parliament of Sweden, Commissioned by the Swedish Riksdag, Committee on Finance, with Mervyn King, Governor Bank of England 2003-2013, to undertake an External Review of the Riksbank and Swedish Monetary Policy, published "Review of the Riksbank’s Monetary Policy 2010-2015," January 2016 (144 pages) (November 2014 - May 2016)