Frederic Mishkin

Biography

Frederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. He is also a Research Associate at the National Bureau of Economic Research, and from September 2006 to August 2008 was a member (governor) of the Board of Governors of the Federal Reserve System. He has also been a Senior Fellow at the FDIC Center for Banking Research, and past President of the Eastern Economic Association. Since receiving his Ph.D. from the Massachusetts Institute of Technology in 1976, he has taught at the University of Chicago, Northwestern University, Princeton University and Columbia. He has also received an honorary professorship from the Peoples (Renmin) University of China. From 1994 to 1997 he 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.

Professor Mishkin's research focuses on monetary policy and its impact on financial markets and the aggregate economy. He is the author of The Economics of Money, Banking and Financial Markets, 8th Edition (Addison Wesley Longman, 2007), the number one selling textbook in its field. In addition he is the author of more than fifteen other books, including Financial Markets and Institutions, 6th edition (Pearson, 2009), Monetary Policy Strategy (MIT Press, 2007), The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich (Princeton University Press, 2006), Inflation Targeting: Lessons from the International Experience (Princeton University Press, 1999), Money, Interest Rates, and Inflation (Edward Elgar, 1993),A Rational Expectations Approach to Macroeconometrics:Testing Policy Ineffectiveness and Efficient Markets Models (University of Chicago Press, 1983), and has published over one hundred and fifty articles in professional journals and books.

Professor Mishkin has served on the editorial board of the American Economic Review,has been an associate editor at the Journal of Business and Economic Statistics, Journal of Applied Econometrics, and the Journal of Economic Perspectives, and was the editor of the Federal Reserve Bank of New York's, Economic Policy Review. He is currently an associate editor (member of the editorial board) at six academic journals, including the Journal of Money, Credit and Banking, Macroeconomics and Monetary Economics Abstracts, Journal of International Money and Finance, International Finance, Finance India, and Economic Policy Review. He has been a consultant to the Board of Governors of the Federal Reserve System, the World Bank, the Inter-American Development Bank and the International 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 advisor to the Institute for Monetary and Economic Research at the Bank of Korea.

Teaching

Spring 2018

Global Economic Environment III: Financial Markets and the Macroeconomy (MBA)

Fall 2017

Financial Markets & the Economy (EMBA)

Fall 2016

Financial Markets & the Economy (EMBA)

Spring 2016

Global Economic Environment III: Financial Markets and the Macroeconomy (MBA)

Fall 2015

Financial Markets & the Economy (EMBA)

Spring 2015

Global Economic Environment III: Financial Markets and the Macroeconomy (MBA)
Financial Markets & the Economy (EMBA)
Global Economic Environment III: Financial Markets and the Macroeconomy (MBA)

Spring 2014

Financial Markets & the Economy: Global Economic Environment III (MBA)
Financial Markets, Central Banking & the Economy (EMBA)

Spring 2013

Financial Markets, Central Banking, and the Economy (EMBA)
Financial Markets and the Economy (MBA)

Spring 2012

Financial Markets, Central Banking, and the Economy (EMBA)
Financial Markets and the Economy (MBA)

Research

Journal articles

Over the Cliff: From the Subprime to the Global Financial Crisis In Journal of Economic Perspectives (2011)
Coauthor(s): Frederic Mishkin

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Monetary Policy Flexibility, Risk Management, and Financial Disruptions In Journal of Asian Economics (2010)
Coauthor(s): Frederic Mishkin

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Books

Macroeconomics: Policy and Practice (2011)
Coauthor(s): Frederic Mishkin

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The Squam Lake Report: Fixing the Financial System (2010)
Coauthor(s): Kenneth R. French, Martin N. Baily, John Y. Campbell, John H. Cochrane, Douglas W. Diamond, Darrell Duffie, Frederic Mishkin

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Monetary Policy Strategy (2007)
Coauthor(s): Frederic Mishkin

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The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich (2006)
Coauthor(s): Frederic Mishkin

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Conflicts of Interest in the Financial Services Industry: What Should We Do About Them? (2004)
Coauthor(s): Andrew Crockett, Trevor Harris, Frederic Mishkin, Eugene White

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Chapters

Comment on "Great Inflation and Central Bank Independence in Japan" In The Great Inflation: The Rebirth of Modern Central Banking (2013)
Coauthor(s): Frederic Mishkin

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Monetary Policy Strategy: Lessons from the Crisis In Approaches to Monetary Policy Revisited: Lessons from the Crisis (2011)
Coauthor(s): Frederic Mishkin

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Financial Conditions Indexes: A Fresh Look After the Financial Crisis In Proceedings of the 2010 U.S. Monetary Policy Forum (2010)
Coauthor(s): Jan Hatzius, Peter Hooper, Frederic Mishkin, Kermit Schoenholtz, Mark Watson

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How Has the Monetary Transmission Mechanism Evolved Over Time? In Handbook of Monetary Economics (2010)
Coauthor(s): Jean Boivin, Michael Kiley, Frederic Mishkin

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Remarks on Systemic Risk and the International Lender of Last Resort In Globalization and Systemic Risk (2009)
Coauthor(s): Frederic Mishkin

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Web-only articles

The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich In Chazen Web Journal of International Business (2005)
Coauthor(s): Frederic Mishkin

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Working papers

Comments on Campbell, Shiller, and Viceira In Brookings Papers on Economic Activity (2010)
Coauthor(s): Frederic Mishkin

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How Big a Problem is Too Big to Fail? In Working Paper 11814 (2006)
Coauthor(s): Frederic Mishkin

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Inflation Targeting: True Progress or Repackaging of an Old Idea? (2006)
Coauthor(s): Frederic Mishkin

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Is Financial Globalization Beneficial? In Working Paper 11891 (2006)
Coauthor(s): Frederic Mishkin

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Can Central Bank Transparency Go Too Far? (2004)
Coauthor(s): Frederic Mishkin

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Can Inflation Targeting Work in Emerging Market Countries? (2004)
Coauthor(s): Frederic Mishkin

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Lectures

The Inflation Targeting Debate (2005)
Coauthor(s): Frederic Mishkin

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The Fed After Greenspan (2005)
Coauthor(s): Frederic Mishkin

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In The News

Media Mentions

For Big Tech, ’Impossible’ Means ’Less Profitable’: Galloway

For Big Tech, ’Impossible’ Means ’Less Profitable’: Galloway

Bloomberg Radio

Fed Contender Taylor Laments Central Bank’s Precrisis Monetary Policy

The Wall Street Journal

U.S. Market Is the Most Expensive, Fink Says

Bloomberg

Newspaper articles

The Fed Must Adopt an Inflation Target In Financial Times (2010)
Coauthor(s): Frederic Mishkin

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