Our Team

Marvin Goodfriend

A professor of political economy at Carnegie Mellon University, Marvin Goodfriend (1950-2019) was a senior vice president and policy advisor in the Research Department from 1993 to 2005. Goodfriend also served as director of research from 1993 to 1999.

Legacy
- A Remembrance of Marvin Goodfriend (Richmond Fed)
- Current Monetary Policy: The Influence of Marvin Goodfriend (Shadow Open Market Committee)
- Essays in Honor of Marvin Goodfriend: Economist and Central Banker (Richmond Fed)
Working Papers

April 2001, No. 01-2

The Case for Price Stability

Marvin Goodfriend and Robert G. King

January 2001, No. 01-1

Financial Stability, Deflation, and Monetary Policy

The paper explores the relationship between financial stability, deflation, and monetary policy. A discussion of narrow liquidity, broad liquidity, market liquidity, and financial distress provides the foundation for the analysis.

Marvin Goodfriend

August 2000, No. 00-3

Overcoming the Zero Bound on Interest Rate Policy

Marvin Goodfriend

July 1999, No. 99-4

The Role of a Regional Bank in a System of Central Banks

Marvin Goodfriend

March 1999, No. 99-2

Limited Commitment and Central Bank Lending

Marvin Goodfriend and Jeffrey M. Lacker

January 1999, No. 99-1

Industrial Development and the Convergence Question

Marvin Goodfriend and John McDermott

June 1997, No. 98-5

The New Neoclassical Synthesis and The Role of Monetary Policy

Marvin Goodfriend and Robert G. King

April 1997, No. 97-4

A Framework for the Analysis of Moderate Inflations

Marvin Goodfriend

January 1994, No. 94-2

Early Development

Marvin Goodfriend and John McDermott

June 1991, No. 91-6

Information-Aggregation Bias

Marvin Goodfriend

August 1990, No. 90-6

Interest Rates and the Conduct of Monetary Policy

Marvin Goodfriend

August 1989, No. 89-3

Money, Credit, Banking, and Payments System Policy

The evolution and structure of the payments system is explained by efficiency gains from substituting claims on particular institutions for commodity money.

Marvin Goodfriend

February 1988, No. 88-5

Central Banking Under the Gold Standard

Marvin Goodfriend

April 1988, No. 88-1

Financial Deregulation, Monetary Policy, and Central Banking

Marvin Goodfriend and Robert G. King

July 1986, No. 87-3

Interest Rate Smoothing and Price Level Trend-Stationarity

Marvin Goodfriend

July 1986, No. 86-4

Interest Rate Smoothing and Price Level Trend-Stationarity

Marvin Goodfriend

July 1986, No. 86-3

Theoretical Analysis of the Demand for Money

A model in which there is full contemporaneous adjustment of money holdings to transaction and opportunity-cost variables is shown to imply a positive coefficient on lagged money when these determinants are positively autocorrelated and contaminated with measurement error.

Bennett T. McCallum and Marvin Goodfriend

August 1985, No. 85-7

Monetary Mystique: Secrecy and Central Banking

Marvin Goodfriend

January 1985, No. 85-1

Base Drift and the Longer Run Growth of M1: Experience From a Decade of Monetary Targeting

J. Alfred Broaddus, Jr. and Marvin Goodfriend

September 1984, No. 84-4

A Weekly Perfect Foresight Model of the Nonborrowed Reserve Operating Procedure

Marvin Goodfriend, Gary Anderson, Anil Kashyap, George Moore and Richard D. Porter

March 1983, No. 83-3

Measurement Error and a Reinterpretation of the Conventional Money Demand Regression

Marvin Goodfriend

January 1983, No. 83-1

A Historical Assessment of the Rationales and Functions of Reserve Requirements

Marvin Goodfriend and Monica Hargraves

September 1981, No. 81-2

Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979, Federal Reserve Operating Procedure

Marvin Goodfriend

January 1981, No. 81-1

Discount Window Borrowing, Monetary Policy, and the Post-October 6, 1979, Federal Reserve Operating Procedure

Marvin Goodfriend

September 1979, No. 79-5

An Alternate Method of Estimating the Cagan Money Demand Function in Hyperinflation Under Rational Expectations

