RECENT PAPERS

Note PDF files contain either a manuscript or the NBER working paper version.

Frederic S. Mishkin, “Central Banking After the Crisis,” in Central Bank of Chile, Monetary Policy and Financial Stability, Sixteenth 16th Annual Conference of the Central Bank of Chile (Central Bank of Chile: Santiago, forthcoming)

Frederic S. Mishkin, “Monetary Policy Strategy: Lessons From the Crisis” in Monetary Policy Revisited: Lessons from the Crisis (European Central Bank: Frankfurt, forthcoming.)

Frederic S. Mishkin, “Over the Cliff: From the Subprime to the Global Financial Crisis,” Journal of Economic Perspectives, forthcoming.

Frederic S. Mishkin, “Systemic Risk and the International Lender of Last Resort,” in Douglas Evanoff, David Hoelscher and George Kaufman, editors Globalization and Systemic Risk (World Scientific Publishing Co. Pte. Ltd, New Jersey, forthcoming).

Jan Hatzius, Peter Hooper, Frederic Mishkin, Kermit L. Schoenholtz and Mark W. Watson, “Financial Conditions Indexes: A Fresh Look After the Financial Crisis,” U.S. Monetary Policy Forum (forthcoming).

Jean Boivin, Michael T. Kiley and Frederic S. Mishkin, “How Has the Monetary Transmission Mechanism Evolved Over Time?" Handbook of Monetary Economics (Elsevier: Amsterdam, 2011), pp. 369- 422.

Frederic S. Mishkin, “Monetary Policy Flexibility, Risk Management, and Financial Disruptions,” Journal of Asian Economics 23 (June 2010), pp. 242-246.

Frederic S. Mishkin, “The Financial Crisis and the Federal Reserve,” NBER Macro Annual, 2009, pp. 495-508.

Frederic S. Mishkin, “Globalization and Financial Development,” Journal of Development Economics, Vol. 89, #2 (July 2009), pp. 164-169.

Frederic S. Mishkin, ”Is Monetary Policy Effective During Financial Crises,” American Economic Review, Vol 99, No. 2 (May 2009), pp. 573-577.

Frederic S. Mishkin, “Why We Shouldn’t Turn Our Backs on Globalization,” IMF Staff Papers Vol. 56, No. 1 (2009), pp. 139-170.

Frederic S. Mishkin, “Will Monetary Policy Become More of a Science?” in Deutsche Bundesbank, ed., Monetary Policy Over Fifty Years: Experiences and Lessons (Routledge: London 2009), pp. 81-107. Reprinted in Volcker Wieland, Editor, The Science and Practice of Monetary Policy Today (Springer-Verlag: Berlin, 2010), pp. 81-103.

Frederic S. Mishkin, “Globalization, Macroeconomic Performance, and Monetary Policy,” Journal of Money, Credit and Banking Supplement to Vol. 41, No. 1 (February 2009), pp. 187-196.

Frederic S. Mishkin, “How Should We Respond to Asset Price Bubbles?” Banque de France, Financial Stability Review, vol. 12, Valuation and Financial Stability (October 2008), pp. 65-74.

Frederic S. Mishkin and Niklas Westelius, “Inflation Band Targeting and Optimal Inflation Contracts,” Journal of Money, Credit and Banking Volume 40, No. 4 (June 2008), pp. 557-582.

Frederic S. Mishkin, “Can Inflation Targeting Work in Emerging Market Countries?” in Carmen Reinhart, Carlos Vegh and Andres Velasco, eds. A Festschrift for Guillermo Calvo (MIT Press: Cambridge, MA, 2008) pp. 71-94.

Frederic S. Mishkin, “Housing and the Monetary Transmission Mechanism” Federal Reserve Bank of Kansas City, Housing, Housing Finance, and Monetary Policy, 2007 Jackson Hole Symposium (Federal Reserve Bank of Kansas City, Kansas City, 2007) pp. 359-413.

