Talk:Marvin Goodfriend

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I have a conflict of interest, which I will state explicitly at the outset: Goodfriend and I were graduate school classmates and have written many research papers together.

There is now a volume of memorial essays available at FRB Richmond (https://www.richmondfed.org/goodfriend), which is a collection that I organized and edited together with Alexander Wolman.

The design is that a number of leading macroeconomists (working as individuals or as teams) each contributed an essay linked to one of Goodfriend's major publications, sometimes agreeing and sometimes not. The website contains BOTH these original essays AND republications of the original papers (sometimes these are not available to individuals in low income countries or outside of academia because they are behind "must pay" firewalls.) I secured the republication for this memorial volume so they'd be broadly available on the Richmond Fed's website.

Why should a Wikipedia reader care about any of this material? The user physiocrat1 did a nice job of one sentence descriptions of some of Goodfriend's papers, but some encyclopedia readers will likely want to know more about the influence of Goodfriend's ideas.

For some examples: what does Ben Bernanke think about "Goodfriend and the zero lower bound?" or "what does Douglas Diamond think about Goodfriend's work on separating monetary and credit policy" or "what does Thomas Sargent think about Goodfriend's analysis of the the role of credibility in the (Volcker) disinflation of the 1980s? Note that these authors are all Nobel laureates, two just this month.

I think a good encyclopedia entry provides a summary, but also encourages the interested reader to take the next steps on a substantive journey.

I originally recommended the addition of a section just prior to references with the following information

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Memorial Volume

A collection of essays, Marvin Goodfriend: Economist and Central Banker was published in 2020 by the Federal Reserve Bank of Richmond in book and website form (https://www.richmondfed.org/goodfriend ). The book is opened with the personal reflections of J. Alfred Broaddus, Donald Kohn, and William Poole.

Essays on a selection of Goodfriend's diverse policy ideas and research contributions include:

Central Bank Lending and Incentives (Kartik B. Athreya and Stephen D. Williamson), The Zero Lower Bound (Ben S. Bernanke), Federal Reserve Structure and Economic Ideas (Michael D. Bordo and Edward S. Prescott) Banking Policy and Monetary Policy (Douglas W. Diamond), Interest Rate Smoothing (Michael Dotsey, Andreas Hornstein and Alexander L. Wolman), Paying Interest on Bank Reserves (Huberto M. Ennis and John A. Weinberg), Reconsidering the Case for Price Stability (Vitor Gaspar and Frank Smets), The 2007 Monetary Policy Consensus in Retrospect (Mark Gertler), From the Great Inflation to the Great Moderation (Robert L. Hetzel), Credibility and Explicit Inflation Targeting (Robert G. King and Yang K. Lu) Taming Inflation Scares (Athanasios Orphanides and John C. Williams), Federal Reserve Independence: Is it Time for a New Treasury-Fed Accord? (Charles I. Plosser), Industrial Development and Convergence (Sergio T. Rebelo and Pierre-Daniel G. Sarte), Rational Expectations and Volcker’s Disinflation (Thomas J. Sargent), Monetary Mystique and the Fed’s Path Toward Increased Transparency (Lars E.O. Svensson), Interest Rate Policy (John B. Taylor), The Implications of Optimal Prediction Formulae (Mark W. Watson), The New Neoclassical Synthesis and the Role of Monetary Policy (Michael Woodford)

The Richmond Fed website also makes it easy to access the research papers and policy contributions related to these essays, some of which are referenced below.

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Melcous made a proposal for one sentence alternatively, which is the current form of the page.

Melcous also help me better understand some of Wikipedia's objectives and rules.

In response, I wrote to Melcous that I thought that there was value to more extensive material but I also recognized that "short and punchy is best."

I suggested to Melcous that "You seem to have some good ideas. physiocrat1 does too and seems to have read some core Goodfriend papers, sufficiently carefully that he/she has made appropriate corrections to the entries of other. Might you reach out to him and produce a synthetic effort?

Thanks for the time that you are spending on this (and educating me) Robert G. King Professor of Economics Boston University ([email protected])

Melcous recommended that I start a discussion on this pager, which I am doing. Rkingbu (talk) 04:09, 29 October 2022 (UTC)[reply]