Speeches

2015
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Sept. 4, 2015

The Case Against Further Delay

Richmond Fed President Jeffrey Lacker addressed the Retail Merchants Association in Richmond, Virginia, on September 4.

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May 26, 2015

From Country Banks to SIFIs: The 100-year Quest for Financial Stability

Richmond Fed President Jeffrey M. Lacker gave a speech on financial stability at the Louisiana State University Graduate School of Banking in Baton Rouge on May 26, 2015.

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April 15, 2015

Investing in People for Long-Term Prosperity

Richmond Fed President Jeffrey M. Lacker presents a comprehensive approach to preparing skilled workers who can develop and implement new technologies, and reap the benefits of economic growth.

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April 10, 2015

Economic Outlook, April 2015

Richmond Fed President Jeffrey M. Lacker addressed the Global Interdependence Center in Sarasota, Florida.

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March 31, 2015

Economic Outlook, March 2015

Richmond Fed President Jeffrey Lacker addressed the Greater Richmond Chamber of Commerce.

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Feb. 10, 2015

Education, Innovation and Economic Growth

Richmond Fed president Jeffrey Lacker spoke about innovation and human capital at the 2015 Emerging Issues Forum.

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Jan. 9, 2015

Economic Outlook, January 2015

Richmond Fed's Lacker addressed the Virginia Bankers Association and Virginia Chamber of Commerce during their annual financial forecast event in Richmond, Virginia, on Jan. 9.

2014
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Nov. 5, 2014

Committing to Financial Stability

Richmond Fed president Jeffrey M. Lacker spoke about financial stability and ending “too big to fail.”

Chicago Skyline

Oct. 10, 2014

Rethinking the Unthinkable: Bankruptcy for Large Financial Institutions

Richmond Fed president Jeffrey M. Lacker spoke about the use of the Bankruptcy Code to resolve large complex financial institutions.

Asheville, NC

Oct. 9, 2014

Prospects for Growth and Labor Markets

Richmond Fed president Jeffrey M. Lacker spoke about the national economic outlook during the Bank’s Regional Forum in Asheville, N.C.

Charlotte Skyline

July 8, 2014

Economic Outlook, July 2014

Richmond Fed President Jeffrey M. Lacker addressed business leaders during a luncheon hosted by the Rotary Club of Charlotte in Charlotte, N.C.

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June 26, 2014

Investing in People as an Economic Growth Strategy

Richmond Fed President Jeffrey M. Lacker discussed workforce development in a speech at the Lynchburg College School of Business and Economics in Lynchburg, Va.

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May 30, 2014

The Fed as Lender of Last Resort: Comments on "Rules for a Lender of Last Resort" by Michael Bordo

Richmond Fed President Jeffrey M. Lacker spoke on May 30, 2014 during the Hoover Institution’s Central Banking Conference at Stanford University.

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May 13, 2014

Welcome and Introductory Remarks, 2014 Credit Markets Symposium

Richmond Fed President Jeffrey M. Lacker welcomed participants to the 2014 Credit Markets Symposium and spoke about the evolution of the financial system since the Fed’s founding.

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Feb. 21, 2014

Economics After the Crisis: Models, Markets, and Implications for Policy

Richmond Fed President Jeffrey M. Lacker spoke Feb. 21, 2014, at Arizona State University's Center for Advanced Study in Economic Efficiency in Tempe, Arizona.

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Feb. 11, 2014

The Path to Financial Stability

Richmond Fed president Jeffrey M. Lacker spoke about steps to increase financial stability on Feb. 11, 2014, at the Stanford Institute for Economic Policy Research.

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Feb. 4, 2014

Economic Outlook, February 2014

Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook Feb. 4, 2014, in remarks to students, faculty and community leaders at Shenandoah University in Winchester, Virginia.

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Jan. 17, 2014

Economic Outlook, January 2014

Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook Jan. 17, 2014, in remarks to the Richmond chapter of the Risk Management Association.

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Jan. 10, 2014

Economic Outlook, January 2014

Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook Jan. 10, 2014, in remarks to the Greater Raleigh Chamber of Commerce.

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Jan. 3, 2014

Economic Outlook, January 2014

Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook Jan. 3, 2014, in remarks to the Maryland Bankers Association Seventh Annual First Friday Economic Outlook Forum.

2013
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Dec. 9, 2013

Economic Outlook, December 2013

Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook Dec. 9, 2013, in remarks to the Charlotte Chamber of Commerce Economic Outlook Conference in Charlotte, N.C.

