Jeffrey M. Lacker
Jeffery M. Lacker | |
|---|---|
 | |
| President of the Federal Reserve Bank of Richmond | |
| Assumed office August 1, 2004 | |
| Personal details | |
| Born | September 27, 1955 Lexington, Kentucky |
Jeffrey M. Lacker (born September 27, 1955) is an American economist and president of the Federal Reserve Bank of Richmond. He is also a voting member of the Federal Open Market Committee (FOMC) for the year of 2009. Formerly, he was senior vice president and the director of research at the Federal Reserve Bank of Richmond[1].
Life and career
Lacker was born in Lexington, Kentucky. He received his bachelor’s degree in economics from Franklin and Marshall College in 1977. Following graduation, Dr. Lacker joined Wharton Econometrics 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. He joined the Bank 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.
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 Junior Achievement of Central Virginia Advisory Board and is director of the World Affairs Council of Greater Richmond.
Lacker took office on August 1, 2004, as the seventh chief executive of the Fifth District Federal Reserve Bank at Richmond.[2] He is serving the remainder of a term that began on March 1, 2001. 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. In addition 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.
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