Frederic S. Mishkin, "How Big a Problem is Too Big to Fail?" Journal of Economic Literature 44(2006), PP. 988-1004

Frederic S. Mishkin, "Monetary Policy Strategy: How Did We Get Here?" Panoeconomicus, 53:4, (2006), pp. 359-388

Frederic S. Mishkin, “Financial Stability and Globalization: Getting It Right,” in Santiago Fernandez de Lis and Fernando Restoy, eds., Central Banks in the 21st Century (Bank of Spain: Madrid, 2006), pp. 215-253.

Frederic S. Mishkin, “Is Financial Globalization Beneficial?” Journal of Money, Credit and Banking, Vol. 39, No. 2-3 (March-April 2007), pp. 259-294.

Frederic S. Mishkin, “Does Inflation Targeting Matter?” (with Klaus Schmidt-Hebbel) in Frederic S. Mishkin and Klaus Scmidt-Hebbel, eds., Monetary Policy Under Inflation Targeting (Central Bank of Chile: Santiago 2007), pp. 291-372

Frederic S. Mishkin, “The Inflation Targeting Debate,” Bank of Canada, Annual Conference, (Bank of Canada: Ottawa, 2006), pp. 195-220.

Frederic S. Mishkin, “Inflation Targeting: True Progress or Repackaging of an Old Idea?” in Swiss National Bank, ed., The Swiss National Bank, 1907-2007 (Neue Zurcher Zeitung Publishing: Zurich, 2007), pp. 599-623.

Frederic S. Mishkin, “Inflation Dynamics,” International Finance Vol. 10, No. 3(2007), pp. 317-334

Takatoshi Ito and Frederic S. Mishkin, “Two Decades of Japanese Monetary Policy and the Deflation Problem,” (with Takatoshi Ito) in Takatoshi Ito and Andrew Rose, eds., Monetary Policy Under Very Low Inflation Rates, NBER East Asia Seminar on Economics, Vol. 15 (University of Chicago Press: Chicago, 2006), pp. 131-193.

Frederic S. Mishkin, “Can Central Bank Transparency Go Too Far?” in The Future of Inflation Targeting, (Reserve Bank of Australia: Syndey 2004): 48-65

Frederic S. Mishkin, “Why the Fed Should Adopt Inflation Targeting,” International Finance 7:1 (2004): 117-27.

Frederic S. Mishkin, "Comments on 'Inflation Targeting in Emerging Market Economies'", NBER Macro Annual, 2003: 403-413.

Frederic S. Mishkin, "Policy Remedies for Conflicts of Interest in the Financial System" in Macroeconomics, Monetary Policy and Financial Stability: A Festschrift for Charles Freedman (Bank of Canada: Ottawa, 2004): 217-240.

Frederic S. Mishkin, "The Mirage of Exchange Rate Regimes for Emerging Market Countries," (with Guillermo Calvo), Journal of Economic Perspectives, Vol. 17, No. 4 (Fall 2003): 99-118.

Jiri Jonas and Frederic S. Mishkin, "Inflation Targeting in Transition Countries: Experience and Prospects," in Michael Woodford, ed., Inflation Targeting (University of Chicago Press: Chicago, 2005) pp. 353-413.

Frederic S. Mishkin, "Discussion of 'Deflation and Monetary Policy in Japan," in Center on Japanese Economy and Business, Symposium, March 31, 2003: 6-8.

Frederic S. Mishkin and Eugene N. White, "Stock Market Bubbles: When Does
Intervention Work?" Milken Institute Review (Second Quarter 2003): 44-52.

Frederic S. Mishkin and Eugene N. White, "U.S. Stock Market Crashes and Their Aftermath: Implications for Monetary Policy," (with Eugene White) in William B. Hunter, George G. Kaufman and Michael Pormerleano, eds., Asset Price Bubbles: The Implications for Monetary, Regulatory and International Policies (MIT Press, Cambridge Mass. 2003): 53-79.

