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 m ...
from 2006 to 2008.
Early life and education
Mishkin was born in
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
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. It is a constituent college of the City University of New York system. Named for financier and statesman Bernard M. Baruch, the college operates unde ...
of the
City University of New York. He attended
Fieldston School
Ethical Culture Fieldston School (ECFS), also referred to as Fieldston, is a private independent school in New York City. The school is a member of the Ivy Preparatory School League. The school serves approximately 1,700 students with 480 facult ...
, then received a B.S. (1973) and Ph.D. (1976), both in
economics
Economics () is the social science that studies the production, distribution, and consumption of goods and services.
Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...
, from the
Massachusetts Institute of Technology
The Massachusetts Institute of Technology (MIT) is a private land-grant research university in Cambridge, Massachusetts. Established in 1861, MIT has played a key role in the development of modern technology and science, and is one of the ...
. His doctoral advisor was
Stanley Fischer. 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 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 c ...
(1980 to 2006) and a senior fellow at the
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation (FDIC) is one of two agencies that supply deposit insurance to depositors in American depository institutions, the other being the National Credit Union Administration, which regulates and insures 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, U of C, or UChi) is a private university, private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park, Chicago, Hyde Park neighborhood. The University of Chic ...
(1976–1983), a
visiting professor
In academia, a visiting scholar, 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 for which the visitor ...
at
Northwestern University
Northwestern University is a private research university in Evanston, Illinois. Founded in 1851, Northwestern is the oldest chartered university in Illinois and is ranked among the most prestigious academic institutions in the world.
Charte ...
(1982-1983), and visiting professor at
Princeton University
Princeton University is a private research university in Princeton, New Jersey. Founded in 1746 in Elizabeth as the College of New Jersey, Princeton is the fourth-oldest institution of higher education in the United States and one of the ...
(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 World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the Inte ...
, the
Inter-American Development Bank, and the
International Monetary Fund
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster glo ...
, 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 the Republic of Korea and issuer of Korean Republic won. It was established on 12 June 1950 in Seoul, South Korea.
The bank's primary purpose is price stability. For that, the bank targets in ...
.
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 insider threat is a malicious threat to an organization that comes from people within the organization, such as employees, former employees, contractors or business associates, who have inside information concerning the organization's security ...
'', the title of the report was changed to ''Financial Instability in Iceland'' on Mishkin's ''
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.
Authorships and publications
Mishkin's research focuses on
monetary policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often a ...
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 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
The ''Journal of Economic Perspectives'' (JEP) is an economic journal published by the American Economic Association. The journal was established in 1987. It is very broad in its scope. According to its editors its purpose is:
#to synthesize and ...
''. 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)'' (12th edition)
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
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