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 theFederal Reserve Board of Governorsfrom 2006 to 2008.
Rick Mishkin | |
|---|---|
 | |
| Member of theFederal 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 January 11, 1951 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
editMishkin was born inNew York Cityto Sidney Mishkin (1913–1991) and Jeanne Silverstein. His late father endowed theMishkin GalleryatBaruch Collegeof theCity University of New York.[1]He attendedFieldston School,then received a B.S. (1973) and Ph.D. (1976), both ineconomics,from theMassachusetts Institute of Technology.His doctoral advisor wasStanley Fischer.[2]In 1999, he received an honorary professorship from thePeople's (Renmin) University of China.
Career
editMishkin has been a full professor atColumbia Business Schoolsince 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 theNational Bureau of Economic Research(1980 to 2006) and a senior fellow at theFederal Deposit Insurance Corporation's Center for Banking Research (2003 to 2006). Dr. Mishkin was also a professor at theUniversity of Chicago(1976–1983), avisiting professoratNorthwestern University(1982–1983), and visiting professor atPrinceton University(1990–1991).[3]
From 1994 to 1997, Mishkin was executive vice president and director of research at theFederal Reserve Bank of New Yorkand 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.[3]
Mishkin has been a consultant to theWorld Bank,theInter-American Development Bank,and theInternational 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 theBank of Korea.[3]
In 2006 Mishkin co-authored a report calledFinancial Stability in Iceland.[4]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.[3]Mishkin was paid $124,000 to co-author the report.[5]
Two and a half years later, Iceland experienced aspectacular financial collapse.According to the documentary filmInside Job,the title of the report was changed toFinancial Instability in Icelandon Mishkin'scurriculum vitae(CV). Mishkin's CV was later corrected to list the report with its original title.[6]Mishkin wrote a note published on October 6, 2010, at the Financial Times' blog explaining his participation in the documentaryInside Job.[7]The director ofInside Job,Charles Ferguson,responded to Mishkin's note at the same blog.[8]
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.[3]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 atColumbia Business School.[9]
Authorships and publications
editMishkin's research focuses onmonetary policyand its impact onfinancial marketsand 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 theAmerican Economic Reviewand has been an associate editor at theJournal of Business and Economic Statistics,theJournal of Applied Econometrics,and theJournal of Economic Perspectives.He was an associate editor (member of the editorial board) at theJournal of Money, Credit and Banking, Macroeconomics and Monetary Economics Abstracts,Journal of International Money and Finance,International Finance,andFinance India.
Mishkin is the author of the textbookEconomics of Money, Banking, and Financial Markets (What's New in Economics)(13th edition, 2021)ISBN978-0134733821
Personal life
editHe is married to Sally Hammond, a landscape designer. They have a son and a daughter.[10]
References
edit- ^"Mishkin Gallery".Baruch College, Weissman School of Arts & Sciences.Retrieved29 December2020.[permanent dead link]
- ^Illiquidity, the demand for consumer durables, and monetary policy.
- ^abcde"FRB Biography of Mishkin".frb.gov. Archived fromthe originalon 2008-02-23.Retrieved2008-07-07.
- ^"Iceland chamber of commerce – News".Archived fromthe originalon 2007-07-26.Retrieved2007-09-25.
- ^"Mishkin's very own Icelandic blow-up".Financial Times.Retrieved2007-09-25.
- ^Verified on 20 March 2011 atMishkin CV online at Columbia University.
- ^"The economist's reply to the" Inside Job "| Economists' Forum | Economics blog from the Financial Times – FT".2012-01-18. Archived fromthe originalon 2012-01-18.Retrieved2021-12-22.
- ^"The director of 'Inside Job' replies | Economists' Forum | Economics blog from the Financial Times – FT".2012-01-17. Archived fromthe originalon 2012-01-17.Retrieved2021-12-22.
- ^"Resignation Letter"(PDF).frb.gov.Retrieved2008-07-07.
- ^"Mishkin named to Federal Reserve".Columbia University Record.22 April 1884.Retrieved29 December2020.