Michael Goldberg

Todd H. Crockett Professor of Economics
Phone: (603) 862-3385
Office: Economics, Paul College Rm 370F, Durham, NH 03824
Michael Goldberg

Michael D. Goldberg is the Todd H. Crockett Professor of Economics at the University of New Hampshire. He has written extensively in the fields of International Finance and Macroeconomics and his columns on asset price fluctuations and policy reform have been published by leading newspapers in more than 50 countries. His bestselling books, Imperfect Knowledge Economics: Exchange Rates and Risk (Princeton University Press, 2007) and Beyond Mechanical Markets: Asset Price Swings, Risk, and the Role of the State (Princeton University Press, 2011), both co-authored with Roman Frydman, propose a new approach to macroeconomic modeling that recognizes the importance of unforeseeable change in the process underpinning economic outcomes. Beyond Mechanical Markets was a finalist for the 2011 TIAA-CREF Paul A. Samuelson Award. The book was also one of the Financial Times non-fiction favorites of 2011, commended by its chief economics commentator, Martin Wolf. James Pressley of Bloomberg News also selected it as a top business book of 2011. Beyond Mechanical Markets has been translated into Chinese, Italian, Polish, French, and German. Imperfect Knowledge Economics has been translated into Chinese and Polish.


  • Ph.D., Economics, New York University
  • B.S., Business Administration and Economics, Lehigh University

Research Interests

  • International Economics
  • Macroeconomics

Courses Taught

  • ECON 401: Principles of Economics Macro
  • ECON 611: Inter Macroeconomic Analysis
  • ECON 746: International Finance
  • ECON 946: International Finance
  • ECON 978: Teaching Economics
  • PAUL 598: Top/Argument & Debate

Selected Publications

Goldberg, M., Cavusoglu, N., & Stillwagon, J. (2021). CURRENCY RETURNS AND DOWNSIDE RISK: DEBT, VOLATILITY, AND THE GAP FROM BENCHMARK VALUES. Journal of Macroeconomics. Retrieved from https://www.journals.elsevier.com/journal-of-macroeconomics

Mangee, N., & Goldberg, M. (2019). A Cointegrated VAR Analysis of Stock Price Models: Fundamentals, Psychology and Structural Change. Journal of Behavioral Finance, 21(4), 352-368. Retrieved from https://www.tandfonline.com/toc/hbhf20/current

Frydman, R., & Goldberg, M. D. (2013). Change and expectations in macroeconomic models: recognizing the limits to knowability. Journal of Economic Methodology, 20(2), 118-138. doi:10.1080/1350178x.2013.804677

Goldberg, M. D., & Frydman, R. (2013). Opening Models of Asset Prices and Risk to Nonroutine Change. In R. Frydman, & E. Phelps (Eds.), Rethinking Expectations The Way Forward for Macroeconomics (pp. 205). Princeton University Press.

Goldberg, M. D., & Frydman, R. (2013). The Imperfect Knowledge Imperative in Modern Macroeconomics and Finance Theory. In R. Frydman, & E. Phelps (Eds.), Rethinking Expectations The Way Forward for Macroeconomics (pp. 130). Princeton University Press.

Frydman, R., & Goldberg, M. D. (2011). Beyond Mechanical Markets Asset Price Swings, Risk, and the Role of the State. Princeton University Press.

Johansen, S., Juselius, K., Frydman, R., & Goldberg, M. D. (2010). Testing Hypotheses in an I(2) Model with Applications to the Persistent Long Swings in the Dmk/$ Rate. Journal of Econometrics, 158, 117-129.

Colander, D., Föllmer, H., Haas, A., Goldberg, M. D., Juselius, K., Kirman, A., . . . Sloth, B. (2009). The Financial Crisis and the Systemic Failure of Academic Economics. Critical Review, 21, 249.

Imperfect Knowledge Economics: Exchange Rates and Risk (2006). .

Goldberg, M. D., & Frydman, R. (2001). Macroeconomic fundamentals and the DM/$ exchange rate: Temporal instability and the monetary model. International Journal of Finance & Economics, 6(4), 421-435. doi:10.1002/ijfe.166

Goldberg, M. D. (2000). On empirical exchange rate models: what does a rejection of the symmetry restriction on short-run interest rates mean?. Journal of International Money and Finance, 19(5), 673-688. doi:10.1016/s0261-5606(00)00024-3

Goldberg, M. D., & Frydman, R. (1996). Imperfect Knowledge and Behaviour in the Foreign Exchange Market. The Economic Journal, 106(437), 869. doi:10.2307/2235362

Frydman, R., Goldberg, M. D., & Mangee, N. (n.d.). Knightian Uncertainty and Stock-Price Movements: Why the REH Present-Value Model Failed Empirically. Economics: The Open-Access, Open-Assessment E-Journal. doi:10.5018/economics-ejournal.ja.2015-24

Goldberg, M. D., Kozlova, O., & Ozabaci, D. (n.d.). Forward Rate Bias in Developed and Developing Countries: More Risky Not Less Rational. Econometrics, 8(4), 43. doi:10.3390/econometrics8040043