Richard Clarida
Encyclopedia
Richard Clarida 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.
, earlier in his career.
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 Gali
and Mark Gertler
suggest that monetary policy in many countries today resembles the Taylor rule
, whereas the policy makers of the 1970s failed to follow the Taylor rule.
Clarida has published numerous and 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.
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.
. He resides in Connecticut with his wife and two sons.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
, C. Lowell Harriss Professor of Economics and International Affairs at the School of International and Public Affairs
School of International and Public Affairs
The School of International and Public Affairs at Columbia University is one of the most prestigious graduate schools of public policy in the world. Located on Columbia's Morningside Heights campus in the Borough of Manhattan, in New York City, the School has 15,000 graduates in more than 150...
at Columbia University
Columbia University
Columbia University in the City of New York is a private, Ivy League university in Manhattan, New York City. Columbia is the oldest institution of higher learning in the state of New York, the fifth oldest in the United States, and one of the country's nine Colonial Colleges founded before the...
and Global Strategic Advisor for PIMCO. He is notable for his contributions to dynamic stochastic general equilibrium
Dynamic stochastic general equilibrium
Dynamic stochastic general equilibrium modeling is a branch of applied general equilibrium theory that is influential in contemporary macroeconomics...
models. He is a former Assistant United States Secretary of the Treasury
United States Secretary of the Treasury
The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United...
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 a C. Lowell Harriss Professor. From 1997 until 2001, Clarida served as chairman of the Department of Economics at Columbia University. He had previously held a post at Yale UniversityYale University
Yale University is a private, Ivy League university located in New Haven, Connecticut, United States. Founded in 1701 in the Colony of Connecticut, the university is the third-oldest institution of higher education in the United States...
, earlier in his career.
Clarida's research centers on dynamic stochastic general equilibrium
Dynamic stochastic general equilibrium
Dynamic stochastic general equilibrium modeling is a branch of applied general equilibrium theory that is influential in contemporary macroeconomics...
modeling, a branch of applied general equilibrium
Applied general equilibrium
In mathematical economics, applied general equilibrium models were pioneered by Herbert Scarf at Yale University in 1967, in two papers, and a follow up book with Terje Hansen in 1973, with the aim of empirically estimating the Arrow–Debreu general equilibrium model with empirical data, to provide...
theory that is influential in contemporary macroeconomics optimal monetary policy, especially through the lens of time series analysis. His studies with Jordi Gali
Jordi Galí
Jordi Galí is a Spanish macroeconomist who is regarded as one of the main figures in New Keynesian macroeconomics today...
and Mark Gertler
Mark Gertler
Mark Gertler was a British painter of figure subjects, portraits and still-life.His early life and his relationship with Dora Carrington were the inspiration for Gilbert Cannan's novel Mendel. The characters of Loerke in D. H...
suggest that monetary policy in many countries today resembles the Taylor rule
Taylor rule
In economics, a Taylor rule is a monetary-policy rule that stipulates how much the central bank should change the nominal interest rate in response to changes in inflation, output, or other economic conditions. In particular, the rule stipulates that for each one-percent increase in inflation, the...
, whereas the policy makers of the 1970s failed to follow the Taylor rule.
Clarida has published numerous and 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
ECB
ECB is an abbreviation for:*European Central Bank, the central bank for the Eurozone of the European Union* East Coast Bays, a suburb of North Shore City, New Zealand**East Coast Bays AFC, a football team from East Coast Bays...
, the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...
, and the Bank of Japan
Bank of Japan
is the central bank of Japan. The Bank is often called for short. It has its headquarters in Chuo, Tokyo.-History:Like most modern Japanese institutions, the Bank of Japan was founded after the Meiji Restoration...
. 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 the Treasury Secretary, advising the secretary 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 Snow awarded Clarida with 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
Credit Suisse First Boston
Credit Suisse First Boston was the former name of the banking firm Credit Suisse.-History:In 1978, Credit Suisse and First Boston Corporation formed a London-based 50-50 investment banking joint venture called the Financière Crédit 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
National Bureau of Economic Research
The National Bureau of Economic Research is an American private nonprofit research organization "committed to undertaking and disseminating unbiased economic research among public policymakers, business professionals, and the academic community." The NBER is well known for providing start and end...
. 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.
Personal life
Clarida received his BS from the University of Illinois and his MA and PhD from Harvard UniversityHarvard University
Harvard University is a private Ivy League university located in Cambridge, Massachusetts, United States, established in 1636 by the Massachusetts legislature. Harvard is the oldest institution of higher learning in the United States and the first corporation chartered in the country...
. He resides in Connecticut with his wife and two sons.
External links
- http://europe.pimco.com/LeftNav/Bios/Richard+Clarida.htm
- http://www.nber.org/authors/richard_clarida