Jeffrey M. Lacker

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Jeffrey M. Lacker
Richmond lacker.jpg
President of the Federal Reserve Bank of Richmond
Incumbent
Assumed office
August 1, 2004
Preceded by J. Alfred Broaddus
Personal details
Born (1955-09-27) September 27, 1955 (age 58)
Lexington, Kentucky

Jeffrey M. Lacker (born September 27, 1955) is an American economist and president of the Federal Reserve Bank of Richmond since 2004.

Early years[edit]

Lacker was born in Lexington, Kentucky. He received his bachelor’s degree in economics from Franklin and Marshall College in 1977. Following graduation, Lacker joined Wharton Econometric Forecasting Associates in Philadelphia. He went on to earn a Ph.D. in economics from the University of Wisconsin–Madison in 1984. Dr. Lacker was an assistant professor of economics at the Krannert School of Management at Purdue University from 1984 to 1989.

Career at Federal Reserve[edit]

Lacker joined the Federal Reserve Bank of Richmond in 1989 as an economist in the banking area of the Research Department. He was named research officer in 1994, vice president in 1996, and senior vice president and director of the Research Department in May 1999.[1]

Lacker took office on August 1, 2004, as the seventh chief executive of the Fifth District Federal Reserve Bank at Richmond. He is serving the remainder of a term that began on March 1, 2011. In 2006, he serves as a voting member of the Federal Open Market Committee, bringing his District's perspective to policy discussions in Washington.

Lacker's vote was the solitary dissent in the August, September, October, and December 2007 FOMC meetings. The FOMC decided to keep interest rates steady at 5.25 per cent after a series of seventeen consecutive increases of twenty-five basis points each; Mr. Lacker voted for additional tightening. Mr. Lacker dissented at the January 2009 meeting; "Mr. Lacker dissented because he preferred to expand the monetary base by purchasing U.S. Treasury securities rather than through targeted credit programs" according to the FOMC minutes.

In addition Mr. Lacker voted against the action at April 2012 meeting: "... who does not anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate through late 2014" according to FOMC press release.[2]

He cast the sole vote against quantitative easing by the purchase of mortgage-backed securities and the issuance of forward guidance at the September 2012 FOMC meeting.[3]

He appeared on CNBC's early morning program on Dec 23, 2013 and performed pretty well. Viewers could tell he was an expert in economics based on the comments he made in the interview. This interview cemented his place in morning talk shows.

Other activities[edit]

Lacker is the author of numerous articles in professional journals on monetary, financial, and payment economics, and has presented his work at several universities and central banks. He taught at The College of William and Mary in 1992 and 1993, and in 1997 he was a visiting scholar at the Swiss National Bank.

Lacker serves as director for the board of the Richmond Jewish Foundation. He is also a member of the Advisory Board of the Junior Achievement of Central Virginia. and director of the World Affairs Council of Greater Richmond.

Personal life[edit]

Lacker and his wife, Lisa Halberstadt, have two sons.[4]

References[edit]

  1. ^ "President Jeffrey Lacker Bio - Federal Reserve Bank of Richmond". Richmondfed.org. 2004-08-01. Retrieved 2012-10-02. 
  2. ^ "FRB: Press Release-Federal Reserve issues FOMC statement-April 25, 2012". Federalreserve.gov. 2012-04-25. Retrieved 2012-10-02. 
  3. ^ All Things Considered (2012-09-15). "Fed's Latest Stimulus Lacked Unanimous Support". NPR. Retrieved 2012-10-02. 
  4. ^ "The Federal Reserve Bank of Richmond: Who we are: President Jeff Lacker". Richmondfed.org. Retrieved April 28, 2012. 

External links[edit]