Frederic S. Mishkin
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Frederic Stanley "Rick" Mishkin (born January 11, 1951) is an American economist and Alfred Lerner professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. He was a member of the
Federal Reserve Board of Governors The Board of Governors of the Federal Reserve System, commonly known as the Federal Reserve Board, is the main governing body of the Federal Reserve System. It is charged with overseeing the Federal Reserve Banks and with helping implement the mo ...
from 2006 to 2008.


Early life and education

Mishkin was born in
New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...
to Sidney Mishkin (1913–1991) and Jeanne Silverstein. His late father endowed the Mishkin Gallery at
Baruch College Baruch College (officially the Bernard M. Baruch College) is a public college in New York City, United States. It is a constituent college of the City University of New York system. Named for financier and statesman Bernard M. Baruch, the colle ...
of the
City University of New York The City University of New York (CUNY, pronounced , ) is the Public university, public university system of Education in New York City, New York City. It is the largest urban university system in the United States, comprising 25 campuses: eleven ...
. He attended Fieldston School, then received a B.S. (1973) and Ph.D. (1976), both in
economics Economics () is a behavioral science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interac ...
, from the
Massachusetts Institute of Technology The Massachusetts Institute of Technology (MIT) is a Private university, private research university in Cambridge, Massachusetts, United States. Established in 1861, MIT has played a significant role in the development of many areas of moder ...
. His doctoral advisor was
Stanley Fischer Stanley Fischer (; October 15, 1943 – May 31, 2025) was an American and Israeli economist who served as the 20th vice chair of the Federal Reserve from 2014 to 2017. Fischer previously served as the 8th governor of the Bank of Israel from 2 ...
. In 1999, he received an honorary professorship from the People's (Renmin) University of China.


Career

Mishkin has been a full professor at
Columbia Business School Columbia Business School (CBS) is the business school of Columbia University, a Private university, private research university in New York City. Established in 1916, Columbia Business School is one of six Ivy League business schools and one of ...
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 The National Bureau of Economic Research (NBER) is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic co ...
(1980 to 2006) and a senior fellow at the
Federal Deposit Insurance Corporation The Federal Deposit Insurance Corporation (FDIC) is a State-owned enterprises of the United States, United States government corporation supplying deposit insurance to depositors in American commercial banks and savings banks. The FDIC was cr ...
's Center for Banking Research (2003 to 2006). Dr. Mishkin was also a professor at the
University of Chicago The University of Chicago (UChicago, Chicago, or UChi) is a Private university, private research university in Chicago, Illinois, United States. Its main campus is in the Hyde Park, Chicago, Hyde Park neighborhood on Chicago's South Side, Chic ...
(1976–1983), a
visiting professor In academia, a visiting scholar, visiting scientist, visiting researcher, visiting fellow, visiting lecturer, or visiting professor is a scholar from an institution who visits a host university to teach, lecture, or perform research on a topic fo ...
at
Northwestern University Northwestern University (NU) is a Private university, private research university in Evanston, Illinois, United States. Established in 1851 to serve the historic Northwest Territory, it is the oldest University charter, chartered university in ...
(1982–1983), and visiting professor at
Princeton University Princeton University is a private university, private Ivy League research university in Princeton, New Jersey, United States. Founded in 1746 in Elizabeth, New Jersey, Elizabeth as the College of New Jersey, Princeton is the List of Colonial ...
(1990–1991). From 1994 to 1997, Mishkin was executive vice president and director of research at the
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 responsible for the Second District of the Federal Reserve System, which encompasses the New York (state), State of New York, the 12 norther ...
and an associate economist of the Federal Open Market Committee of the Federal Reserve System. 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 World Bank is an international financial institution that provides loans and Grant (money), grants to the governments of Least developed countries, low- and Developing country, middle-income countries for the purposes of economic development ...
, the
Inter-American Development Bank The Inter-American Development Bank (IDB or IADB) is an international development finance institution headquartered in Washington, D.C., United States of America. It serves as one of the leading sources of development financing for the countri ...
, and the
International Monetary Fund The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of las ...
, 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 The Bank of Korea (BOK; ) is the central bank of South Korea and issuer of South Korean won. It was established on 12 June 1950 in Seoul, South Korea. The bank's primary purpose is price stability. For that, the bank inflation targeting, targ ...
. 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. Two and a half years later, Iceland experienced a spectacular financial collapse. According to the documentary film ''
Inside Job An inside job is a crime committed by a person in a position of trust, or with the help of someone either employed by the victim or entrusted with access to the victim's affairs or premises. Inside Job may also refer to: Books * ''Inside J ...
'', the title of the report was changed to ''Financial Instability in Iceland'' on Mishkin's ''
curriculum vitae In English, a curriculum vitae (,
'' (CV). Mishkin's CV was later corrected to list the report with its original title. Mishkin wrote a note published on October 6, 2010, at the Financial Times' blog explaining his participation in the documentary ''Inside Job''. The director of ''Inside Job'', Charles Ferguson, responded to Mishkin's note 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, in the middle of the financial collapse, 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 (CBS) is the business school of Columbia University, a Private university, private research university in New York City. Established in 1916, Columbia Business School is one of six Ivy League business schools and one of ...
.


Authorships and publications

Mishkin's research focuses on
monetary policy Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rat ...
and its impact on
financial market A financial market is a market in which people trade financial securities and derivatives at low transaction costs. Some of the securities include stocks and bonds, raw materials and precious metals, which are known in the financial marke ...
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 The ''American Economic Review'' is a monthly peer-reviewed academic journal first published by the American Economic Association in 1911. The current editor-in-chief is Erzo FP Luttmer, a professor of economics at Dartmouth College. The journal is ...
'' 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 The ''Journal of Economic Perspectives'' (''JEP'') is an economic journal published by the American Economic Association. The journal was established in 1987. The JEP was founded by Joseph Stiglitz, Carl Shapiro, and Timothy Taylor. It is orien ...
''. He was 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 (What's New in Economics)'' (13th edition, 2021)


Personal life

He is married to Sally Hammond, a landscape designer. They have a son and a daughter.


References


External links


Columbia Business School biographical articleResignation letterThe economist’s reply to the “Inside Job”Statements and Speeches of Frederic S. Mishkin
{{DEFAULTSORT:Mishkin, Frederic S. 1951 births 20th-century American Jews American male non-fiction writers American textbook writers Columbia Business School faculty Ethical Culture Fieldston School alumni Federal Reserve System governors American financial economists Living people MIT School of Humanities, Arts, and Social Sciences alumni Northwestern University faculty Princeton University faculty University of Chicago faculty George W. Bush administration personnel 21st-century American Jews 20th-century American economists 21st-century American economists Social scientists from New York City Academics from New York City