Financial Update (Fourth Quarter 2006)
New Governor Joins
New governor has significant Fed experience
Mishkin, 55, has extensive Federal Reserve credentials. He once served as research director at the New York Fed and was an associate economist at the Federal Open Market Committee of the Federal Reserve System. He was editor of the New York Fed's Economic Policy Review, an academic consultant to the Board of Governors, and a visiting scholar at the Board's Division of International Finance. He also coauthored a book on inflation targeting with Fed chairman Ben Bernanke, who was then teaching at Princeton University.
Additionally, Mishkin brings experience from other banking organizations. He was a consultant to the World Bank, the Inter-American Development Bank, and the International Monetary Fund and to numerous central banks throughout the world
Extensive research, publishing
Monetary policy and its impact on financial markets and the overall economy have been Mishkin's career focus. He has written more than 15 books and numerous articles for journals and books and has served on the editorial board of the American Economic Review. Mishkin has been an associate editor at the Journal of Business and Economic Statistics, the Journal of Applied Econometrics, and the Journal of Economic Perspectives.
Mishkin received his bachelor's and doctorate degrees in economics from the Massachusetts Institute of Technology.
Governors influence monetary policy
One of the primary responsibilities of members of the Federal Reserve System's Board of Governors is the formulation of monetary policy. The seven Board members constitute a majority of the 12-member Federal Open Market Committee, the group that makes the key decisions affecting the cost and availability of money and credit in the economy.
The Board of Governors also regularly reports to Congress, giving an annual report on operations and semiannual reports on the state of the economy and the Fed's objectives for the growth of money and credit.