Frederic S. Mishkin, "Financial Policies and the Prevention of Financial Crises in Emerging Market Countries," in Martin Feldstein, ed., Economic and Financial Crises in Emerging Market Countries (University of Chicago Press: Chicago, 2003): 93-130.

Frederic S. Mishkin, "The Role of Output Stabilization in the Conduct of Monetary Policy," International Finance, Vol. 5, #2 (Summer 2002): 213-227.

Frederic S. Mishkin, "Overview" in Rethinking Stabilization Policy (Federal Reserve Bank of Kansas City: Kansas City, MO., 2002): 439-446.

Frederic S. Mishkin, "Inflation Targeting," in Howard Vane and Brian Snowdon,
Encyclopedia of Macroeconomics (Edward Elgar: Cheltenham U.K., 2002): 361-65.

Frederic S. Mishkin, "From Monetary Targeting to Inflation Targeting: Lessons from the Industrialized Countries," in Banco de Mexico, Stabilization and Monetary Policy: The International Experience (Bank of Mexico: Mexico City, 2002): 99-139.

Frederic S. Mishkin and Miguel Savastano, "Monetary Policy Strategies for Emerging Market Countries: Lessons from Latin America," Comparative Economic Studies Vol. XLIV, No. 2 (Summer 2002): 45-83.

Frederic S. Mishkin, "Monetary Policy," NBER Reporter (Winter 2001/2002): 8-11.

Frederic S. Mishkin and Klaus Schmidt-Hebbel, "One Decade of Inflation Targeting in the World: What Do We Know and What Do We Need to Know?" in Norman Loayza and Raimundo Soto, eds., Inflation Targeting: Design, Performance, Challenges (Central Bank of Chile: Santiago 2001): 117-219.

Frederic S. Mishkin and Miguel Savastano,"Monetary Policy Strategies for Latin America," Journal of Development Economics, 66 (October 2001): 415-444.

Frederic S. Mishkin. "The Transmission Mechanism and the Role of Asset Prices in Monetary Policy," in Aspects of the Transmission Mechanism of Monetary Policy, Focus on Austria 3-4/2001. (Osterreichische Nationalbank: Vienna 2001): 58-71.

Frederic S. Mishkin, "The International Lender of Last Resort: What are the Issues?" Horst Siebert, ed. The World's New Financial Landscape: Challenges for Economic Policy, (Springer-Verlag: Berlin, 2001): 291-312. (view PDF)

Frederic S. Mishkin, "Issues in Inflation Targeting," in Price Stability and the Long-Run Target for Monetary Policy, (Bank of Canada: Ottawa, Canada, 2001): 203-222.

Frederic S. Mishkin, "Prudential Supervision: Why Is It Important and What are the Issues?" in Frederic S. Mishkin, ed., Prudential Supervision: What Works and What Doesn't, editor (University of Chicago Press: Chicago, 2001): 1-29.

Frederic S. Mishkin, "What Should Central Banks Do?" Federal Reserve Bank of St. Louis Review, vol. 82, #6 (November/December 2000): 1-13.

Joon-Ho Hahm and Frederic S. Mishkin, "The Korean Financial Crisis: An Asymmetric Information Perspective," Emerging Markets Review, Vol.1, #1 (2000): 21-52.

Frederic S. Mishkin, "Inflation Targeting in Emerging Market Countries," American Economic Review (May 2000), Vol. 90, #2: 105-109.

Frederic S. Mishkin, "Global Financial Instability: Framework, Events, Issues," Journal of Economic Perspectives, (Fall 1999), Volume 13, #4: 3-20.

Frederic S. Mishkin, "Lessons from the Asian Crisis," Journal of International Money and Finance, 18, 4 (August 1999): 709-723.

