June 2013 CURRICULUM VITAE Frederic S. Mishkin I. PERSONAL
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Alan Stuart Blinder February 2020
CURRICULUM VITAE Alan Stuart Blinder February 2020 Address Department of Economics and Woodrow Wilson School of Public & International Affairs 284 Julis Romo Rabinowitz Building Princeton University Princeton, NJ 08544-1021 Phone: 609-258-3358 FAX: 609-258-5398 E-mail: blinder (at) princeton (dot) edu Website : www.princeton.edu/blinder Personal Data Born: October 14, 1945, Brooklyn, New York. Marital Status: married (Madeline Blinder); two sons and four grandchildren Educational Background Ph.D., Massachusetts Institute of Technology, l97l M.Sc. (Econ.), London School of Economics, 1968 A.B., Princeton University, summa cum laude in economics, 1967. Doctor of Humane Letters (honoris causa), Bard College, 2010 Government Service Vice Chairman, Board of Governors of the Federal Reserve System, 1994-1996. Member, President's Council of Economic Advisers, 1993-1994. Deputy Assistant Director, Congressional Budget Office, 1975. Member, New Jersey Pension Review Committee, 2002-2003. Member, Panel of Economic Advisers, Congressional Budget Office, 2002-2005. Honors Bartels World Affairs Fellow, Cornell University, 2016. Selected as one of 55 “Global Thought Leaders” by the Carnegie Council, 2014. (See http://www.carnegiecouncil.org/studio/thought-leaders/index) Distinguished Fellow, American Economic Association, 2011-. Member, American Philosophical Society, 1996-. Audit Committee, 2003- Fellow, American Academy of Arts and Sciences, 1991-. John Kenneth Galbraith Fellow, American Academy of Political and Social Science, 2009-. William F. Butler Award, New York Association for Business Economics, 2013. 1 Adam Smith Award, National Association for Business Economics, 1999. Visionary Award, Council for Economic Education, 2013. Fellow, National Association for Business Economics, 2005-. Honorary Fellow, Foreign Policy Association, 2000-. Fellow, Econometric Society, 1981-. -
Comments On\Inflation Targeting in Transition Economies; Experience
Comments on \In°ation targeting in transition economies; Experience and prospects", by Jiri Jonas and Frederic Mishkin Olivier Blanchard¤ April 2003 The paper by Jonas and Mishkin does a very good job of describing the history, the implementation, and the e®ects of in°ation targeting in Central Europe. The description is rich and informative, showing the inconsisten- cies and the adjustments in monetary policy over time, the con°icts between monetary and ¯scal policy, and the di±culty of achieving in°ation targets. The basic conclusion, which is presented with much honesty, is also convinc- ing: In°ation targeting has not done miracles. But it has led to a decline in in°ation, at an output cost which does not appear excessively high. The paper however does less good a job of discussing the many issues facing in°ation targeters in those countries. It sometimes gives the impres- sion that what remains to be worked out are details of implementation, whether for example to have a point or a band for the in°ation target, or how to choose the time horizon for in°ation targeting. I agree that these are decisions that policy makers must make. But I also believe that there are plenty of hard conceptual issues which have not been solved, and these also need to be tackled, and tackled urgently. This will be the theme of my comments. ¤Comments given at the NBER Conference on In°ation Targeting, January 2003 In°ation targeting 2 Let me start with one remark however. Many of the criticisms I raise belowapplytomuchoftheresearchonin°ationtargeting.Inthissense, singling out Jonas and Mishkin is unfair. -
Monetary Policy Under Inflation Targeting: an Introduction
Banco Central de Chile Documentos de Trabajo Central Bank of Chile Working Papers N° 396 Diciembre 2006 MONETARY POLICY UNDER INFLATION TARGETING: AN INTRODUCTION Frederic S. Mishkin Klaus Schmidt-Hebbel La serie de Documentos de Trabajo en versión PDF puede obtenerse gratis en la dirección electrónica: http://www.bcentral.cl/esp/estpub/estudios/dtbc. Existe la posibilidad de solicitar una copia impresa con un costo de $500 si es dentro de Chile y US$12 si es para fuera de Chile. Las solicitudes se pueden hacer por fax: (56-2) 6702231 o a través de correo electrónico: [email protected]. Working Papers in PDF format can be downloaded free of charge from: http://www.bcentral.cl/eng/stdpub/studies/workingpaper. Printed versions can be ordered individually for US$12 per copy (for orders inside Chile the charge is Ch$500.) Orders can be placed by fax: (56-2) 6702231 or e-mail: [email protected]. BANCO CENTRAL DE CHILE CENTRAL BANK OF CHILE La serie Documentos de Trabajo es una publicación del Banco Central de Chile que divulga los trabajos de investigación económica realizados por profesionales de esta institución o encargados por ella a terceros. El objetivo de la serie es aportar al debate temas relevantes y presentar nuevos enfoques en el análisis de los mismos. La difusión de los Documentos de Trabajo sólo intenta facilitar el intercambio de ideas y dar a conocer investigaciones, con carácter preliminar, para su discusión y comentarios. La publicación de los Documentos de Trabajo no está sujeta a la aprobación previa de los miembros del Consejo del Banco Central de Chile. -
