YouSaid · the spoken record

Richard Clarida

lines on the record: 101
first: 2017-08-03
most recent: 2017-08-03
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Well, the CD is on iTunes and on Apple Music, so you just type in Richard Clerida. The name is Time No Changes. It'll pop right up.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, as it had been alluded to. And I think the failure to recognize that was very costly. So now whenever I look at global macro, anything involving credit or anything involving lending and borrowing, the first question I ask, who do markets think has got the put option on this and how is it priced? And I think a lot of mistakes in finance are about either opaque or mispriced put options to central banks or governments.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and I think to me the financial crisis was a real eye-opener on this. I think the one thing that at least I and I think a lot of us understand now about the global financial system is that in some very important respects, it only operates with a level of transparency and oversight and regulation because in the absence of that there are just too many incentives and there's too much money floating around and I'm talking about things that are illegal but I'm saying that I think a lot of the global financial system before the crisis was essentially priced and traded on a view that there was an implicit put option to some central bank somewhere.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“In an organization Are just so hard. And think he played in North Carolina, which is a very good organization. He's not the guy who went right from high school to the NBA. He played in a good organization.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“I think a career path where you, if you have some choice, both working within and learning within quality organizations and also doing the entrepreneurial path at some point makes sense. But I think some folks immediately go from college or even without college right into that. I'm going to be the next Mark Zuckerberg. And I don't know if that's necessarily going to serve them well.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“I've always been part of organizations that I've been proud of and I've learned enormously, and obviously I'm a big believer that if you have some choices in your career, aligning yourself with quality organizations is a positive. We can think of negatives in those corporate politics and there's backstabbing and all that stuff. But that's also true in the entrepreneurial world as well.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I've been doing some thinking on that. And I guess the one thing I would mention in this regard, because I think relative to when we were coming up, students have more of a choice now. And I think that a lot of students starting out are attracted naturally to being the next Mark Zuckerberg or Or Bill Gates, and sort of immediately go into an entrepreneurial voyage or not in an organization. And obviously that worked out great for them. I guess the thing that I observe is, I think,”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's the great thing. We've been skiing a lot. So we've been to Europe, we've been to the dolomites in Italy, we've been to the Swiss Alps, we've been out to Deer Valley, to Taos. And so you get to see different parts of the world that way.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, absolutely. Oh, is that a method of unwinding? Well, it also helps me to commute because I live in Connecticut, so I spend two and a half hours plus a day on Metro North. And through the wonders of technology, thank you, Steve Jobs. I have a lot of my musical projects on my iPad, so I can do editing and stuff on the train. In terms of away from that, I'm sort of a weekend golfer with my boys. They're much better than I am, so it counts as both some golf time and family time. And in my 40s, I took up downhill skiing and I'll never be great. But one week a year, I go skiing and I love it. So that's sort of my outside the office. I love to go for walks with my wife in Connecticut. Yeah.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think I would say early in my career I made a misjudgment, a failure to think that I was going to be a mathematical economist and make my breakthrough by sitting in a room with equations and reveal some ultimate mathematical truth. And I spent about five years doing that not very successfully to myself or others. And I really realized that what I got into economics was to actually be trying to understand the world the way it was, not the way it fit into a model. So I had to shift gears away from thinking of myself as an abstract mathematician to someone who began to think of himself as doing empirical work to more or less understand the world as messy as it was. And I get back to the point I made about Ben Friedman giving me the advice, which is economics is about the questions we ask, not about the methodology that we use. But it took me about”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“That's what they want us to do. And Barry, I have to tell you that certainly one thing that I've observed and that we've noticed, again, compared when we began our career, if you had told us in the late 80s, early 90s fast forward in the year 2017, there'll be five, six, or seven wars in the Middle East. They're all shooting each other. Everybody's blowing each other up. Oh, and by the way, North Korea's got a nuclear warhead and an IC BM. Oh, and by the way, someone full plane into the World Trade Center. You would basically say, you know, the S&P will be down 82%, right? So we're in a world where there is this overlay of all this stuff that can happen, all these black swans that can happen, and yet financial markets, you know, Move on.