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Richard Clarida on FAIT, R-Star, and the Future of the Feds Framework
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\u2019s framework review, the future of R-Star, and more.
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Transcript for this week\u2019s episode.
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Richard\u2019s Federal Reserve profile
Richard\u2019s PIMCO archive
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David Beckworth\u2019s Twitter:\xa0@DavidBeckworth
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Related Links:
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*How the Bundesbank Conducts Monetary Policy* by Richard Clarida and Mark Gertler
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*The Science of Monetary Policy: A New Keynesian Perspective* by Richard Clarida, Jordi Gali, and Mark Gertler
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*Monetary Policy Rules and Macroeconomic Stability: Evidence and Some Theory* by Richard Clarida, Jordi Gali, and Mark Gertler
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*Monetary Policy Rules in Practice: Some International Evidence* by Richard Clarida, Jordi Gali, and Mark Gertler
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Timestamps:
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(00:00:00) \u2013 Intro
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(00:03:04) \u2013 Richard Clarida\u2019s Background
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(00:11:37) \u2013 Bridging the Gap Between Academic Economics and Real-World Markets
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(00:21:50) \u2013 Richard\u2019s Journey Through the Policy World
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(00:36:29) \u2013 Constructing the Fed\u2019s FAIT Framework
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(00:40:53) \u2013 Evaluating the Results of the FAIT Framework
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(00:54:17) \u2013 The Future of the Fed\u2019s Framework
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(00:57:08) \u2013 The Future of R-Star
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(01:00:50) \u2013 Outro