Michael Goldberg

Michael Goldberg

Professor of Economics
Phone: (603) 862-3385
Office: Economics, Paul College Rm 370F, Durham, NH 03824
Pronouns: He/him/his

Michael D. Goldberg is a Professor of Economics at the University of New Hampshire, where he has taught undergraduate and graduate students since 1991 and has received multiple awards for his teaching, research, and service. Mike was a senior research associate at the Institute for New Economic Thinking (INET) from 2011-2015 and held visiting research and teaching positions at Baruch College, New York University, Central European University (Prague, Czech Republic), Institute for Advanced Studies (Vienna, Austria), and University of Copenhagen (Denmark). He has written extensively in the fields of International Finance and Macroeconomics. His columns on asset price fluctuations and policy reform have been published by leading newspapers in more than 50 countries, including the Financial Times, Times of London, The Guardian, Die Welt, The Shanghai Daily, The Japan Times, and La Tribune. 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 macroeconomics and finance that is “deeply original” (Edmund S. Phelps, Nobel Laureate in Economics) and “opens new doors” (Kenneth J. Arrow, Nobel Laureate in Economics). 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, Polish, French, and German. Imperfect Knowledge Economics has been translated into Chinese and Polish.

Courses Taught

  • ECON 401: Principles of Economics Macro
  • ECON 401H: Honors/Prin of Economics Macro
  • ECON 611: Inter Macroeconomic Analysis
  • ECON 720/871: Economic Problems
  • ECON 871: Macroeconomic Consulting
  • ECON 890: Analytical Econ. Practicum
  • ECON 946: International Finance
  • ECON 978: Teaching Economics


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

Research Interests

  • Financial Markets
  • International Economics
  • Macroeconomics

Selected Publications

  • Goldberg, M., Kozlova, O., Ozabaci, D., & Sullivan, P. (2024). The Instability of the Bilson-Fama Forward Rate Anomaly. Critical Finance Review.

  • 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

  • Goldberg, M. D., Kozlova, O., & Ozabaci, D. (2020). Forward Rate Bias in Developed and Developing Countries: More Risky Not Less Rational. ECONOMETRICS, 8(4). doi:10.3390/econometrics8040043

  • 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. (2011). Beyond Mechanical Markets Asset Price Swings, Risk, and the Role of the State. Princeton University Press.

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