Frederic Mishkin

Frederic Stanley "Rick" Mishkin (born January 11, 1951) is an American economist; who holds the position of Banking and Financial Institutions Alfred Lerner Professor at the Graduate School of Business, Columbia University. He served as a member of the Federal Reserve Board of Governors from 2006 to 2008.

Rick Mishkin
Member of the Federal Reserve Board of Governors
In office September 5, 2006 – August 31, 2008
President	George W. Bush
Preceded by	Roger W. Ferguson Jr.
Succeeded by	Jerome Powell
Personal details
Born	Frederic Stanley Mishkin (1951-01-11) January 11, 1951 (age 74) New York City, New York, U.S.
Political party	Independent
Spouse	Sally Hammond
Children	2
Education	Massachusetts Institute of Technology (BS, MS, PhD)

Early life and education

Mishkin was born in New York City to Sidney Mishkin (1913–1991) and Jeanne Silverstein. His father, Sidney Mishkin, endowed the Mishkin Gallery at Baruch College of the City University of New York. ^[1]

He attended the Fieldston School and later earned a both B.S. in economics in 1973 and a Ph.D. in economics in 1976 from the Massachusetts Institute of Technology. His doctoral advisor was Stanley Fischer.^[2] In 1999, he was awarded an honorary professorship by the People's (Renmin) University of China.

Career

Mishkin has been a full professor at Columbia Business School since 1983. He held the A. Barton Hepburn Professorship of Economics from 1991 to 1999, after which he was appointed Alfred Lerner Professor of Banking and Financial Institutions.^[3] He was a research associate at the National Bureau of Economic Research from 1980 to 2006, and a senior fellow at the Federal Deposit Insurance Corporation's Center for Banking Research between 2003 and 2006.^[4]

He previously taught at the University of Chicago (1976–1983)^{[citation needed]}, was a visiting professor at Northwestern University (1982–1983), and held a visiting position at Princeton University (1990–1991).^[4]

From 1994 to 1997, Mishkin served as executive vice president and director of research at the Federal Reserve Bank of New York, and was an associate economist of the Federal Open Market Committee.^[5] He also edited the bank’s Economic Policy Review and served on its editorial board. Between 1997 and 2006, he worked as an academic consultant and was a member of the economic advisory panel of the Federal Reserve Bank of New York. He has also served as a consultant to the Federal Reserve Board and as a visiting scholar in its Division of International Finance. ^[4]

Mishkin has worked as a consultant to several international organizations, including the World Bank, the Inter-American Development Bank, and the International Monetary Fund. He has also advised numerous central banks globally. Additionally, he served on the International Advisory Board of South Korea's Financial Supervisory Service and advised the Institute for Monetary and Economic Research at the Bank of Korea.^[6]

In 2006, he co-authored the report Financial Stability in Iceland, commissioned by the Icelandic Chamber of Commerce in response to international media criticism. The report stated that Iceland's economic fundamentals were strong.^[7] Mishkin received $124,000 for co-authoring the report.^[8]

Iceland experienced a major financial collapse two and a half years later. The 2010 documentary film Inside Job claimed that Mishkin’s curriculum vitae (CV) had listed the report title as Financial Instability in Iceland instead. His CV no longer lists any work related to Iceland^[6] In a 2010 blog post for the Financial Times, he explained his participation in the film.^[9] Director Charles H. Ferguson responded to Mishkin’s remarks on the same blog.^[10]

Mishkin was confirmed as a member of the Federal Reserve Board of Governors on September 5, 2006, to fill an unexpired term ending January 31, 2014.^[4] He resigned from the board effective August 31, 2008, to revise his textbook and return to teaching at Columbia Business School.^[11]

Authorships and publications

Mishkin's research focuses on monetary policy and its impact on financial markets 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 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) ISBN 978-0134733821

Personal life

He is married to Sally Hammond, a landscape designer. They have a son and a daughter.^[12]