Frederic Mishkin
Encyclopedia
Frederic Stanley "Rick" Mishkin (born January 11, 1951) is an American
economist
and professor at the Columbia Business School
. He was a member of the Board of Governors of the Federal Reserve System
from 2006 to 2008.
to Sidney Mishkin (b. 1913, d. 1991) and Jeanne Silverstein. His late father endowed the Sidney Mishkin Gallery at Baruch College
of the City University of New York
.
He attended Fieldston School
and received a B.S. (1973) and Ph.D. (1976), both in economics
, from the Massachusetts Institute of Technology
. In 1999, he received an honorary professorship from the People's (Renmin) University of China
.
He is married to Sally Hammond, a landscape designer. They have a son, Matthew, and a daughter, Laura.
since 1983. He held the A. Barton Hepburn Professorship of Economics from 1991 to 1999, when he was appointed Alfred Lerner Professor of Banking and Financial Institutions. He was also a research associate at the National Bureau of Economic Research
(1980 to 2006) and a senior fellow at the Federal Deposit Insurance Corporation
's Center for Banking Research (2003 to 2006). Dr. Mishkin was also a professor at the University of Chicago
(1976-1983), a visiting professor at Northwestern University
(1982-1983), and visiting professor at Princeton University
(1990-1991).
From 1994 to 1997, Mishkin was Executive Vice President and Director of Research at the Federal Reserve Bank of New York
and an Associate Economist of the Federal Open Market Committee of the Federal Reserve System. Dr. Mishkin was the editor of the Federal Reserve Bank of New York's Economic Policy Review and later served on that journal's editorial board. From 1997 to 2006, he also was an academic consultant to and served on the Economic Advisory Panel of the Federal Reserve Bank of New York. Mishkin has been an academic consultant to the Board of Governors and a visiting scholar at the Board's Division of International Finance.
Mishkin has been a consultant to the World Bank
, the Inter-American Development Bank
, and the International Monetary Fund
, as well as to numerous central banks throughout the world. He was also a member of the International Advisory Board to the Financial Supervisory Service of South Korea and an adviser to the Institute for Monetary and Economic Research at the Bank of Korea
.
In 2006, Mishkin co-authored a report called "Financial Stability in Iceland". The report maintained that Iceland's economic fundamentals were strong. The report was commissioned by the Icelandic Chamber of Commerce in response to critical coverage of the Icelandic economy and certain Icelandic companies in the international business media. Mishkin was paid $124,000 to co-author the report.
Iceland subsequently experienced a spectacular collapse two and a half years after Mishkin's report. According to the documentary "Inside Job
," on Mishkin's curriculum vitae (CV) the title of the report was changed to "Financial Instability in Iceland". At the present time (March 2011), Mishkin's CV lists the report with its original title. Mishkin wrote a note published on October 6, 2010 at the Financial Times' blog titled "The economist’s reply to the “Inside Job”" explaining his participation in the documentary "Inside Job
". The director of "Inside Job," Charles Ferguson
, responded in detail to Mishkin's note on October 14, 2010 at the same blog.
Mishkin was confirmed as a member of the Board of Governors of the Federal Reserve on September 5, 2006 to fill an unexpired term ending January 31, 2014. On May 28, 2008, he submitted his resignation from the Board of Governors, effective August 31, 2008, in order to revise his textbook and resume his teaching duties at Columbia Business School
.
and its impact on financial market
s and the aggregate economy. He is the author of more than fifteen books and has published numerous articles in professional journals and books. Mishkin has served on the editorial board of the American Economic Review
and has been an associate editor at the Journal of Business and Economic Statistics, the Journal of Applied Econometrics, and the Journal of Economic Perspectives
. He is currently an associate editor (member of the editorial board) at the Journal of Money, Credit and Banking, Macroeconomics and Monetary Economics Abstracts, Journal of International Money and Finance, International Finance, and Finance India.
Mishkin is the author of the textbook
Economics of Money, Banking, and Financial Markets
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
economist
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and professor at the Columbia Business School
Columbia Business School
Columbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
. He was a member of the Board of Governors of the Federal Reserve System
Federal Reserve System
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907...
from 2006 to 2008.
Early life and family
Mishkin was born in New York CityNew York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
to Sidney Mishkin (b. 1913, d. 1991) and Jeanne Silverstein. His late father endowed the Sidney Mishkin Gallery at Baruch College
Baruch College
Bernard M. Baruch College, more commonly known as Baruch College, is a constituent college of the City University of New York, located in the Flatiron district of Manhattan, New York City. With an acceptance rate of just 23%, Baruch is among the most competitive and diverse colleges in the nation...
of the City University of New York
City University of New York
The City University of New York is the public university system of New York City, with its administrative offices in Yorkville in Manhattan. It is the largest urban university in the United States, consisting of 23 institutions: 11 senior colleges, six community colleges, the William E...
.
He attended Fieldston School
Ethical Culture Fieldston School
The Ethical Culture Fieldston School, known as "Fieldston", is a private "independent" school in New York City and a member of the Ivy Preparatory School League. It has about 1600 students and a staff of 400 people , led by Dr. Damian J...
and received a B.S. (1973) and Ph.D. (1976), both in economics
Economics
Economics is the social science that analyzes the production, distribution, and consumption of goods and services. The term economics comes from the Ancient Greek from + , hence "rules of the house"...
, from the Massachusetts Institute of Technology
Massachusetts Institute of Technology
The Massachusetts Institute of Technology is a private research university located in Cambridge, Massachusetts. MIT has five schools and one college, containing a total of 32 academic departments, with a strong emphasis on scientific and technological education and research.Founded in 1861 in...