Frederic S. Mishkin, "International Experiences with Different Monetary Policy Regimes," Journal of Monetary Economics, Vol. 43, #3 (June 1999): 579-606.

Frederic S. Mishkin and Philip Strahan, "What Will Technology Do to Financial Structure?" Brookings-Wharton Papers on Financial Services, 1999: 249-277.

Arturo Estrella and Frederic S. Mishkin, "The Role of NAIRU in Monetary Policy: Implications of Uncertainty and Model Selection," in John Taylor, ed., Monetary Policy Rules (University of Chicago Press for the NBER: Chicago 1999): 405-430.

Frederic S. Mishkin, "Financial Consolidation: Dangers and Opportunities" Journal of Banking and Finance, (February 1999) vol. 23, Nos 2-4: 675-91.

Frederic S. Mishkin, "Central Banking in a Democratic Society: Implications for Transition Countries," Zagreb Journal of Economics, Vol 3, #3 (1999):51-74 and in Mario Blejer and Marko Skreb, eds. Central Banking, Monetary Policy and the Implications for Transition Economies (Kluwer Academic Publishers: Boston 1999): 31-53.

Frederic S. Mishkin, "International Capital Movements, Financial Volatility and Financial Instability," Schriften des Vereins fur Socialpolitik, Band 261, zugleich Beiheft 7, Zeitschrift fur Wirtschafts- und Sozialwissenschaften, Jahrestagung 1997, Finanzmarkete im Spannungsfeld von Globalisierung, Regulierung und Geldpolitik, Dieter Duwendag, ed. (Drucker & Humblot: Berlin 1998):11-40.

Frederic S. Mishkin, "The Dangers of Exchange Rate Pegging in Emerging-Market Countries" International Finance, Vol 1, # 1 (October 1998): 81-101.

Frederic S. Mishkin, "Bank Consolidation: A Central Banker's Perspective," in Yakov Amihud and Geoffrey Miller, eds., Mergers of Financial Institutions (Kluwer Academic Publishers: Boston 1998): 3-19.

Frederic S. Mishkin, "Promoting Japanese Recovery," in Kenichi Ishigaki and Hiroyuki Hino, eds., Towards the Restoration of Sound Banking Systems in Japan -- the Global Implications (Kobe University Press and International Monetary Fund: Kobe 1998). 130-161.

Arturo Estrella and Frederic S. Mishkin, 91."Predicting U.S. Recessions: Financial Variables As Leading Indicators," Review of Economics and Statistics, Vol 80, No. 1 (February 1998): 45-61.

Arturo Estrella and Frederic S. Mishkin, "The Predictive Power of the Term Structure of Interest Rates: Implications for the European Central Bank," European Economic Review, Vol. 41 (1997): 1375-1401. (view PDF)

Frederic S. Mishkin, "Evaluating FDICIA," in George Kaufman, ed., Research in Financial Services: Private and Public Policy, Vol. 9 (1997) FDICIA: Bank Reform Five Years Later and Five Years Ahead (JAI Press: Greenwich, Conn, 1997): 17-33.

Arturo Estrella and Frederic S. Mishkin, "Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy," Journal of Monetary Economics, 40:2, (October 1997): 279-304.

Frederic S. Mishkin and Adam S. Posen, "Inflation Targeting: Lessons from Four Countries," Federal Reserve Bank of New York, Economic Policy Review, vol. 3, #3 August 1997): 9-110, and reprinted in Finance a Uver (4/1998): 252-294.

Ben Bernanke and Frederic S. Mishkin, "Inflation Targeting: A New Framework for Monetary Policy?" Journal of Economic Perspectives 11, 2 (Spring 1997): 97-116.

Frederic S. Mishkin, "Understanding Financial Crises: A Developing Country Perspective," in Michael Bruno and Boris Pleskovic, eds., Annual World Bank Conference on Development Economics 1996 (World Bank: Washington D.C. 1996): 29-62.