Michael Goldberg

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

Michael D. Goldberg is a Professor of Economics at the University of New Hampshire, where his teaching, research, and service have been recognized with multiple honors, including the University's Outstanding Associate Professor Award and Outstanding Graduate Faculty Mentor Award. 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 macroeconomic modeling that recognizes the importance of unforeseeable structural change in macroeconomic 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

  • Financial Markets
  • International Economics
  • Macroeconomics

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 746: International Finance
  • ECON 871: Macroeconomic Consulting
  • ECON 890: Analytical Econ. Practicum
  • ECON 946: International Finance
  • ECON 978: Teaching Economics

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

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., & Mangee, N. (2015). Knightian Uncertainty and Stock-Price Movements: Why the REH Present-Value Model Failed Empirically. ECONOMICS-THE OPEN ACCESS OPEN-ASSESSMENT E-JOURNAL, 9. doi:10.5018/economics-ejournal.ja.2015-24

Frydman, R., & Goldberg, M. D. (2013). Fallibility in formal macroeconomics and finance theory. Journal of Economic Methodology, 20(4), 386-396. doi:10.1080/1350178x.2013.859425

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). 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.

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.

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.

Frydman, R., & Goldberg, M. D. (2009). Financial Markets and the State: Long Swings, Risk, and the Scope of Regulation. Capitalism and Society, 4(2). doi:10.2202/1932-0213.1061

Goldberg, M. D. (2008). The Dollar-Euro Exchange Rate and the Limits of Knowledge. Economic Essays, 23, 7.

Frydman, R., & Goldberg, M. D. (2008). Macroeconomic Theory for a World of Imperfect Knowledge. Capitalism and Society, Vol. 3, (3).

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

Goldberg, M. D., & Frydman, R. (2003). Imperfect Knowledge Expectations, Uncertainty Adjusted Uncovered Interest Rate Parity, and Exchange Rate Economics. In P. Agion, R. Frydman, J. Stiglitz, & M. Woodford (Eds.), Knowledge, Information, and Expectations in Modern Macroeconomics In Honor of Edmund S. Phelps (pp. 145). Princeton University Press.

Goldberg, M. D., Frydman, R., & Martel, B. (2001). A Money-Output Connection in a Walrasian Model with Wealth Effects. In G. Chaloupek, A. Guger, E. Nowotny, & G. Schwodiauer (Eds.), Economics in Theory and Practice: A Festschrift for Helmut Frisch (pp. 107). Springer.

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. ECONOMIC JOURNAL, 106(437), 869-893. doi:10.2307/2235362

Goldberg, M. D., & Frydman, R. (1996). Empirical exchange rate models and shifts in the co-integrating vector. Structural Change and Economic Dynamics, 7(1), 55-78. doi:10.1016/0954-349x(95)00038-o


Goldberg, M. D., & Frydman, R. (1993). Theories Consistent Expectations and Exchange Rate Dynamics. In H. Frisch, & A. Worgoter (Eds.), Open-Economy Macroeconomics (pp. 377). MacMillan Press Limited.

Schulmeister, S., & Goldberg, M. D. (1989). Noise Trading and the Efficiency of Financial Markets.