. In 1999, he received an honorary professorship from the People's (Renmin) University of China
Renmin University of China
Renmin University of China; RUC, also known as People's University of China , colloquially Renda , is a major research university in Haidian District, Beijing, China. Its campus neighbors those of Peking University and Tsinghua University....
.
He is married to Sally Hammond, a landscape designer. They have a son, Matthew, and a daughter, Laura.
Career
Mishkin has been a full professor at Columbia Business SchoolColumbia Business School
Columbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
since 1983. He held the A. Barton Hepburn Professorship of Economics from 1991 to 1999, when he was appointed Alfred Lerner Professor of Banking and Financial Institutions. He was also a research associate at the National Bureau of Economic Research
National Bureau of Economic Research
The National Bureau of Economic Research is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is well known for providing start and end...
(1980 to 2006) and a senior fellow at the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
's Center for Banking Research (2003 to 2006). Dr. Mishkin was also a professor at the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
(1976-1983), a visiting professor at Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
(1982-1983), and visiting professor at Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
(1990-1991).
From 1994 to 1997, Mishkin was Executive Vice President and Director of Research at the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
and an Associate Economist of the Federal Open Market Committee of the Federal Reserve System. Dr. Mishkin was the editor of the Federal Reserve Bank of New York's Economic Policy Review and later served on that journal's editorial board. From 1997 to 2006, he also was an academic consultant to and served on the Economic Advisory Panel of the Federal Reserve Bank of New York. Mishkin has been an academic consultant to the Board of Governors and a visiting scholar at the Board's Division of International Finance.
Mishkin has been a consultant to the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, the Inter-American Development Bank
Inter-American Development Bank
The Inter-American Development Bank is the largest source of development financing for Latin America and the Caribbean...
, and the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
, as well as to numerous central banks throughout the world. He was also a member of the International Advisory Board to the Financial Supervisory Service of South Korea and an adviser to the Institute for Monetary and Economic Research at the Bank of Korea
Bank of Korea
The Bank of Korea is the central bank of South Korea and issuer of South Korean won. It was established on June 12, 1950 at Seoul, South Korea.The Bank's primary purpose is price stability. For that, the Bank targets inflation...
.
In 2006, Mishkin co-authored a report called "Financial Stability in Iceland". The report maintained that Iceland's economic fundamentals were strong. The report was commissioned by the Icelandic Chamber of Commerce in response to critical coverage of the Icelandic economy and certain Icelandic companies in the international business media. Mishkin was paid $124,000 to co-author the report.
Iceland subsequently experienced a spectacular collapse two and a half years after Mishkin's report. According to the documentary "Inside Job
Inside Job (film)
Inside Job is a 2010 documentary film about the late-2000s financial crisis directed by Charles H. Ferguson. The film is described by Ferguson as being about "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption." In five...
," on Mishkin's curriculum vitae (CV) the title of the report was changed to "Financial Instability in Iceland". At the present time (March 2011), Mishkin's CV lists the report with its original title. Mishkin wrote a note published on October 6, 2010 at the Financial Times' blog titled "The economist’s reply to the “Inside Job”" explaining his participation in the documentary "Inside Job
Inside Job (film)
Inside Job is a 2010 documentary film about the late-2000s financial crisis directed by Charles H. Ferguson. The film is described by Ferguson as being about "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption." In five...
". The director of "Inside Job," Charles Ferguson
Charles Ferguson
Charles Ferguson may refer to:*Charles A. Ferguson , Stanford University linguist*Charles H. Ferguson, film director and co-founder of Vermeer Technologies Inc.*Charles Frederick Ferguson Charles Ferguson may refer to:*Charles A. Ferguson (1921–1998), Stanford University linguist*Charles H....
, responded in detail to Mishkin's note on October 14, 2010 at the same blog.
Mishkin was confirmed as a member of the Board of Governors of the Federal Reserve on September 5, 2006 to fill an unexpired term ending January 31, 2014. On May 28, 2008, he submitted his resignation from the Board of Governors, effective August 31, 2008, in order to revise his textbook and resume his teaching duties at Columbia Business School
Columbia Business School
Columbia Business School is the business school of Columbia University in Manhattan, New York City. It was established in 1916 to provide business training and professional preparation for undergraduate and graduate Columbia University students...
.
Authorships and publications
Mishkin's research focuses on monetary policyMonetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
and its impact on financial market
Financial market
In economics, a financial market is a mechanism that allows people and entities to buy and sell financial securities , commodities , and other fungible items of value at low transaction costs and at prices that reflect supply and demand.Both general markets and...
s and the aggregate economy. He is the author of more than fifteen books and has published numerous articles in professional journals and books. Mishkin has served on the editorial board of the American Economic Review
American Economic Review
The American Economic Review is a peer-reviewed academic journal of economics publishing seven issues annually by the American Economic Association. First published in 1911, it is considered one of the most prestigious journals in the field. The current editor-in-chief is Penny Goldberg . The...
and has been an associate editor at the Journal of Business and Economic Statistics, the Journal of Applied Econometrics, and the Journal of Economic Perspectives
Journal of Economic Perspectives
The Journal of Economic Perspectives is an economic journal published by the American Economic Association. The journal is very broad in its scope...
. He is currently an associate editor (member of the editorial board) at the Journal of Money, Credit and Banking, Macroeconomics and Monetary Economics Abstracts, Journal of International Money and Finance, International Finance, and Finance India.
Mishkin is the author of the textbook
Textbook
A textbook or coursebook is a manual of instruction in any branch of study. Textbooks are produced according to the demands of educational institutions...
Economics of Money, Banking, and Financial Markets