Capitol Building

Dec. 3, 2013

Lacker Testifies on Bankruptcy and Financial Institution Insolvency

Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, testified Dec. 3 about bankruptcy and financial institution insolvency to a subcommitee of the U.S. House of Representatives Committee on the Judiciary.

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Nov. 21, 2013

Economic Outlook, November 2013

Richmond Fed President Jeffrey M. Lacker spoke about the economic outlook in remarks to business and community leaders in Asheboro, N.C.

Nov. 5, 2013

Starting Early in Workforce Development

Richmond Fed President Jeffrey M. Lacker discussed workforce development during his speech to Charlotte business leaders on Nov. 5.

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Nov. 1, 2013

Global Interdependence and Central Banking

President Jeff Lacker addresses the Global Interdependence Center in Philadelphia, which named him its 2013 Global Citizen.

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Oct. 18, 2013

Toward Orderly Resolution

Richmond Fed President Jeffrey M. Lacker offered introductory remarks at the Federal Reserve 2013 Resolution Conference in Washington, D.C.

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Oct. 4, 2013

Human Capital Investment as a Major Financial Decision

Richmond Fed President Jeffrey M. Lacker addressed teachers at the Council for Economic Education’s 52nd Annual Conference in Baltimore.

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Sept. 26, 2013

Monetary Policy in the United States: The Risks Associated With Unconventional Policies

Richmond Fed President Jeffrey M. Lacker discussed U.S. monetary policy at the Swedbank Economic Outlook Seminar on Sept. 26 in Stockholm.

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Aug. 29, 2013

A Look Back at the History of the Federal Reserve

Richmond Fed President Jeffrey M. Lacker discussed Federal Reserve history at Christopher Newport University on Aug. 29 in Newport News, Va.

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June 28, 2013

Economic Outlook, June 2013

Richmond Fed President Jeffrey M. Lacker discussed the economic outlook during the Judicial Conference of the Fourth Circuit on June 28 in White Sulphur Springs, W.Va.

Capitol Building

June 26, 2013

Richmond Fed President Jeffrey M. Lacker Testifies on the Issue of 'Too Big to Fail.'

Richmond Fed President Jeffrey M. Lacker appeared before the House Financial Services Committee on June 26 to discuss the Dodd-Frank Act and the persistent problem of “too big to fail,” as well as strategies for resolving the issue.

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May 15, 2013

Economic Outlook, May 2013

Richmond Fed President Jeffrey M. Lacker addressed business leaders from the Baltimore area at a dinner at the Richmond Fed’s Baltimore office.

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May 9, 2013

Ending 'Too Big to Fail' Is Going to Be Hard Work

Jeffrey Lacker, president of the Federal Reserve Bank of Richmond, addressed the Council on Foreign Relations on May, 9, 2013, as part of the C. Peter McColough Series on International Economics.

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May 3, 2013

Economic Outlook, May 2013

Richmond Fed President Jeffrey M. Lacker addressed the local chapter of the Risk Management Association at their economic outlook luncheon in Richmond, Va.

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April 9, 2013

Ending 'Too Big to Fail' Is Going to Be Hard Work

Richmond Fed President Jeffrey Lacker discussed the "too big to fail" issue during the Global Society of Fellows conference held April 9 at the University of Richmond in Richmond, Va.

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Feb. 12, 2013

Economics and the Federal Reserve After the Crisis

Richmond Fed President Jeffrey Lacker speaks with students and faculty at Franklin & Marshall College in Lancaster, Pa.

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Jan. 8, 2013

Lacker on the Economy

Lacker speaks at the South Carolina Business & Industry Political Education Committee's 27th Annual Meeting in Columbia, S.C.

Baltimore harbor

Jan. 4, 2013

Economic Outlook, January 2013

Lacker speaks at the Maryland Bankers Association’s Sixth Annual First Friday Economic Outlook Forum.

2012
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Dec. 17, 2012

Economic Outlook, December 2012

Lacker speaks at the Charlotte Chamber of Commerce's Annual Economic Outlook Conference.

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Nov. 20, 2012

Perspectives on Monetary and Credit Policy

Lacker Speaks at Shadow Open Market Committee Symposium in New York

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Nov. 15, 2012

Economic Outlook

Speech before the West Virginia Economic Outlook Conference Nov. 15, 2012

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Oct. 15, 2012

Economic Outlook, October 2012

Lacker Addresses Business and Government Leaders in Roanoke, Va.

