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.
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Recorded on March 31st, 2026
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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
