Richard Clarida on FAIT, R-Star, and the Future of the Fed’s Framework

Richard Clarida 谈 FAIT、R-Star 和美联储框架的未来

Macro Musings with David Beckworth

教育

2024-04-29

1 小时 1 分钟
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Richard Clarida is a well-known academic and policymaker who most recently was the Vice Chair of the Federal Reserve Board of Governors. Richard is currently a professor of economics at Columbia university and is also a managing director at PIMCO. Richard joins David on Macro Musings to talk about his academic and policy work, as well as his outlook for FAIT, the Fed’s framework review, the future of R-Star, and more.   Transcript for this week’s episode.   Richard’s Federal Reserve profile Richard’s PIMCO archive   David Beckworth’s Twitter: @DavidBeckworth Follow us on Twitter: @Macro_Musings   Check out our new AI chatbot: the Macro Musebot! Join the new Macro Musings Discord server!   Join the Macro Musings mailing list! Check out our Macro Musings merch!   Related Links:   *How the Bundesbank Conducts Monetary Policy* by Richard Clarida and Mark Gertler   *The Science of Monetary Policy: A New Keynesian Perspective* by Richard Clarida, Jordi Gali, and Mark Gertler   *Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory* by Richard Clarida, Jordi Gali, and Mark Gertler   *Monetary Policy Rules in Practice: Some International Evidence* by Richard Clarida, Jordi Gali, and Mark Gertler   Timestamps:   (00:00:00) – Intro   (00:03:04) – Richard Clarida’s Background   (00:11:37) – Bridging the Gap Between Academic Economics and Real-World Markets   (00:21:50) – Richard’s Journey Through the Policy World   (00:36:29) – Constructing the Fed’s FAIT Framework   (00:40:53) – Evaluating the Results of the FAIT Framework   (00:54:17) – The Future of the Fed’s Framework   (00:57:08) – The Future of R-Star   (01:00:50) – Outro
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  • Now onto the show.

  • Welcome to macro musings, where each week we pull back the curtain and take a closer look at the most important macroeconomic issues of the past, present, and future.

  • I am your host, David Beckwourth, a senior research fellow with the Mercator center at George Mason University, and I'm glad you've decided to join us.

  • Our guest today is Richard Clarida.

  • Rich is a well known academic and policymaker who most recently was the vice chair of the Federal Reserve Board of governors and currently is a professor of economics at Columbia University.

  • Rich is also a managing director at Pimco.

  • Rich joins us today to discuss his academic and policy work, as well as his outlook for fate and the Fed's framework review.

  • Rich, welcome to the show.

  • You know, it's been a long time coming, but I'm thrilled we're doing this.

  • Oh, absolutely.

  • And this podcast itself has been key in connecting us.