Marvin Goodfriend

March 1979, No. 79-2

A Note on the Neutrality of Temporary Monetary Disturbances

Marvin Goodfriend and Robert G. King
Bank Publications

Economic Quarterly, Summer 2004

Sustaining Price Stability

J. Alfred Broaddus, Jr. and Marvin Goodfriend

Economic Quarterly, Summer 2004

Monetary Policy in the New Neoclassical Synthesis: A Primer

Marvin Goodfriend

Annual Report, 2003

Sustaining Price Stability

J. Alfred Broaddus, Jr. and Marvin Goodfriend

Economic Quarterly, Fall 2002

The Phases of U.S. Monetary Policy: 1987 to 2001

Marvin Goodfriend

Economic Quarterly, Winter 2001

What Assets Should the Federal Reserve Buy?

Marvin Goodfriend and J. Alfred Broaddus, Jr.

Economic Quarterly, Winter 2001

Why We Need an "Accord" for Federal Reserve Credit Policy: A Note

Marvin Goodfriend

Economic Quarterly, Winter 2000

The Role of a Regional Bank in a System of Central Banks

Marvin Goodfriend

Annual Report, 2000

What Assets Should the Federal Reserve Buy?

J. Alfred Broaddus, Jr. and Marvin Goodfriend

Economic Quarterly, Fall 1999

Limited Commitment and Central Bank Lending

Marvin Goodfriend and Jeffrey M. Lacker

Annual Report, 1999

The Role of a Regional Bank in a System of Central Banks

Marvin Goodfriend

Economic Quarterly, Summer 1998

Using the Term Structure of Interest Rates for Monetary Policy

Marvin Goodfriend

Economic Quarterly, Winter 1997

Monetary Policy Comes of Age: A 20th Century Odyssey

Marvin Goodfriend

Economic Quarterly, Winter 1996

Foreign Exchange Operations and the Federal Reserve

Marvin Goodfriend and J. Alfred Broaddus, Jr.

Annual Report, 1996

Monetary Policy Comes of Age: A 20th Century Odyssey

Marvin Goodfriend

Annual Report, 1995

Foreign Exchange Operations and the Federal Reserve

J. Alfred Broaddus, Jr. and Marvin Goodfriend

Economic Quarterly, Winter 1993

Interest Rate Policy and the Inflation Scare Problem: 1979-1992

Marvin Goodfriend

Economic Review, Jan/Feb, 1991

Money, Credit, Banking, and Payments System Policy

Marvin Goodfriend

Economic Review, May/Jun, 1988

Financial Deregulation, Monetary Policy, and Central Banking

Marvin Goodfriend and Robert G. King

Economic Review, Jan/Feb, 1988

Theoretical Analysis of the Demand for Money

Marvin Goodfriend and Bennett T. McCallum

Economic Review, Sep/Oct, 1986

Federal Funds: Instrument of Federal Reserve Policy

Marvin Goodfriend

Economic Review, Jan/Feb, 1986

A Weekly Rational Expectations Model of the Nonborrowed Reserve Operating Procedure

Marvin Goodfriend

Economic Review, Nov/Dec, 1984

Base Drift and the Longer Run Growth of M1: Experience from a Decade of Monetary Targeting

J. Alfred Broaddus, Jr. and Marvin Goodfriend

Economic Review, May/Jun, 1984

The Promises and Pitfalls of Contemporaneous Reserve Requirements for the Implementation of Monetary Policy

Marvin Goodfriend

Economic Review, Mar/Apr, 1983

A Historical Assessment of the Rationales and Functions of Reserve Requirements

Marvin Goodfriend and Monica Hargraves

Economic Review, Jan/Feb, 1982

A Model of Money Stock Determination with Loan Demand and a Banking System Balance Sheet Constraint

Marvin Goodfriend

Economic Review, Nov/Dec, 1981

A Prescription for Monetary Policy 1981

Marvin Goodfriend

Economic Review, May/Jun, 1981

Eurodollars

Marvin Goodfriend

Economic Review, Mar/Apr, 1980

Recent Financial Innovations: Courses, Consequences for the Payments System, and Implications for Monetary Control

Marvin Goodfriend, James Parthemos and Bruce J. Summers

Economic Review, Sep/Oct, 1979

Exchange Rate Policy and the Dual Role of Exchange Rate Movements in International Adjustment

Marvin Goodfriend

Research Department