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Oct. 12, 2012

Challenges to Economic Growth

Speech before the Frank Batten School of Leadership and Public Policy Oct. 12, 2012

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Sept. 18, 2012

Maximum Employment and Monetary Policy

Speech before Money Marketeers Sept. 18, 2012

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May 7, 2012

Technology, Unemployment and Workforce Development in a Rapidly Changing World

Lacker Addresses Business and Community Leaders in Greensboro, N.C.

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May 2, 2012

Economic Outlook, May 2012

Lacker Addresses the Economics Club of Hampton Roads.

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March 29, 2012

A Program for Financial Stability

Lacker Addresses UNC School of Law.

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Jan. 13, 2012

Economic Outlook, January 2012

Lacker Addresses Richmond Risk Management Association.

2011
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Dec. 19, 2011

Economic Outlook, December 2011

Lacker Addresses Business Leaders at the Charlotte Chamber Economic Outlook Conference

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Nov. 16, 2011

Understanding the Interventionist Impulse of the Modern Central Bank

Lacker on Understanding the Interventionist Impulse of the Modern Central Bank,CATO Institute Monetary Conference

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Oct. 17, 2011

Economic Outlook, October 2011

Lacker Addresses Business, Community and Economic Development Leaders in Salisbury, Md.

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Oct. 3, 2011

Economics After the Crisis: Reflections on a Return to Madison

Lacker Speaks to Students at the University of Wisconsin, Madison, WI.

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Sept. 7, 2011

Immediate Funds Transfer: A Central Bank Perspective

Lacker Speaks at Chicago Fed's Symposium

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July 28, 2011

What Does the Path to Full Recovery Look Like?

Lacker Addresses Dulles Regional Chamber of Commerce, Chantilly, Va.

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June 13, 2011

Manufacturing in the New Southern Economy

Lacker speaks at Southern Growth's 2011 Chairman's Conference in Roanoke, Va.

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May 10, 2011

Economic Outlook, May 2011

Lacker Addresses Northern Virginia Business and Community Leaders

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April 14, 2011

Economic Outlook, April 2011

Lacker Speaks at the University of Baltimore in Maryland

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April 7, 2011

Innovation in the New Financial Regulatory Environment

President Lacker addresses students, faculty and local business leaders at Ferrum College.

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March 30, 2011

Address to the Oversight and Investigations Subcommittee, Committee on Financial Services

Richmond Fed’s Jeff Lacker addresses the Oversight and Investigations Subcommittee of the Committee on Financial Services

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Feb. 8, 2011

Economic Outlook, February 2011

Lacker speaks in Newark, DE -- Feb. 8

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Jan. 14, 2011

Economic Outlook, January 2011

Lacker addresses RMA -- Richmond Chapter, Jan. 14

2010
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Dec. 6, 2010

Economic Outlook, December 2010

President Lacker Addresses Charlotte, N.C.'s Business Leaders

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Nov. 14, 2010

Unemployment and Monetary Policy: Lessons from Half a Century Ago

President Lacker Addresses AP Economics Teachers

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Oct. 13, 2010

Economic Outlook, October 2010

President Lacker Addresses Piedmont, N.C.'s Business Leaders

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Sept. 24, 2010

Reflections on Economics, Policy and the Financial Crisis

Kentucky's economists honor Richmond Fed's Lacker with the Distinguished Economist Award. In his speech, the Kentucky native talks of family roots, and reflects on the financial crisis.

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July 15, 2010

The Economic Outlook, July 2010

Richmond Fed's Lacker addresses Hampton Roads business leaders

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July 12, 2010

Unveiling The Fed Experience

President Lacker introduces "The Fed Experience"

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May 26, 2010

The Regulatory Response to the Financial Crisis: An Early Assessment

Jeffrey M. Lacker, President of the Federal Reserve Bank of Richmond, is keynote speaker for an upcoming conference titled: "Financial Regulation and Supervision: Lessons from the Crisis."

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May 11, 2010

The Piedmont-Triad Regional Economic Outlook, May 2010

Lacker Addresses Greensboro, NC Business Leaders

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May 6, 2010

The Economic Outlook, May 2010

President Lacker addresses Virginia International Investors

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April 14, 2010

Economics, Policy and Politics

President Lacker discusses “Economics, Policy and Politics” with West Virginia University students.

