Marvin goodfriend biography

American economist (1950–2019)

Marvin Seth Goodfriend (November 6, 1950 – Dec 5, 2019)^[1][2] was an Inhabitant economist. He held the Allan H. Meltzer Professorship in money at Carnegie Mellon University; explicit was previously the director give a miss research at the Federal Kept back Bank of Richmond.

Following empress 2017 nomination to the Associated Reserve Board of Governors, picture White House decided to forswear renominating Goodfriend at the come across of the new term.^[3]

Education

Goodfriend traditional a bachelor's degree in math from Union College in 1972^[4] before earning an M.A.

(1977) and Ph.D. (1980) in financial affairs from Brown University.^[5]

Career

From 2005 up in the air his death, Goodfriend served importance the Friends of Allan Pirouette. Meltzer Professor of Economics insensible Carnegie Mellon's Tepper School curst Business. His teaching and probation interests include macroeconomic fluctuations, fiscal theory and policy, banking with the addition of financial markets, and economic happening.

Prior to his teaching life, from 1993 to 2005 fiasco was director of research keep from policy advisor at the In alliance Reserve Bank of Richmond. Encompass this capacity, he regularly spurious meetings of the Federal Unstop Market Committee at the Butt of Governors of the Accomplice Reserve System in Washington, D.C.

from 1993 to 2005.^[6]

Before dump, he was an economic advisor^[7] at the White House foundation 1984 and 1985.^[6]

Goodfriend was ofttimes engaged with central banks specified as the European Central Store, Norges Bank, the Sveriges Riksbank, and the Swiss National Cant, and has been a call scholar at several of them.

He was also engaged essential teaching activities on monetary suspicion and policy in China, Frg, Japan, South Korea, and Switzerland.^[6][8]

In November 2017, Goodfriend was appointed by President Donald Trump figure up fill one of the vacancies on the Federal Reserve Fare of Governors.^[9]

Fiscal policy positions

Goodfriend has been described as conservative^[10][11][12] scold was skeptical of monetary method instruments that were employed inured to the Federal Reserve under Janet Yellen.

He was a essayist of an actively regulating parcel of the Fed and has repeatedly argued against the contemporary form of quantitative easing primate well as bond buying programs,^[13] especially the purchases of mortgage-backed securities.^[14]

In 2008, Goodfriend warned put off the Federal Reserve's actions would cause higher inflation; a forecast that never materialized.^[15] Asked at one\'s disposal a Senate confirmation hearing sponsor a seat on the Abettor Reserve's board of governors employ January 2018 why he got his prediction wrong, Goodfriend sincere not give an explanation alight instead spoke of the threshold of low inflation.^[15]

Goodfriend agreed top Yellen regarding the aim stand for shrinking the Fed's $4.5-trillion superfluity sheet, much of which full acquired through bond buying programs.^[16] He supported a rules household monetary policy, which would acute the freedom of action have a high opinion of the Federal Reserve bank sentence favor of a more mathematically based approach.^[17] He had very been willing to consider untypical monetary instruments in times admire crisis, such as negative rates^[1] as used by the Incline of Japan, European Central Group of actors, and other institutions in Europe.^[7]

On March 16, 2017, Goodfriend testified before the Subcommittee on Financial Policy and Trade of rectitude U.S.

House of Representatives' Convention on Financial Services. His corroboration was titled "The Fed Requirements a Credible Commitment to Have your head in the clouds Stability". He argued that magnanimity current commitment to price evenness of the Fed lacks reliability.^[18]

Goodfriend made a number of pivotal contributions to an understanding model monetary policy.

In a 1986 publication, he criticized Federal Conserve System secrecy. In 1994, ethics FOMC did begin to fulfill publicly after its meetings warmth funds rate target.^[19] Goodfriend elective to an understanding of description evolution of the monetary customary. He invented the term "inflation scare" to describe how significance FOMC responded to discrete rises in bond rates as capital sign that inflationary expectations were unanchored.^[20] He documented the substitution in FOMC procedures that occurred with the Volcker disinflation.^[21] Loosen up insisted that the Fed differentiate sharply between monetary policy (the control of money and group of actors reserves) and credit policy (the allocation of credit).^[22] He plain an early case for neat Fed inflation target.^[23] He exposited the New Keynesian model advocate a way that demonstrated picture desirability of a price in short supply target.^[24] He also pioneered magnanimity idea of central banks sublime a negative interest rate development bank reserves to overcome magnanimity problem of the zero muffle bound.^[25]

Memberships

Goodfriend was a member^[26] entrap the Shadow Open Market Conference, an independent group of economists who strive for a fresh way of thinking about fiscal politics.^[1]

Goodfriend was co-editor with Stan Zin of the Carnegie Town Conference Series on Public Policy^[27] and has served on magnanimity editorial boards of the Journal of Money, Credit, and Banking, the International Journal of Primary Banking, and the Journal be advantageous to Monetary Economics.^[6]

Death and legacy

Goodfriend grand mal at his home in Metropolis on December 5, 2019, grey 69.^[2]

A collection of essays, Marvin Goodfriend: Economist and Central Banker was published in 2022 invitation the Federal Reserve Bank show evidence of Richmond, with a selection devotee Goodfriend's diverse policy ideas shaft research contributions.^[28]

References

External links