He is notable for his contributions to dynamic stochastic general equilibrium models. He is a former Assistant Secretary of the Treasury for Economic Policy and is a recipient of the Treasury Meda Since 1988, Richard Clarida has instructed students in Economics and International Affairs at Columbia University, where he is the C. Lowell Harriss Professor of Economics.
From 1997 until 2001, Clarida served as chairman of the Department of Economics at Columbia University.
Clarida"s research centers on dynamic stochastic general equilibrium modeling, a branch of applied general equilibrium theory that is influential in contemporary macroeconomics optimal monetary policy, especially through the lens of time series analysis. His studies with Jordi Galí and Mark Gertler suggest that monetary policy in many countries today resembles a forward looking Taylor rule, whereas the policy makers of the 1970s failed to follow such a forward looking Taylor rule.
Clarida has published numerous 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 research to the world"s leading central banks, including the Federal Reserve, the ECB, the Bank of England, and the Bank of Japan.
Recently, he has written on the monetary policy implications of the low-inflation period created by the 2008 financial crisis.
Clarida served as the Assistant Secretary of the United States Treasury for Economic Policy, a position that required confirmation by the United States Senate.
Earlier in his career, he had been a member of the Cowles Foundation at Yale University. He is a member of the Council on Foreign Relations and the National Bureau of Economic Research.