Tag Archives: Vice-Chairman

Federal Reserve Notes: Rich Clarida Rocks

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As I mentioned in an earlier post, Richard Clarida is one of the candidates for Fed Vice Chair who is most actively under the consideration by the Administration. His obvious qualifications are an outstanding academic reputation (Columbia University and the NBER), experience in government (in the George W. Bush Treasury) and now ten years of experience in the financial markets (at PIMCO).  But some might be interested in a talent that is less widely known: Rock music performer.

I first became aware of Rich when he was still a grad student, playing rhythm guitar and singing in a convincing Beatles tribute band that performed in Harvard Square. Over the years he has recorded an oeuvre of songs – some of them at the Beatles’ old Abbey Road studio.  He released a CD under the name Time No Changes in 2016.  He composes the songs, writes the lyrics and sings the vocals, backed by an assembled group of studio musicians.  You can get the individual songs on Spotify, but I have just listened to the CD. read more

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Stan Fischer, the Fed, and Sub-par US Growth

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      Now that Janet Yellen is to be Chair of the US Federal Reserve Board, attention has turned to the candidate to succeed her as Vice Chair.  Stanley Fischer would be the perfect choice.   He has an ideal combination of all the desirable qualities, unique in the literal sense that nobody else has them.  During his academic career, Fischer was one of the most accomplished scholars of monetary economics.  Subsequently he served as Chief Economist of the World Bank, number two at the International Monetary Fund, and most recently Governor of the central bank of Israel.   He was a star performer in each of these positions.   I thought in 2000 he should have been made Managing Director of the IMF.   read more

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