Background
Clark, Peter K. was born in 1944 in Spokane, Washington, United States of America.
Clark, Peter K. was born in 1944 in Spokane, Washington, United States of America.
Bachelor of Science (Physics) California Institute, Institution Technology, 1965. Doctor of Philosophy Harvard University, 1970.
Assistant Professor, Association Professor, University Minnesota. Fiscal Analyst, United States Congressional Budget Office. Senior Staff Economics, United States President"s Council Economics Advisers.
Visiting Association Professor, Stanford University.
Chief, National Income Section, Governors Federal Reserve Board. Visiting Professor Economics and Management, Yale University, United States of America, since 1983.
Early work focussed on the idea that economic processes might not evolve at a constant rate, and that an adjusted time scale, or
operational time, could be important in understanding the statistical properties of economic series. The transformation to operational time was successful in explaining the empirical distribution of price changes and returns in financial markets. A position as Senior Staff Economist at the Council of Economic Advisers led to a shift in research interest toward macroeconomic issues, including the natural rate of unemployment, potential Gross National Product, the determinants of business capital formation, and the sources of economic growth.
In 1977, some of this work was the basis for the upward revision of the official employment rate and the downward revision of potential Gross National Product. Recent interest has focussed on the worldwide slowdown in productivity growth and its relationship to the emergence of chronic inflation.