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CORE Week Features Renowned Economists, Marvin S. Goodfriend Conference

CORE Week features economists presenting their papers and collaborating

Economists from across the nation and Europe recently joined the Richmond Fed’s Research department for the fourth installment of CORE Week, the Bank’s signature program for regularly connecting research staff with visiting economists to exchange expertise across a range of disciplines.

During the mid-May event, topics such as the dual labor market, corporate credit risk and bank reserve remuneration were explored, and presenters included Richmond Fed economists as well as economists from Duke University, UCLA, NYU, the European Central Bank and other renowned institutions.

“CORE Weeks are generally very exciting,” said Felipe Schwartzman, a Richmond Fed economist, who contributed to the May programming. “We get to meet interesting and smart people and learn from their work. These are the things that make us better at what we do.”

The week culminated with the Marvin S. Goodfriend Conference, organized by Schwartzman and Richmond Fed economist Alex Wolman, in recognition of former Richmond Fed Research Director Marvin Goodfriend. Goodfriend served in various positions through his nearly 30-year tenure, leaving the Richmond Fed in 2005. While at the Bank, his contributions included serving as a trusted monetary policy advisor to then-president Al Broaddus, advocating for the policy of inflation targeting, a version of which the Fed ultimately adopted in 2012, and helping shape theory for policymaking at the zero lower bound. He passed away in 2019 while a professor of economics at Carnegie Mellon University and a nominee to the Fed’s Board of Governors.

“His name is still called with regularity,” Schwartzman said. “He had an important role in building the Research department and in participating in the highest levels in terms of research.”

During the conference, memories of Marvin Goodfriend were shared and visiting economists engaged attendees through seminars focused on the topics Goodfriend worked on, such as monetary policy and central banking.

“The response was overwhelming,” said Wolman, who had the opportunity to work with Goodfriend. “Felipe and I were able to put together a great program that was a fitting tribute to Marvin. The conference also coincided with publication of a volume of essays honoring Marvin, edited by Bob King and myself. I encourage people to check out those essays, including one by former Richmond Fed president Al Broaddus and one by former Fed Chair Ben Bernanke.”

Visit the Honoring Marvin Goodfriend webpage to access Essays in Honor of Marvin Goodfriend: Economist and Central Banker.

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