Carnegie Mellon University

Marvin Goodfriend

Marvin Goodfriend

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

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  • POS - Posner Hall - Room 257C
  • 412-268-8459
5000 Forbes Avenue
Pittsburgh, PA 15213


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.

Areas of Expertise



  • 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: Past and Future Growth

    (author(s): Marvin Goodfriend, J. McDermott)

Awards and Honors

  • 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)

University Service

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