"Small losses in one sector of the credit market can have an outsized impact on aggregate economic activity, " said Federal Reserve Board Governor Frederic Mishkin at a conference in New York Friday.

FORBES: The $400 Billion Black Hole

However, Takatoshi Ito of Tokyo University and Frederic Mishkin of Columbia University argue that whereas inflation-rate targets may be best in normal times, once an economy is suffering deflation there is a stronger case for a price-level target because it requires a compensating period of higher-than-normal inflation.

ECONOMIST: Japan has hitched a ride on China's boom

On February 22, 2013, Frederic Mishkin, Peter Hooper, James Hamilton and David Greenlaw published Crunch Time: Fiscal Crises and the Role of Monetary Policy, an 86-page paper that predicts the Fed will stare down the barrel of a few hundred billion dollars of losses when interest rates rise.

FORBES: Experts Agree The Fed's In Big Trouble

Powell, of Maryland, to be a Member of the Board of Governors of the Federal Reserve System for the unexpired term of fourteen years from February 1, 2000, vice Frederic S. Mishkin.

WHITEHOUSE: The White House