Richard Clarida
Affiliation
- Faculty Fellow, Department of Economics
School of International and Public Affairs
Research
Richard H. Clarida is the C. Lowell Harriss Professor of Economics at Columbia University. From February 2002 until May 2003, Clarida served in the Administration of President George W. Bush as the Assistant Secretary of the Treasury for Economic Policy, a position that required nomination by President Bush and confirmation by the US Senate. In that position, he served as Chief Economist for the Treasury Department, reporting directly to the Treasury Secretary, and advising him on a wide range economic policy issues, including the US and global economic prospects, international capital flows, corporate governance, and the maturity structure of US debt. On May 12, 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 he entered the Bush Administration, Clarida was the 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 articles in leading academic journals on monetary policy, exchange rates, interest rates, and international capital flows. He is frequently invited to present his views and research to the world's leading central banks, including the Federal Reserve, the ECB, and the Bank of England. 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. Since July 2003, Clarida has advised the Clinton Group, a new York investment advisor, on economic strategy. He is a member of the Council on Foreign Relations and the National Bureau of Economic Research. Clarida is director of the NBER Project on G7 Current Account Imbalances.
Clarida graduated with highest honors from the University of Illinois in 1979 and received both his Masters degree and Ph.D. in Economics from Harvard University in 1983. He is married with two children and lives in Southport CT.
Selected Work
- "The Role of Asymmetries and Regime Shifts in the Term Structure of Interest Rates" with Lucio Sarno, Mark Taylor and Giorgio Valente, Journal of Business, forthcoming.
- "Non-Linear Permanent - Temporary Decompositions in Macroeconomics and Finance" with Mark Taylor, The Economic Journal, March 2003.
- "The Out of Sample Success of Term Structure Models as Exchange Rate Predictors: A Step Beyond" with Lucio Sarno, Mark Taylor, and Giorgio Valente, The Journal of International Economics, February 2003.
- "A Simple Framework for International Monetary Policy Analysis" with Jordi Gali and Mark Gertler, The Journal of Monetary Economics, September 2002.
- "The Empirics of Monetary Policy Rules in Open Economies," invited Keynote Address at The Bank of England Conference on the Future of Macroeconomics, April 2000; The International Journal of Finance and Economics, December 2001.
- "Optimal Monetary Policies in Closed vs Open Economies: An Integrated Approach" with Jordi Gali and Mark Gertler, American Economic Review Papers and Proceedings, May 2001.
