September 17, 2018


Richard Clarida is the new vice chairman of the Federal Reserve Board.
Richard Clarida is the new vice chairman of the Federal Reserve Board.
This story was first published on April 16 and updated on August 28 and September 17.

SIPA congratulates economist Richard H. Clarida, who was sworn in as a member of the Federal Reserve's board of governors and as vice chairman — the second-ranking position in the United States’ central banking system — on September 17.

Clarida, whose term will last four years, had been nominated by President Trump on April 16 and confirmed by vote of the U.S. Senate on August 28. The final tally was 69-26, with both Republicans and Democrats voting to confirm.

Clarida is the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University, where he has taught since 1988. He has also worked as global strategic advisor at the investment firm Pimco since 2006.

Clarida was assistant U.S. treasury secretary for economic policy from February 2002 to May 2003. In that position, he served as chief economic advisor to the treasury secretary, advising on a wide range of 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 of his outstanding service to the treasury department.

Clarida served as chairman of Columbia’s economics department from 1997 to 2001. Earlier in his career he taught at Yale University and served in the Reagan administration as a senior staff economist with the 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.

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 (University of Chicago Press, 2007). 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 received his BS from the University of Illinois and his MA and PhD from Harvard University.