Marvin Goodfriend, Trump Nominee to the Federal Reserve, Dies at 69

on Dec11
by | Comments Off on Marvin Goodfriend, Trump Nominee to the Federal Reserve, Dies at 69 |

“He really excelled at bridging the divide between rigorous academic economics and policy-setting,” said Jeffrey Lacker, a former president of the Richmond Fed, who worked with Professor Goodfriend when both were on the staff there.

His research also helped to fundamentally shift the way academics understood central banking, Professor Gertler said. While macroeconomists had long focused on money supply, for instance, Professor Goodfriend pointed out that interest rates had been central to economic policy during Paul Volcker’s tenure as chairman of the Fed. (Mr. Volcker died on Monday.)

“He was an original thinker,” Professor Gertler said.

Professor Goodfriend made a case that central bank secrecy could have benefits as well as drawbacks, and he did extensive research into negative interest rates.

In the wake of the 2007-9 recession, he took a position that was outside the consensus in warning that the Fed might be courting high inflation with its monetary policies. Speaking to House lawmakers in 2017, he questioned the credibility of the Fed’s inflation-targeting approach.

But Professor Goodfriend was ultimately loyal to the institution and its mission, Professor Gertler said. He was a member of the Shadow Open Market Committee, an independent group of influential academics who evaluated the policy choices and actions of the Fed’s policy-setting committee.

“He has always been someone who wants to follow the idea he has — even if it’s controversial,” his wife, Marsha Stroh Goodfriend, said. The two met while working at the Richmond Fed 41 years ago and dated for nearly four decades before marrying in 2017, she said.

“Marvin was a big believer in public service,” she said.

Besides his wife, he is survived by his sister, Miriam Rapaport, and a stepson, William Shuler.

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