Richard Clarida

I am both thrilled and humbled to announce that I was selected as the 2024 recipient of the John Whitehead Award for Distinguished Public Service and Financial Leadership by the Museum of American Finance. Previous recipients of this award include Paul Volcker, Larry Summers, Tim Geithner, Janet Yellen and Roger Ferguson . The Museum Gala link was on Thursday March 7th with all proceeds going to support the fine work of the Museum. Here are my remarks link

I was delighted to chat a while back with my good friend David Beckworth on his Macro Musings podcast . Here is the transcript . I also sat down recently with Jon Hartley who is now producing the Capitalism and Freedom podcast at Hoover which you can watch here, I appeared on the Odd Lots podcast on November 14th 2024 link and more recently on the Pimco Accrued Interest Podcast on September 17th, 2025 link

Recent Essays on Monetary Policy

Remarks on Central Bank Independence , Peterson Institute , October 31, 2025 link

The Composition of the Fed's Balance Sheet and Strategies for a Return to a Bills Only Portfolio, September 2025

Thoughts on The Fed's August 2025 Framework Revisions, Pimco Economic and Market Commentary , August 22, 2025 link

The Best Check on Fed Politicization is Fear of Being Judged a Failure, The Economist by Invitation , June 29th 2025 link

Post-Pandemic Global Inflation, Disinflation, and Central Bank Policy Responses, Nber Working Paper No, 33885, June 2025 link

The Taylor Rule is Almost Everywhere in Monetary Economics, presented at May 2025 Hoover Monetary Policy Conference, link

The Real Lessons from the Plaza and Louvre Accords , Financial Times, April 29th, 2025 link

Markets may be Underestimating how much Inflation will fall this Year, Financial Times February 12, 2025 link

Emergency Lending by the Federal Reserve (with Kate Judge) February 2025, forthcoming, University of Chicago Legal Forum link

Where Interest Rates are Heading? Financial Times October 14th, 2024 link

A Global Perspective on Post Pandemic Inflation and Its Retreat, remarks at the NBER Conference on "Monetary Policy in the Covid Era" May17, 2024; published under the same title in the Journal of Monetary Economics, November 2024 link pdf

Will the True Term Premium Please Stand Up? PIMCO Market Commentary April 29th 2024 link

The Anatomy of the Global Inflation Spike in Project Syndicate October 4, 2023 link

US Monetary Policy and The Return to Price Stability NBER Working Paper 31520 August 2023; published under the same title in the International Journal of Central Banking , April 2024 Nber link IJCB link

The Taylor Rule at 30 Presented at Hoover Monetary Policy Conference May 2023 link

The Fed May not Get Inflation down to 2% By Invitation in the Economist April 4, 2023 link

Richard Clarida is the C. Lo well Harriss Professor of Economics and International Affairs at Columbia University where he has taught since 1988. On September 17th 2018, he was sworn in as Vice Chairman of the Board of Governors of the Federal Reserve and served in that capacity until January 14th, 2022 to return to Columbia for the spring term of 2022. From February 2002 until May 2003, 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, and advising him on a wide range 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 presented Clarida with The Treasury Medal in recognition for his record of outstanding service to the Treasury Department.

From 1997 until 2001, Clarida served as chairman of the Department of Economics at Columbia University. Earlier in his career, Clarida taught at Yale University and served in the Administration of President Ronald Reagan as Senior Staff Economist with the President's Council of Economic Advisers.

Clarida has published numerous and frequently cited articles in leading academic journals on monetary policy, exchange rates, interest rates, and international capital flows. Over his career, he has been invited to present his views and 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 also served as a consultant to several prominent financial firms, including the Global Foreign Exchange Group at Credit Suisse First Boston and Grossman Asset Management. From 2006 to 2018 he was Global Strategic Advisor with PIMCO and in November 2022, returned to Pimco as its Global Economic Advisor. He is a member of the Council on Foreign Relations , from 1983 to 2018 was a member of National Bureau of Economic Research, in in 2023 rejoined the Nber as a research associate in the Monetary Economics program. Clarida was director of the NBER Project on and Editor of G7 Current Account Imbalances: Sustainability and Adjustment (University of Chicago Press: 2007). From 2004 to 2018, he served as co-editor of the NBER International Macroeconomics Annual and is co-editor, along with Jeff Fuhrer of the volume Essays in Honor of Benjamin Friedman: Special Issue of the International Journal of Central Banking published in January 2012.

Clarida received his BS from the University of Illinois with Bronze Tablet honors in 1979 and his MA and PhD from Harvard University in 1983

CV January 2025 link

Courses taught

Econ G6904: International Money and Finance

Sipa U6018: International Monetary Economics

Econ W4913 Macroeconomics Seminar

Sipa U6861 21st Century Monetary Policy

Contact:

1209 International Affairs Bldg

rhc2@columbia.edu

Office Hours:

Thursdays 10 am to 11 a m and by appointment