Mishkin Archive

Fed Governor Mishkin on monetary policy

[Skip to the end] In case there was any doubt things have changed. from his July 28 speech: Policymakers, academic economists, and the general public broadly agree that maintaining a low and stable inflation rate significantly benefits the economy. For example, low and predictable inflation simplifies the savings and retirement planning of ...Read More

Re: Mishkin signal?

[Skip to the end] (an email exchange) > >   On Tue, Jun 10, 2008 at 8:12 AM, anonymous wrote: > >   Fisher’s remark induces one to wonder if Ambrose Evans-Pritchard is >   correct in stating that Fed policy is now being concocted from Dallas. > >   The recent spate of criticism ...Read More

Fed minutes – longish version

[Skip to the end] I cut quite a bit, but still a lot worth a quick read: In view of continuing strains in interbank and other financial markets, the Committee took up proposals to expand several of the liquidity arrangements that had been put in place in recent months. Chairman Bernanke indicated ...Read More

CNNMoney.com: Dallas Fed President: Inflation, not recession, is No. 1 woe – Mar. 4, 2008

Yes, Fisher is on record as the lead inflation hawk. If he’s right and it turns out Bernanke cut rates into a 70’s style inflation Fisher has to be a leading candidate for Fed Chairman. Much like when Volcker replace Miller in 1979. And Kohn gets passed over a second time, this ...Read More

Mishkin speech

Not a quick read, but telling – inflation risks seem to be overtaking concerns with the economy: Does Stabilizing Inflation Contribute to Stabilizing Economic Activity? (Interesting that this is a question) The ultimate purpose of a central bank should be to promote the public good through policies that foster economic prosperity. Research ...Read More

February 19 recap

Might be a revealing day coming up. I’m watching for markets to begin to link higher oil prices to the potential for higher interest rates, rather than the reverse as has been the case since August. With oil up to the mid 97 range this am, the question is whether short term ...Read More

Mishkin’s speech

From today’s speech: A central bank must always be concerned with inflation as well as growth. As I have emphasized in an earlier speech about inflation dynamics, the behavior of inflation is significantly influenced by the public’s expectations about where inflation is likely to head in the long run (Mishkin, 2007a). Therefore, ...Read More