Frederic S. Mishkin Klaus Schmidt-Hebbel Working Paper
NBER WORKING PAPER SERIES DOES INFLATION TARGETING MAKE A DIFFERENCE? Frederic S. Mishkin Klaus Schmidt-Hebbel Working Paper 12876 http://www.nber.org/papers/w12876 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2007 We thank Kevin Cowan for valuable discussion and methodological advice. Fabian Gredig, Mauricio Larrain, and Marcelo Ochoa provided outstanding assistance and ideas to the paper. For valuable comments we thank Mario Blejer, Agnes Csermely, John Murray, Grant Spencer, Raimundo Soto and participants at the 2005 Annual Conference of the Central Bank of Chile, the South African Reserve Bank / Bank of England Center of Central Banking Studies Seminar on Inflation Targeting, the 2006 Annual Seminar of the Central Bank of Brazil, and at seminars at Ceska Narodni Banka, Bank of England, Magyar Nemzeti Bank, Norges Bank, and Reserve Bank of New Zealand. Frederic Mishkin's work on this paper was completed before he became a member of the Board of Governors of the Federal Reserve System. All remaining errors are ours and the views expressed in the paper do not necessarily represent those of the Central Bank of Chile or its Board, the Board of Governors of the Federal Reserve System, Columbia University or the National Bureau of Economic Research. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research. © 2007 by Frederic S. Mishkin and Klaus Schmidt-Hebbel. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source. -
Understanding the Greenspan Standard
Commentary: Understanding the Greenspan Standard John B. Taylor No matter what metric you use, the Greenspan era gets exceedingly high marks for economic performance. The era always will be remembered for its price stability—with declining and now low, stable inflation—and for its economic stability—with only two historically short, mild recessions and three long expansions. An indi- cation of how different things are in the Greenspan era is that the current expansion is already one of the longest in American history. Alan Blinder and Ricardo Reis have provided us with a comprehen- sive evaluation of the Greenspan era, shedding light on key policy issues and controversies. I particularly liked their behind-the-scenes review of the move toward greater transparency. And I agree with their overall evaluation of Alan Greenspan that “when the score is toted up, we think he has legitimate claim to be the greatest central banker who ever lived.” Evaluating policy with a monetary policy rule The core of the Blinder-Reis paper is an evaluation of monetary policy through the lens of a policy rule, in particular the Taylor rule. Blinder and Reis find that this rule fits the Greenspan era very well. 107 108 John B. Taylor They then use the estimated rule for a number of purposes. They use it to identify key episodes, defined as the deviations from the rule. They also use the rule to back out Alan Greenspan’s implicit esti- mate of the natural rate of unemployment and to assess the correct response to a change in productivity growth. -
Central Bank Behavior and the Strategy of Monetary Policy: Observations from Six Industrialized Countries
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: NBER Macroeconomics Annual 1992, Volume 7 Volume Author/Editor: Olivier Jean Blanchard and Stanley Fischer, editors Volume Publisher: MIT Press Volume ISBN: 0-262-02348-2 Volume URL: http://www.nber.org/books/blan92-1 Conference Date: March 6-7, 1992 Publication Date: January 1992 Chapter Title: Central Bank Behavior and the Strategy of Monetary Policy: Observations from Six Industrialized Countries Chapter Author: Ben Bernanke, Frederic Mishkin Chapter URL: http://www.nber.org/chapters/c10993 Chapter pages in book: (p. 183 - 238) Ben Bernankeand FredericMishkin WOODROWWILSON SCHOOL, PRINCETONUNIVERSITY, AND NBER,AND GRADUATESCHOOL OF BUSINESS,COLUMBIA UNIVERSITY,AND NBER Central Bank Behavior and the Strategy of Monetary Policy: Observations from Six Industrialized Countries* 1. Introduction In the United States, it has long been the practice of central bankers to meet periodically with outside consultants, including academic and business economists, in order to discuss the current economic situation. In the authors' experience as invited consultants, these meetings invari- ably end with a "go-round," in which each consultant is asked to give his or her views on current monetary policy. Often the go-round is prefaced by a question of the following sort: "The Federal Open Market Committee [the group that determines U.S. monetary policy] meets next Tuesday. What actions do you recommend that we take?" We have each found it quite difficult to give a good answer to this type of question, not only because, as ivory-tower academics, we tend to have a less-detailed knowledge of current conditions than do the central bankers. -
Milton Friedman: a Bibliography
