"I think of economics as a universal subject for universally curious people. No matter your interests, economics instills a logic and order to almost any issue or policy question. If understanding things makes you happy, then economics will make you happy too."
Steve Furnagiev is an applied macroeconomist with a specialty in the consequences of structural change in international finance and time-series econometrics. His dissertation examined the role of macroeconomic fundamentals and risk in exchange rate determination. In doing so, he explored the consequences of structural change in market microstructure, and tested a new model of risk a la Imperfect Knowledge Economics. During graduate school, Steve spent time studying at the Kiel Institute for the World Economy in Kiel, Germany, and at the University of Copenhagen. At Goucher, Steve teaches courses in macroeconomics, econometrics, and history of economic thought. When he is not teaching, Steve is thinking about teaching. He also enjoys cooking, listening to podcasts, playing video games, and watching TV.
Research, Scholarship, Creative Work in Progress
Predictions are unavoidable. One might need to predict the future state of the economy, the weather, or if a friend will like a particular gift. To make a prediction, we take the information available to us from research or from experience, and we use that to form the best prediction we can. At different points in time, however, the type of information that matters or how that information matters is likely to change. When it does, so too will the way in which we make that prediction. In the literature, this is called a structural break. Steve’s current research focuses on how the presence of structural breaks influences our ability to make predictions of exchange rates in foreign exchange markets. In doing so, he tries to better understand what factors are most important in determining exchange rates, such as macroeconomic conditions or risk.
De Roure, Calebe, Steven Furnagiev, and Stefan Reitz. (2015) "The microstructure of exchange rate management: FX intervention and capital controls in Brazil."Applied Economics 47, no. 34-35: 3617-3632.
Furnagiev, Steven. (2011) "Current Use Tax and Liberty." American Institute for Economic Research. Economic Bulletin.
External Awards, Honors, Grants
Dissertation Year Fellowship, UNH Graduate School, 2015-2016
Outstanding Graduate Student Teaching Award, UNH, 2014-2015
Conference Papers & Panel Participation
Southern Economic Association, November 2016
Southern Economic Association, November 2015
University of New Hampshire, Seminar Series, April 2015
Kiel Workshop on International Finance. Kiel, Germany, February 2015
Kiel Seminar Series. Kiel, Germany, May 2013
Academic or Professional Associations
American Economic Association
Academy of Economics and Finance