|Vice Chairman of the Federal Reserve|
|Member of the Federal Reserve Board of Governors|
|Succeeding||Daniel K. Tarullo|
|Assistant Secretary of the Treasury for Economic Policy|
February 7, 2002 – May 16, 2003
|President||George W. Bush|
|Preceded by||David W. Wilcox|
|Succeeded by||Mark J. Warshawsky|
|Born||May 18, 1957|
University of Illinois, Urbana-Champaign (BS)|
Harvard University, (MA, PhD)
|*Pending Senate confirmation|
Richard Harris Clarida (born May 18, 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 Secretary of the Treasury for Economic Policy and is a recipient of the Treasury Medal.
Academic career and research contributions
Since 1988, 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. He has written on the monetary policy implications of the low-inflation period created by the 2008 financial crisis.. He also introduced in 2014 the concept of a “new neutral” for Fed monetary policy which predicted a substantial decline in r*, the interest rate consistent with full employment and stable inflation. Whereas before the crisis r* was thought to be above 4 percent, Clarida wrote in 2014 that r* was now closer to 2 percent than to 4 percent, a view which the Fed now accepts.
Other professional achievements
Clarida served as the Assistant Secretary of the United States Treasury for Economic Policy, a position that required confirmation by the United States 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 and in 2015 was named managing director with the firm. 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
Clarida appears frequently on Bloomberg media, Cnbc, and CNN to comment on the Fed, global monetary policy, and the economic outlook. On April 24, 2018, Clarida was officially nominated by Donald Trump to succeed Stanley Fischer as Vice Chairman of the Federal Reserve.
He resides in Connecticut with his wife and two sons. In 2015 he released a CD of original folk rock songs, Time No Changes which he arranged and recorded in his home studio as well as at EMI Abbey Road Studios in London. He is at work on the sequel.
- Timiraos, Nick (16 April 2018). "Trump to Nominate Richard Clarida, Michelle Bowman to Fed Board" – via www.wsj.com.
- 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" (PDF). Federal Reserve Bank of Boston.
- "PIMCO Bio". PIMCO. Archived from the original on March 20, 2012.
- "National Bureau of Economic Research Bio". NBER.
- "Bloomberg Bio". Bloomberg. Archived from the original on October 23, 2015.
- "Seven Nominations Sent to the Senate Today". The White House. April 24, 2018. Retrieved April 29, 2018.
David W. Wilcox
| Assistant Secretary of the Treasury for Economic Policy
Mark J. Warshawsky