Frederic S. Mishkin is the Alfred Lerner Professor of Banking and Financial Institutions at the Graduate School of Business, Columbia University. He is also a research associate at the National Bureau of Economic Research, a member of the Squam Lake Working Group on Financial Reform, and the co-director of the U.S. Monetary Policy Forum. From September 2006 to August 2008 he was a member of the Board of Governors of the Federal Reserve System. He has also been a senior fellow at the FDIC Center for Banking Research, and past president of the Eastern Economic Association. Since receiving his Ph.D. from the Massachusetts Institute of Technology in 1976, he has taught at the University of Chicago, Northwestern University, Princeton University and Columbia. 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.