Richard Clarida (born 1957) is an American economist, C. Lowell Harriss Professor of Economics and International Affairs at the School of International and Public Affairs at Columbia University and Global Strategic Advisor for PIMCO. He is notable for his contributions to dynamic stochastic general equilibrium models. He is a former Assistant United States Secretary of the Treasury for Economic Policy and is a recipient of the Treasury Medal.
Academic career and research contributions
Since 1988, Richard Clarida has instructed students in Economics and International Affairs at Columbia University, where he is the C. Lowell Harriss Professor of Economics. From 1997 until 2001, Clarida served as chairman of the Department of Economics at Columbia University. Earlier in his career, he had been a member of the Cowles Foundation at Yale University.
Clarida's research centers on dynamic stochastic general equilibrium modeling, a branch of applied general equilibrium theory that is influential in contemporary macroeconomics optimal monetary policy, especially through the lens of time series analysis. His studies with Jordi Galí and Mark Gertler suggest that monetary policy in many countries today resembles a forward looking Taylor rule, whereas the policy makers of the 1970s failed to follow such a forward looking Taylor rule.
Clarida has published numerous frequently cited articles in leading academic journals on monetary policy, exchange rates, interest rates, and international capital flows. He is frequently invited to present his research to the world's leading central banks, including the Federal Reserve, the ECB, the Bank of England, and the Bank of Japan. Recently, he has written on the monetary policy implications of the low-inflation period created by the 2008 financial crisis.
Other professional achievements
Clarida served as the Assistant Secretary of the United States Treasury for Economic Policy, a position that required confirmation by the US Senate. In that position, he served as chief economic advisor to two Treasury Secretaries, Paul O'Neill and John W. Snow, advising them on economic policy issues, including the U.S. and global economic prospects, international capital flows, corporate governance, and the maturity structure of U.S. debt. In May 2003, Treasury Secretary John W. Snow awarded Clarida The Treasury Medal in recognition for his record of outstanding service to the Treasury Department.
Clarida has served as a consultant to several prominent financial firms, including the Global Foreign Exchange Group at Credit Suisse First Boston and Grossman Asset Management. Since 2006, he has been Global Strategic Advisor with PIMCO. He is a member of the Council on Foreign Relations and the National Bureau of Economic Research. Clarida was director of the NBER Project on and Editor of G7 Current Account Imbalances: Sustainability and Adjustment. Since 2004, he has served as co-editor of the NBER International Macroeconomics Annual and since 2009 as Co-Managing Editor of the Journal of Applied Financial Economics.
Clarida appears frequently on Bloomberg media, often as a guest of Tom Keene. He most recently appeared on Bloomberg TV's GOP Debate Coverage, live from Dartmouth College, where he discussed economic policy with Keene and Austan Goolsbee.
- Clarida, Richard; Gali, Jordi, et al. (1999). "The science of monetary policy: a New-Keynesian perspective". Journal of Economic Literature 37: 1661–707. doi:10.1257/jel.37.4.1661.
- Clarida, Richard (October 2010). "What Has – and Has Not - Been Learned about Monetary Policy in a Low Inflation Environment? A Review of the 2000s". Federal Reserve Bank of Boston.
- "PIMCO Bio". PIMCO.
- "National Bureau of Economic Research Bio". NBER.
- "Bloomberg Bio". Bloomberg.