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April 13, 2010

The Economic Outlook, April 2010

President Lacker addresses Morgantown WVA business leaders

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March 1, 2010

Real Regulatory Reform

President Lacker speaks to the Institute of International Bankers.

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Jan. 15, 2010

The Economic Outlook, January 2010

President Lacker addresses Richmond risk management professionals

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Jan. 8, 2010

The Economic Outlook, January 2010

President Lacker addresses the Maryland Bankers Association

2009
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Dec. 2, 2009

The Economic Outlook

President Lacker addresses Charlotte business leaders

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Nov. 17, 2009

The Economic Outlook

Lacker addresses VA House Appropriations Committee

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Oct. 8, 2009

Financial Education in the Wake of the Crisis

President Lacker addresses the National Council for Economic Education

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Sept. 14, 2009

Choices in Financial Regulation

Lacker Speech to Charlotte RMA (Video Available)

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Aug. 27, 2009

The Economic Outlook

Lacker Speaks to Danville Chamber of Commerce

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June 10, 2009

The Economic Outlook

Lacker Speaks at North Carolina Senate Appropriations Committee

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May 11, 2009

The Role of the Safety Net in the Financial Crisis

Lacker Speaks at Beijing Banking Summit

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May 8, 2009

The Economic Outlook,

Lacker keynote speaker at D.C. Chamber Business Summit

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May 4, 2009

The Economic Outlook

President Lacker speaks to Charlottesville, Va., business leaders

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March 26, 2009

Financial Conditions and the Economic Outlook

President Jeffrey Lacker speaks to the Charleston Metro Chamber of Commerce.

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March 2, 2009

Government Lending and Monetary Policy

President Lacker addresses the National Association for Business Economics at the 2009 Washington Economic Policy Conference

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Jan. 16, 2009

Financial Conditions and the Economic Outlook

President Lacker addresses the Risk Management Association, Richmond Chapter

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Jan. 13, 2009

Financial Conditions and the Economic Outlook

President Lacker addresses South Carolina Business & Industry Political Education Committee.

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Jan. 9, 2009

Financial Conditions and the Economic Outlook

President Lacker speaks to the Maryland Bankers Association.

2008
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Dec. 3, 2008

Financial Conditions and the Economic Outlook

excerpt from speech: Financial market conditions loom large in any discussion of the economy these days. The heart of the problem, of course, is the home mortgages made from late 2005 through early 2007, near the end of the long U.S. housing boom that began in 1995. Since the peak in activity in 2005, housing investment has fallen by more than 40 percent. Average housing prices, as measured by the FHFA repeat sales index, have fallen 6 ½ percent since their peak in April 2007.

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Nov. 21, 2008

Financial Conditions and the Economic Outlook

excerpt from speech:

Financial market conditions loom large in any discussion of the economy these days. The heart of the problem, of course, is the home mortgages made from late 2005 through early 2007, near the end of long U.S. housing boom that began in 1995. Since the peak in activity in 2005, housing investment has fallen by more than 40 percent. Average housing prices, as measured by the FHFA repeat sales index, have fallen 6.5 percent since their peak in April 2007. Some markets have experienced more dramatic declines; the home price index for California fell 18 percent, for example. The resulting erosion in home equity for many borrowers has meant that mortgages made near the peak of the boom, especially the subprime and non-traditional categories, are experiencing much larger losses than expected.

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Nov. 19, 2008

What Lessons Can We Learn From the Boom and Turmoil?

President Jeffrey Lacker spoke on, "What Lessons Can We Learn From the Boom and Turmoil?" at the CATO Institute's 26th Annual Monetary Conference.

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Nov. 3, 2008

Financial Conditions and the Economic Outlook

Richmond Fed President Speaks in Jerusalem, Israel.

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July 8, 2008

The Economic Outlook

It's a pleasure to speak to you today. My topic is the current economic situation and the outlook for the period ahead. Before we begin, though, let me remind you that the usual disclaimer applies: The views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

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June 16, 2008

The Economic Outlook

It's a pleasure to speak to you today. My topic today is the current economic situation and the outlook for the period ahead. Motivating an interest in this topic has been somewhat easier than usual in recent months. And the appearance of the word "recession" on a popular weekly news magazine only helps. Before we begin, though, let me remind you that the usual disclaimer applies: The views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

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June 5, 2008

Financial Stability and Central Banks

The financial market events of the last nine months have raised a number of questions about our financial markets and institutions, about financial regulation, and about the central bank's role in credit markets.1 Some analyses have focused on the drying up of trading activity in certain structured finance products where the key observation is how abruptly liquidity conditions in a financial market can change. Others have focused on the underlying fundamentals of credit quality in these financial products, with a key observation being that, after the fact, it looks as though many decisions regarding the extension of credit yielded quite disappointing results.

