Frederic Mishkin, the Alfred Lerner Professor of Banking and Financial Institutions, was sworn in Tuesday as a governor of the Federal Reserve Board.
The Fed Board of Governors sets the nation’s monetary policy and oversees banking and financial systems. Each governor serves a term of 14 years. “Professor Mishkin brings sharp intellect, insight and a deep understanding of complex economic issues,” Dean Glenn Hubbard said. “He will make a significant contribution to the Fed in the years to come.”
Mishkin is an expert on monetary policy and its effect on the economy and financial markets. From 1994 to 1997, he headed the research department of the Federal Reserve Bank of New York and was an associate economist of the bank’s Federal Open Market Committee. Mishkin is also an academic consultant to the New York Fed and has served as a visiting scholar at the Ministry of Finance in Japan and the Reserve Bank of Australia.
President George W. Bush nominated him on June 30. Mishkin has known Fed Chairman Ben Bernanke for more than 25 years. With two other coauthors, they wrote Inflation Targeting: Lessons from the International Experience (Princeton University Press, 1998).