M E D I A   A D V I S O R Y

Media Contact: Sophia N. Johnson, sj2482@columbia.edu, 212-854-1566

Congratulations Richard Clarida, nominated to Serve as Vice-Chair of the Federal Reserve Board

Richard H. Clarida is the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University where he has taught since 1988. On April 16th, 2018 President Donald J. Trump announced his intent to nominate Dr. Clarida to become the next vice chairman of the U.S. Federal Reserve, a position held most recently by Stanley Fischer. The U.S. Senate must confirm the appointment before it becomes official.  From February 2002 until May 2003, Clarida served as the Assistant Secretary of the United States Treasury for Economic Policy, a position that required confirmation by the US Senate. In that position, he served as chief economic advisor to the Treasury Secretary, and advising him on a wide range 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 for his record of outstanding service to the Treasury Department.

From 1997 until 2001, Clarida served as 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 and frequently cited 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, the Bank of England, and the Bank of Japan. 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 2006, he has been Global Strategic Advisor with PIMCO. 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 is co-editor, along with Jeff Fuhrer of the volume Essays in Honor of Benjamin Friedman: Special Issue of the International Journal of Central Banking published in January 2012.

Clarida received his BS from the University of Illinois with Bronze Tablet honors in 1979 and his MA and Ph.D. from Harvard University in 1983   

About the Department of Economics

The Department of Economics offers a general economics major, in addition to five interdisciplinary majors structured to suit the interests and professional goals of a heterogeneous student body.  All of the undergraduate programs have different specific requirements but share the common structure of core theoretical courses that provide the foundation for higher-level elective courses culminating in a senior seminar.  Graduate students receive training within an outstanding research environment, supported by members of faculty who are leading research in their fields.

In 2017, the Department offered 42 undergraduate courses. A total of 4765 students were enrolled, 742 in the Department’s majors. The M.A. program provides a technical and rigorous approach to the study of economics.  In addition, the doctoral program receives approximately 1,000 applications each year for an incoming class of roughly 25 students. The Department has played a prominent role in the development of economic thought. It will continue to through its faculty and students, and contribute to a better understanding of economic activities and the elaboration of policy.