__________________________________________________________________ MILTON FRIEDMAN: A BIBLIOGRAPHY Compiled by Julio H. Cole1 Milton Friedman (1912-2006), the world-famous author of Capitalism and Freedom (1962) and Free to Choose (1980), was one of the most influential economists of the 20th century, and his memory will live long in the lore of economics. To mark the centenary of his birth, Laissez-Faire is pleased to publish this bibliography, the most complete listing to date of his scholarly writings. It provides both an indication of the breadth of his interests, and a measure of the magnitude of his contribution to economic scholarship. A. Books by Milton Friedman .…………………………………………… 98 B. Other Publications by Milton Friedman .……………………………… 100 C. Published Correspondence ……………………………………………. 120 D. Published Interviews ...………………………………………………... 121 1Professor of Economics, Universidad Francisco Marroquín (Guatemala). This bibliography is based upon three earlier bibliographical orientations to Friedman‘s writings: Niels Thygesen, ―The Scientific Contributions of Milton Friedman,‖ Scandinavian Journal of Economics, 79 (1977): 84-98, Kurt Leube (ed.), The Essence of Friedman (Stanford, CA: Hoover Institution Press, 1987), pp. 526-51 (compiled by Gloria Valentine), and Marc Lavoie and Mario Seccareccia (eds.), Milton Friedman et son oeuvre (Montreal: Presses de l‘Université de Montréal, 1993), pp. 191-24 (compiled by Gilles Dostaler). It includes books authored, co-authored or edited by Milton Friedman, introductions and forewords to books by other authors, articles in scholarly and professional journals, comments and replies, chapters in edited volumes, articles in encyclopedias and general interest magazines, book reviews, and published interviews. It does not include articles published in newspapers or in news magazines, speeches, or testimonies to congressional committees. -
This PDF Is a Selection from a Published Volume from the National Bureau of Economic Research
This PDF is a selection from a published volume from the National Bureau of Economic Research Volume Title: Business Cycle Research and the Needs of Our Times Volume Author/Editor: Arthur F. Burns Volume Publisher: NBER Volume ISBN: Volume URL: http://www.nber.org/books/annu53-1 Publication Date: 1953 Chapter Title: Business Cycle Research and the Needs of Our Time Chapter Authors: Arthur F. Burns Chapter URL: http://www.nber.org/chapters/c12287 Chapter pages in book: (1 - 46) Business Cycle Research and the Needs of Our Times ARTHUR F. BURNS Director of Research .33rd ANNUAL REPORT NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. 4 Business Cycle Research and the Needs of Our Times ARTHUR F. BURNS Director of Research THIRTY-THIRD ANNUAL REPORT NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. 181 9 BROADWAY, NEW YORK 23, N. Y. MAY 1953 OFFICERS 1953 Harry Schennan, Chairman C. C. Balderston, President Percival F. Brundage, Vice-President George B. Roberts, Treasurer W. J. Carson, Executive Director DIRECTORS AT LARGE Donald R. Belcher, Westfield, New Jersey Wallace J. Campbell, Director, The Cooperative League of the USA Albert J. Hettinger, Jr., Lazard Freres and Company COPYRIGHT, 1953, BY Oswald W. Knauth, Beaufort, South Carolina NATIONAL BUREAU OF ECONOMIC RESEARCH, INC. H. W. Laidler, Executive Director, League for Industrial Democracy 1819 BROADWAY, NEW YORK 23, N. Y. Shepard Morgan, New York City C. Reinold Noyes, Princeton, New Jersey ALL RIGHTS RESERVED George B. Roberts, Vice-President, National City Bank Beardsley Ruml, New York City TYPOGRAPHY BY OSCAR LEVENTHAL, INC. Harry Scherman, Chairman, Book-of-the-Month ,Club PRINTING BY BASSO PRINTING CORPORATION George Soule, Bennington College N. -
Quantitative Easing: Entrance and Exit Strategies
Quantitative Easing: Entrance and Exit Strategies Alan S. Blinder This article was originally presented as the Homer Jones Memorial Lecture, organized by the Federal Reserve Bank of St. Louis, St. Louis, Missouri, April 1, 2010. Federal Reserve Bank of St. Louis Review , November/December 2010, 92 (6), pp. 465-79. pparently, it can happen here. On easing is something aberrant. I adhere to that December 16, 2008, the Federal Open nomenclature here. Market Committee (FOMC), in an I begin by sketching the conceptual basis for effort to fight what was shaping up quantitative easing: why it might be appropriate Ato be the worst recession since 1937-38, reduced and how it is supposed to work. I then turn to the the federal funds rate to nearly zero. 1 From then Fed’s entrance strategy—which is presumably on, with all its conventional ammunition spent, in the past, and then to the Fed’s exit strategy— the Federal Reserve was squarely in the brave which is still mostly in the future. Both strate gies new world of quantitative easing . Chairman Ben invite some brief comparisons with the Japanese Bernanke tried to call the Fed’s new policies experience between 2001 and 2006. Finally, I “credit easing,” probably to differentiate them address some questions about central bank inde - from actions taken by the Bank of Japan (BOJ) pendence raised by quantitative easing before earlier in the decade, but the label did not stick. 2 briefly wrapping up. Roughly speaking, quantitative easing refers to changes in the composition and/or size of a central bank’s balance sheet that are designed to THE CONCEPTUAL BASIS ease liquidity and/or credit conditions. -
