Steven Furnagiev

Assistant ProfessorEconomics

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.

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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