Rich Clarida on Navigating Monetary Policy in Choppy Waters

克利夫·理查德谈在动荡水域中驾驭货币政策

Macro Musings with David Beckworth

2026-04-20

52 分钟
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单集简介 ...

Rich Clarida was the vice chair of the Board of Governors of the Federal Reserve System and is currently a professor of economics at Columbia University and a managing director at PIMCO. Rich returns to the program to discuss whether we give the Fed too little credit for its soft landing, the problem of persistent inflation, how the Fed should respond to rapidly succeeding negative supply shocks, the case for nominal GDP, the state of the Fed's balance sheet, why a synthetic FOMC could help the real FOMC, and much more. Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on March 31st, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:03:59 - Persistent Inflation 00:11:14 - Inflation Expectations 00:18:34 - Responding to Negative Supply Shocks 00:29:38 - Nominal GDP 00:34:59 - Fed's Balance Sheet 00:45:20 - Synthetic FOMCs 00:51:36 - Outro
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  • 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 Beckworth, a senior research fellow with the Mercatus Center at George Mason University,

  • and I'm glad you decided to join us.

  • Our guest today is Rich Clarida.

  • Rich is a well-known academic, and from 2018 to 2022,

  • he was the vice chair of the Board of Governors of the Federal Reserve System.

  • He is currently a professor of economics at Columbia University and a managing director at PIMCO.

  • Rich joins us today to help us navigate and think through the challenges that lie ahead

  • for the Fed in these turbulent times.

  • Rich, welcome back to the program.

  • I'm looking forward to it.

  • Let's go.

  • Let's do it.

  • Now, we were talking before the show got started how you 've actually

  • been a part of this podcast in some form since its inception.

  • So I want to tell this story to the listeners and to you, Rich.

  • So I actually started the podcast back in 2016, so a decade ago.

  • Congratulations.

  • Congratulations.