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“But the species, you've nailed this. Yeah. And so we actually had her at our forum in May talking about optimism bias to a bunch of bond traders. Behavioral is very relevant. The area that it's either going to be a stumbling block or will be a breakthrough is to put behavioral economics in general equilibrium with markets, right? So yes, you know, you've done this very successfully as an investor. You know that there's momentum, there's pessimism, optimism in markets, there's a psychology in markets. But at some point, people are buying and selling and it's got to add up. So I think we're still falling short of having a general equilibrium model of how different behaviors interact. But that would be the next big thing if we could get what I would call a general equilibrium of behavioral economics.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Fascinating. Wrote a book on optimism bias. Yes, yes. And so she does the neuroscience. Our brains are wired to be optimistic. And it's pretty neat stuff.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think behavioral economics is very important. Here's what the stumbling block is. The stumbling block is we have very good insights into individual behavioral departures from rationality. And we focus on this a lot at PIMCO, our CIO Dan Iveson, very interested in this. In fact, at our form, we had a speaker, a woman named Tallie Sherrott, who, by the way, would be sure.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. Well, and it shows you how hard it is to do. Look, the U.S. economy makes $17 trillion worth of stuff every year, and that doesn't even count all the churning of existing assets. So it is a complex beast. But I think that there are things we're learning from this that are going to be useful. And Barry, I can tell you, I definitely see it in financial markets. Look, for example, the Bloomberg Surprise Index. So this whole idea instead of is the data strong or weak, is the data stronger or weaker than expected. That's revolutionizing the way people think of everything is relative to expected. Everything's relative to expectation. And before folks like Bloomberg archived that, you sort of knew it, but there was no data set on Surprise.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“CEO For people to play. Well, you know, for example, earlier we talked about now casting the idea that instead of forecasting the future, you're trying to track the present. And now casting is all about big data. And we could be at a point in 10 years where by the time the GDP numbers come out, nobody even really cares because we will have processed all of that on our Bloomberg terminals.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm not that Bloomberg needs the plug, but I'm a kid in a candy store in a Bloomberg terminal. The amount of data available is just astonishing. It's astonishing, and your ability to sort it and compare it and end it. So I think we're just at the infancy in the sort of baseball analogy. We're not even out of the first inning in terms of what big data is going to do. The challenge with big data, of course, is there's going to be a lot of dead ends and a lot of false promises. But I'm absolutely convinced in next 10 years someone or some group of entrepreneurs are going to get big data right and it's going to transform economics and probably every other social science and policy.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, as I said, I think the preparation, I think the sorting in terms of getting into graduate programs is very effective at getting in people with like six sigma math skills. I guess I'm a bit of a bit of a skeptic that that's all you need to do economics. So that would be one thing. The other thing, of course, is big data. That's the buzzword now. But I think about my early efforts as an empirical macroeconomist and what a big deal it was to get a data set and to clean a data set. And we just now take it for granted because on our Bloomberg term, it's all there. I mean, still.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“So rapidly. So that's an area where the internet and having networks of people either directly or indirectly can be very valuable because we can assemble things now on our computer screens that 20 years ago would have impossible. It would have been impossible. On China, I'm doing it sort of on the fly.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“It's come out in two versions. One is the version that's about 400 pages that you can get at any place. And then in the UK, they released actually the first manuscript he submitted, which is 1400 pages. And so if you want to know everything on every day, what newspaper they were reading and how much they paid for a beer at the pub in 1956, then you want the original manuscript version of all those years.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Model of how to what's great about him is that he spans multiple disciplines. And so academics oftentimes focus very narrowly on one little thing. And his understanding and breadth of pulling in different disciplines, history and sociology and anthropology is really remarkable in that. Another one which very popular but I thought was a model of being both clever and well thought through is the Gladwell tipping point argument, which I remember from an essay he did in The New Yorker and then turned that into a book and now in industry. So those would be three that I would mention. In terms of recently, again, getting back to the music element, there's a wonderful, exhaustive biography of the Beatles by Mark Lewison called All Those Years. He spent 11 years just doing the period from 1950.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'll just give you ones that have made an impact on me as opposed to what's on my nightstand now. I've named three. I would start with, I think, a classic in both its scholarship and influence as a book that some of your listeners may or may not know called The Best and the Brightest by David Halberstam, which is a model of how to do concise biographies of a number of individuals who were all interacting. So there's been so much mythology about the Kennedy administration, but Halberstam was, of course, passed away, brilliant writer and reporter, and just goes, these wonderful character sketches of all the people from different backgrounds, McNamara, the Kennedys, the Bundies, and all how they all led to this, what we now know groupthink and crisis collapse over Vietnam. So I name that. I would also name a book that's been very often cited but had a big impact on me. Jared Diamond, guns, germs, and steel.