Rich Clarida on Navigating Monetary Policy in Choppy Waters
From Macro Musings with David Beckworth by Mercatus Center at George Mason University
April 20, 2026 · 52 min · Episode 539
About this episode
Rich Clarida discusses the Federal Reserve's response to economic challenges, including inflation and supply shocks.
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
People in this episode
Host: David Beckworth
Guest: Rich Clarida
Topics covered
- monetary policy
- inflation
- supply shocks
- nominal GDP
- Federal Reserve
- economic policy
Keywords
- monetary policy
- inflation
- Federal Reserve
- nominal GDP
- supply shocks
- economic policy
- Rich Clarida
Mentioned in this episode
Organizations: Board of Governors of the Federal Reserve System, Columbia University, PIMCO, Mercatus Center at George Mason University
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