Frederic Mishkin
Frederic Stanley "Rick" Mishkin | |
|---|---|
| Born | January 11, 1951 New York City, U.S. |
| Occupation(s) | Economist, professor |
| Years active | 1976–present |
| Known for | Alfred Lerner Professorship of Banking and Financial Institutions at Columbia Business School; Member of the Federal Reserve Board of Governors (2006–2008) |
Frederic Stanley "Rick" Mishkin (born January 11, 1951) is a distinguished American economist currently holding the Alfred Lerner Professorship of Banking and Financial Institutions at Columbia Business School. He was a member of the Federal Reserve Board of Governors from 2006 until 2008.
Early life and education
Mishkin was born in New York City to Sidney Mishkin, the patron behind Baruch College’s Mishkin Gallery. He attended Fieldston School before pursuing higher education at MIT, where he completed his B.S. in 1973 and Ph.D. in economics in 1976 under the mentorship of Stanley Fischer. In recognition of his contributions, Renmin University of China awarded him an honorary professorship in 1999.
Career
Since 1983, Mishkin has been a full professor at Columbia Business School, initially occupying the A. Barton Hepburn Professorship from 1991 to 1999 before assuming his current role as the Alfred Lerner Professor. Between 1980 and 2006, he was affiliated with the National Bureau of Economic Research as a research associate and held a senior fellowship at the FDIC’s Center for Banking Research from 2003 to 2006.
Prior to his tenure at Columbia, he taught at the University of Chicago from 1976 to 1983 and held visiting professorships at Northwestern University (1982–1983) and Princeton University (1990–1991). From 1994 to 1997, Mishkin served as executive vice president and director of research at the Federal Reserve Bank of New York, while also acting as associate economist for the Federal Open Market Committee. He edited the bank’s Economic Policy Review and contributed to its economic advisory panel until 2006.
Mishkin has provided consultancy services to a range of international institutions including the World Bank, Inter-American Development Bank, IMF, and various central banks globally. His advisory roles extended to South Korea's Financial Supervisory Service International Advisory Board and the Bank of Korea’s Institute for Monetary and Economic Research.
In 2006, he co-wrote Financial Stability in Iceland for the Icelandic Chamber of Commerce, endorsing the country’s robust economic position; this engagement earned him $124,000. However, Iceland experienced a financial crisis two years later. The documentary Inside Job criticized Mishkin's participation in this report, highlighting inconsistencies regarding its listing on his curriculum vitae. Mishkin subsequently addressed these issues in a blog post for the Financial Times.
Appointed to the Federal Reserve Board of Governors on September 5, 2006, Mishkin stepped down on August 31, 2008, to update his textbook and resume teaching duties at Columbia Business School.
Authorships and publications
Mishkin’s scholarly work primarily investigates monetary policy and its influence on financial markets alongside the wider economy. He has penned over fifteen books and numerous articles published in premier academic journals. His editorial contributions include serving on boards for the American Economic Review, Journal of Business and Economic Statistics, Journal of Applied Econometrics, and Journal of Economic Perspectives. Additionally, he has been an associate editor for journals such as Journal of Money, Credit and Banking, Macroeconomics and Monetary Economics Abstracts, Journal of International Money and Finance, International Finance, and Finance India.
He is also recognized for authoring the widely adopted textbook Economics of Money, Banking, and Financial Markets (What's New in Economics), currently in its thirteenth edition as of 2021.
Personal life
Mishkin is wedded to Sally Hammond, who works as a landscape architect. Together, they are parents to two children.