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“I have to listen to that when all I want to do is go fish. Let me give you an anecdote. So I did a paper for a Boston Fed conference in 2010 on the financial crisis. And so in researching that, I went back and read all of the people who claimed they had called the financial crisis. And I basically concluded that there are only two people who basically not only got it right but got the reasoning right. And Macaulay was one and Raghu Raj and Raguran Rajan at Chicago was the other. So a lot of people were saying we could have a crisis, but they got the reasons wrong. The people who actually saw the fragility in the financial system and the Minsky stability creating instability really McCulley and to some extent Rajan.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“My first economics course was like. None of them made any sense to me. That's not how you must behave. Yeah, I think I would name, you mentioned him in an earlier segment. I bring it up again. Paul McCaulay, I think, given that my background in macroeconomics, I tend to be influenced by people who try to use macro to think about markets. And I think Paul is a genius in that. He's very creative. He's not tethered to convention or custom and has got a great gut for macro and market. So I'd probably mention Paul very much in that category.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, not every I actually knew at 18 because I took principles of economics at the University of Illinois from a very dynamic professor. And I just said, that's what I'm doing. I want to be an economics professor. Oh, yeah. Amazing. Yeah, yeah.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Ben always thought good economics was about the questions that we asked, not about the methodology we use. And I've always tried to remember that because economics can get arcane and mathematical. So in my own work, I always try to start with an interesting question and then let the methodology work out as it will. And I learned that from Ben. So I think I'd name those two.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“You should Which is great. I can make that. I was going to say, for an early riser at 7 30 show, it was great I will Well, I would list three. I was very lucky in college to have a mentor, a professor at University of Illinois, a gentleman who I'm still great professor is at Georgetown now, a guy named Matthew Canzaneri. I went to Matt's office as a sophomore and I basically said, I've taken your course. What does someone have to do to actually become an economics professor? How do you actually go from being an undergraduate to an economics professor? And he took out a legal pen and he said, you need to take these courses and you need to have this math and this preparation. And he basically gave me a template that I followed. And so that mentorship and that support as a 19 year old, 20-year-old undergraduate was incredibly valuable for me. And I'll be forever grateful. We're still friends and we still with each other. At Harvard, I have the good fortune to work with a guy named Benjamin Friedman. Ben is an incredible economist. And one thing I learned from Ben is”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“And McCart It stands Either too similar or too different. It's very tough to cover the Beatles. Believe me, I tried it earlier in my career. When you hear.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Back and forth. Online, and you're working with Tops. Anyway, it's available on iTunes. Richard Clarida, the album's called Time No Changes.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“EMI Abbey Road Studio 2. So that's a little present for you and the next day. Well, I play a little acoustic guitar and some bass, but my real realization is I'm at a point now where if I hear a song, I am able to work with top session players through this technology, send them my song files. They overdub their parts and I mix them in my home studio in Connecticut. Yeah.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“And all original tunes absolutely recorded with some of the best session players on the planet and two of the tracks were recorded at Abbey Road Studios. For those of us UK.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I'll tell you something a lot of people know about my background. I am a very avid amateur musician, and I've recorded my first CD.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“And everything, and by the way, in both cases, it helps to have a booming economy in year seven of your Clinton's economy and Reagan's economy were, in a lot of ways, very similar in that they had legs, they had strong growth in year seven, year eight. Very much tech.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“To actually get stuff done, Reagan was the exception because he got a lot done at the end of his second term. But in general,”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“At that point, Whether the Congress critters are going to either be And then you might say, well, but then in year three, you get past the midterm elections. Well, then in year three, the network we're all speculating on what the next presidential election is going to look like. So it's a 14 election. An eight-year president maybe has 24 months.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Talk to people who've actually done it. I've gotten to know some former chiefs of staff, for example. When you're in the White House, you don't think you've got four years. You're thinking you've maybe got 14 months because basically you've got the midterm elections coming out.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“That window is closing. Well, I hope I'm wrong. I hope we're wrong. But right now it appears to be the other thing to remember, Barry, is about the way Washington works, and again, I spent most of my career outside of Washington, but a couple of tours of duty there, is we think about a president having a four-year term, but if you...”