COLUMBIA UNIVERSITY RECORD  April 22, 1994  Vol. 19 No. 25

                   MISHKIN NAMED TO FEDERAL RESERVE

      Frederic S. Mishkin, A. Barton Hepburn Professor of Economics at 
      Columbia Business School, was recently named director of research 
      at New York's Federal Reserve Bank.

      He is planning to take a two-year leave of absence from the School 
      and will return for the fall semester of 1996.

      "Rick Mishkin is an outstanding scholar who brings to us unique 
      perspectives on macroeconomics and financial markets," said 
      William J. McDonough, president of the New York Federal Reserve.

      "I am confident that under Rick's leadership the Bank's research 
      program will carry on its tradition of excellence, while deepening 
      its impact on the financial and academic communities," he said.

   MARKET EXPERT

      Mishkin, 43, an internationally recognized expert on money and 
      financial markets. monetary policy, inflation, interest rates and 
      financial crisis, will succeed Richard G. Davis, who is retiring 
      after 34 years.

      Mishkin joined the Columbia Business School faculty as a full 
      professor of money and financial markets. He is also an expert on 
      the Federal Reserve, having served as a visiting scholar on the 
      Bank's Board of Governors.

      He currently serves on the Academic Advisory Panel of the Federal 
      Reserve Bank of New York. He is also a research associate at the 
      National Bureau of Economic Research.

   RESEARCH INTERESTS

      His recent research focuses on monetary policy and its impact on 
      financial markets and the aggregate economy.

      He is the author of standard business school textbooks such as "A 
      Rational Expectations Approach to Macro-economics: Testing Policy 
      Ineffectiveness and Efficient Markets Models" (Univ. of Chicago 
      Press, 1983, and "The Economics of Money, Banking and Financial 
      Markets 3rd Edition" (Harper Collins, 1992). He has published more 
      than 50 articles in professional journals.

      Mishkin is an associate editor of the "Journal of Business and 
      Economic Statistics" and "The Journal of Applied Econometrics" and 
      has served on the editorial board of the "American Economic 
      Review."

      He received his bachelor's degree (1973) and Ph.D. in economics 
      (1976) from M.I.T.

      His honors include the National Science Foundation Graduate 
      Fellowship and the Alfred P. Sloan Foundation Fellowship.

   TAUGHT AT CHICAGO

      Before joining Columbia he was an assistant and associate 
      professor at the University of Chicago, a visiting associate 
      professor at Northwestern University and at Northwestern's Kellogg 
      Graduate School of Management.

      The Irvington, N.J. resident was appointed Hepburn Professor in 
      January.

      Mishkin's wife, Sally Hammond, is a landscape designer. They have 
      a daughter, Laura, 4, and a son, Matthew, 9.

      Mishkin will join the New York Federal reserve Bank after Labor 
      Day.

      He will be spending the spring and summer as a visiting scholar at 
      Australia's central bank.