Noland was educated at Swarthmore College (BA) and the Johns Hopkins University (PhD). He is currently a senior fellow at the Peterson Institute for International Economics and at the East-West Center. He was previously a senior economist at the Council of Economic Advisers in the Executive Office of the President of the United States. He has held research or teaching positions at Yale University, the Johns Hopkins University, the University of Southern California, Tokyo University, Saitama University (now the National Graduate Institute for Policy Studies), the University of Ghana, the Korea Development Institute, and the East-West Center. He has received fellowships sponsored by the Japan Society for the Promotion of Science, the Council on Foreign Relations, the Council for the International Exchange of Scholars, and the Pohang Iron and Steel Corporation (POSCO).
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