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“And politics. Yeah. And when that bill passed, I don't have the exact numbers in front of me. But as I recall, when it did pass the Senate, it was with well over 60 votes. And so, yeah, it was definitely a bipartisan bill.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Complex, and there's such a narrow window. I think the 86 episode's instructive, and some of my friends get bored when I say this, but what was instructive about that episode, and I should mention that I had the good fortune early in my career to work at the Council of Economic Advisors in the Reagan administration, so on my wall is a picture with me in the Oval President Reagan. And so I was there in 86 as a junior economist, and so it was a vivid impression on me. And what people have to remember about that is that that process was bipartisan from the get-go. Bill Bradley, you know, Hall of Fame basketball player and legendary senator from New Jersey was a big proponent of doing tax reform. Dick Gephardt in the house, Dan Rostinkowski, the kingmaker from Illinois were big parts of that. So I think the long shot now is at least as of June 2017. We don't see a lot of bipartisan consensus on tax reform like we did in 86.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Barry, doing true tax reform is actually hard. The last time we really did it in the U.S. was 30 plus years ago. So I think that the most likely scenario based on history is that we do get a reduction in corporate rates. We get some base broadening, potentially some movement on infrastructure. But I think that it's a pretty much of a long shot now that we get a true tax reform in this process. I hope I'm wrong. I'd love to see it.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“It would not be simple to go down that road. I'm not saying it couldn't happen, but it would have to be structured in a way that you're not essentially eliminating tax at the end of the individual”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think, and again, with the proviso that I focus on money and not taxes, my understanding of that issue is that it would have to be structured in a very careful way or otherwise you open up a big gap between the personal rate and the corporate rate. Because as you know, a lot of those LLCs are now probably familiar with that, pay at the personal rate.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't want to put you on the spot. No, no, understood. I think if you actually do a real reform, Allah Reagan in 86, when you are broadening the base and you could afford much lower rates, certainly something in the range of 20 to 25% in a serious tax reform, I think, would be feasible and appropriate and would make us competitive.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“You talk about the repatriated earnings, for example. Those are sitting abroad. Doing nothing. And the reason they're abroad is our code has said if you, quote, keep your foreign profits abroad, you're not facing a U.S. level of taxation. So I think any deal that we do see in Washington will have a levy on those overseas profits brought into the U.S. And then going forward, we really need a code that doesn't encourage companies to do that in the first place.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“But effectively, because of all the gamesmanship, especially for multinational companies, if you're a US-based company, you more or less are paying close to that rate. So multinationals, I would really, I guess my bottom principle would be lower rates of broader base and really go through with a magnifying glass and a microscope any item in the code that actively encourages a company to locate abroad. And we have a lot of those now.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I would make a couple points with a proviso that I'm not a tax expert, but what I would say is we need lower rates and a broader base. And we need a code. I would go through the code with a magnifying glass and a microscope to get rid of anything that would encourage a U.S. company to locate production abroad when it could do that production in the US. And there are different ways to do that. But to me, my principle would be lower rates because we do have very high rates now.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“I prefer not to call the Fed as necessarily tightening rates. I think here Yellen's correct. I think the Fed is removing accommodation. I think as we remove accommodation, we get to a point perhaps into 2018 where you can think of policy as being tight. But with a fully employed economy and inflation around too and the federal funds rate at 90 basis points, this is not a tight monetary policy.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Which could be used. And I mentioned in an earlier segment our corporate tax code is really an abomination. It doesn't raise a whole lot of money and it encourages multinational companies to locate abrupt. So there's a lot that we can do there. But I think really the mode that we're in now is the Fed wants to normalize. I think a point I've made many times on Bloomberg and other places is I think right now we have to think of the Fed with the funds rate at less than a percent with inflation around two, policy is now still very accommodative in the US.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, exactly. So, and I think the economy right now, at least according to the Fed, is close to full employment. So we're probably not at a point bearer where we need a lot of counter-cyclical policy. But you're right, there had been some view coming out of the election by now we would have some tax reform infrastructure and the like. Repatriation of overseas dollars.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's all the above. I mean, infrastructure, if it's done appropriately, should generate future tax revenues with more economic growth. I think so that needs to be factored.”
2017-08-03 · Masters in Business · Richard Clarida of Pimco on the New Neutral of Monetary Policy · IDENTIFIED FROM THE TRANSCRIPT · source