Richard Clarida

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Richard Clarida
Claridapixsolo.jpg
Vice Chairman of the Federal Reserve
Assumed office
September 17, 2018
President Donald Trump
Preceded by Stanley Fischer
Member of the Federal Reserve Board of Governors
Assumed office
September 17, 2018
President Donald Trump
Preceded by Daniel K. Tarullo
Assistant Secretary of the Treasury for Economic Policy
In office
February 7, 2002 – May 16, 2003
President George W. Bush
Preceded by David W. Wilcox
Succeeded by Mark J. Warshawsky
Personal details
Born (1957-05-18) May 18, 1957 (age 61)
Political party Republican[1]
Education University of Illinois, Urbana-Champaign (BS)
Harvard University, (MA, PhD)
Academic career
Institution Columbia University
Field Macroeconomics

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,until September 14,2018, 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. Clarida was sworn in as Vice Chairman of the Federal Reserve on September 17, 2018.

Education[edit]

Clarida received his Bachelor of Science degree from the University of Illinois with Bronze Tablet honors, and his Master of Arts and Doctor of Philosophy degrees from Harvard University.

Academic career and research contributions[edit]

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.[2]

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.[3]. 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[edit]

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.[4]

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[5][6] Clarida appears frequently on Bloomberg media, Cnbc, and CNN to comment on the Fed, global monetary policy, and the economic outlook.

Clarida sworn in as Vice Chair of the Federal Reserve in 2018

On April 24, 2018, Clarida was officially nominated by Donald Trump to succeed Stanley Fischer as Vice Chairman of the Federal Reserve.[7] On August 28, 2018 the United States Senate voted to confirm Clarida by a margin of 69 - 26. He assumed office on September 17, 2018.[8]

Personal life[edit]

He grew up in Herrin, Illinois. 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.

References[edit]

  1. ^ Timiraos, Nick (16 April 2018). "Trump to Nominate Richard Clarida, Michelle Bowman to Fed Board" – via www.wsj.com. 
  2. ^ 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. 
  3. ^ 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. 
  4. ^ "PIMCO Bio". PIMCO. Archived from the original on March 20, 2012. 
  5. ^ "National Bureau of Economic Research Bio". NBER. 
  6. ^ "Bloomberg Bio". Bloomberg. Archived from the original on October 23, 2015. 
  7. ^ "Seven Nominations Sent to the Senate Today". The White House. April 24, 2018. Retrieved April 29, 2018. 
  8. ^ "Richard H. Clarida sworn in as Vice Chairman and member of the Board of Governors" (Press release). Federal Reserve System. September 17, 2018. Retrieved September 17, 2018. 

External links[edit]

Political offices
Preceded by
David W. Wilcox
Assistant Secretary of the Treasury for Economic Policy
2002–2003
Succeeded by
Mark J. Warshawsky
Government offices
Preceded by
Daniel K. Tarullo
Member of the Federal Reserve Board of Governors
2018–present
Incumbent
Preceded by
Stanley Fischer
Vice Chairman of the Federal Reserve
2018–present