Richard Clarida

Richard Clarida · Jordi Galí · Mark Gertler

Estimating a forward-looking Federal Reserve policy rule separately for 1960-79 and 1979-96, this paper finds that the Fed let real short-term rates fall as expected inflation rose before Volcker, but …

Richard Clarida · Jordi Gali

This 1994 Carnegie-Rochester Conference Series paper by Richard Clarida and Jordi Galí asks how much of the variance of real exchange rates since the collapse of Bretton Woods is attributable to …

Richard Clarida · Jordi Galí · Mark Gertler

This widely cited survey derives monetary policy design from a simple forward-looking New Keynesian model, showing that optimal policy without commitment requires raising the nominal rate more than …