Milton Friedman Economist As Public Intellectual
Economic Insights FEDERAL RESERVE BANK OF DALLAS VOLUME 7, NUMBER 2 Milton Friedman Economist as Public Intellectual If asked to name a famous economist, most Americans would probably say Milton Friedman. Economists usually make their contributions behind the scenes at think tanks, gov- ernment agencies or universities. Friedman has done that, but he also has taken his ideas and policy proposals directly to his fellow citizens through books, magazine columns and, especially, television. It is not an exaggeration to say he has been the most influential American economist of the past century. He has changed policy not only here at home but also in many other nations, as much of the world has moved away from economic controls and toward economic freedom. Milton Friedman marks his 90th birthday on July 31, 2002, and the Dallas Fed commem- orates the occasion with this issue of Economic Insights. Happy birthday, Milton! —Bob McTeer Professor Steven N.S. Cheung Professor President, Federal Reserve Bank of Dallas Milton Friedman Milton Friedman has been an ardent introduced the young economist to the uct accounts and many of the tech- and effective advocate for free enter- works of Cambridge School of Eco- niques applied to them in the 1920s prise and monetarist policies for five nomics founder Alfred Marshall. Jones, and ’30s. Because Friedman’s early decades. He was born in Brooklyn, N.Y., a pivotal figure in the monetarist camp, study in economics involved constant in 1912, the son of Jewish immigrants introduced Friedman to Frank Knight contact with theorists such as Burns, who had come to America in the late and the early Chicago school, espe- Mitchell and Kuznets, it is not surpris- 1890s. -
Will Monetary Policy Become More of a Science?
Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board, Washington, D.C. Will Monetary Policy Become More of a Science? Frederic S. Mishkin 2007-44 NOTE: Staff working papers in the Finance and Economics Discussion Series (FEDS) are preliminary materials circulated to stimulate discussion and critical comment. The analysis and conclusions set forth are those of the authors and do not indicate concurrence by other members of the research staff or the Board of Governors. References in publications to the Finance and Economics Discussion Series (other than acknowledgement) should be cleared with the author(s) to protect the tentative character of these papers. Will Monetary Policy Become More of a Science? Frederic S. Mishkin Member Board of Governors of the Federal Reserve System September 2007 Prepared for the Deutsche Bundesbank conference “Monetary Policy Over Fifty Years,” held in Frankfurt am Main, Germany, September 21, 2007. The views expressed here are my own and are not necessarily those of the Board of Governors or the Federal Reserve System. I thank Michael Kiley, Andrew Levin, and Robert Tetlow for their helpful comments and assistance. Over the past three decades, we have seen a remarkable change in the performance of monetary policy. By the end of the 1970s, inflation had risen to very high levels, with many countries in the Organisation for Economic Co-operation and Development (OECD) experiencing double-digit inflation rates (figure 1). Most OECD countries today have inflation rates around the 2 percent level, which is consistent with what most economists see as price stability, and the volatility of inflation has also fallen dramatically (figure 2). -
Frederic Mishkin Governor of the Federal Reserve System 2000 Constitution Ave Washington, DC 20551 U.S.A
FREDERIC S. MISHKIN Prof. Frederic Mishkin Governor of the Federal Reserve System 2000 Constitution Ave Washington, DC 20551 U.S.A Frederic S. Mishkin took office at Federal Reserve System on September 5, 2006, to fill an unexpired term ending January 31, 2014. Before becoming a member of the Board, Dr. Mishkin was the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University, from 1999 to 2006. Prior to that he was the A. Barton Hepburn Professor of Economics from 1991 to 1999 and professor at the Graduate School of Business from 1983 to 1991. He was also a research associate at the National Bureau of Economic Research (1980 to 2006) and a senior fellow at the Federal Deposit Insurance Corporation's Center for Banking Research (2003 to 2006). Dr. Mishkin has taught at the University of Chicago, Northwestern University, Princeton University, and Columbia University. Before joining the Board, Dr. Mishkin served the Federal Reserve System in several roles. 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. 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. Dr. Mishkin has been an academic consultant to the Board of Governors and a visiting scholar at the Board's Division of International Finance.