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Feb. 5, 2008

The Economic Outlook for 2008

It's a pleasure to be with you. While the economy is seldom far from many people's minds, I think it's fair to say that economic conditions are garnering a bit more attention than usual right now. Housing markets have deteriorated over the last two years and the resulting losses on mortgage-related securities contributed to financial market turmoil last summer. The associated decline in employment in the construction and financial industries has contributed to a slowdown in aggregate job growth. Moreover, inflation — both overall and excluding food and energy prices — has picked up of late. As you might imagine, these developments have kept us busy at the Federal Reserve. So today, I'd like to spend some time talking about the economy. I'll begin by reviewing current economic conditions, and then go on to discuss the outlook for the coming year. Before we begin though, let me note that the usual disclaimer applies: the views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

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Jan. 18, 2008

The Economic Outlook for 2008

Thank you very much, BJ. It's a pleasure to be with you again to discuss the economic outlook.1 I'll begin this morning by discussing current conditions, and then go on to discuss the outlook for the coming year. Before we begin though, let me note that the usual disclaimer applies — the views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

2007
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Dec. 19, 2007

Economic Outlook

Thank you very much, Henry. It's a pleasure to return to Charlotte again at the end of the year to discuss the economic outlook.1 I'll begin by discussing current conditions in a bit more detail, before going on to discuss the outlook for the coming year. Before we begin though, let me note that the usual disclaimer applies – the views I express are my own and are not necessarily shared by any of my colleagues on the Federal Open Market Committee.

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Nov. 7, 2007

The Role of Central Banks in Credit Markets

By now I'm sure the events of this past summer are very familiar to most financial market professionals.1 Since these events form the backdrop for my discussion of the central bank's role in credit markets, I will begin with a quick review. As the housing downturn that began early in 2006 deepened, delinquencies, defaults, and loss rates rose on high-risk mortgages, particularly more recent vintages. In response to unfolding events — including rating agency downgrades and losses and insolvencies at various intermediaries — participants in markets for instruments with mortgage debt exposure revised downward their assessments of the likely future returns on the underlying assets. At times investors had difficulty discerning the magnitude of their counterparty's vulnerability and thus distinguishing among various instruments. This became particularly acute in early August following a suspension of fund redemptions by a large European intermediary, and for several days thereafter many markets were roiled as investors appeared to pull back from a broad range of asset classes.

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Aug. 21, 2007

The Economic Outlook

I am pleased to be with you here today to discuss my views on the economic outlook. 1 When this date was arranged many months ago, I was looking forward to delivering my remarks during the sleepy dog days of summer. Instead, we meet during fairly tumultuous times in financial markets. Over the last several weeks, we have seen substantial revisions in market participants' assessments of the fundamental value of securities related to sub-prime and other non-standard mortgages, financial distress related to mortgage finance at several entities, considerable widening of credit spreads, and significantly larger swings in asset prices. This turbulence makes assessing the economic outlook more challenging than usual, and of course makes central bank policymaking especially challenging.

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July 27, 2007

Early Childhood Development and Economic Growth

Early childhood development may seem like an odd topic for a Federal Reserve Bank president.1 The public policy responsibility for which the Fed is best known is the nation’s monetary policy – a macroeconomic subject that would seem to stand in sharp contrast to the more microeconomic focus of Governor Kaine’s summit today. But as a regional Reserve Bank in a federated central banking system like the Fed, we spend a good deal of time trying to understand the economies that make up our District, which, as you may know, includes Maryland, Washington, D.C., Virginia, West Virginia and the Carolinas. We supplement formal data on the national economy with information we gather from numerous sources – both formal and informal – about economic conditions in our region. This process gives us an opportunity to observe and learn about the economic trends and challenges facing the people of our District. It also allows us to observe the range of public policies and private initiatives undertaken across the District aimed at promoting local and regional economic growth.

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June 6, 2007

The Inflation Outlook

I am very pleased to be with you today to discuss my views on the economic outlook, with particular emphasis on the outlook for inflation.1 In its most recent statements, the Federal Open Market Committee has identified "the risk that inflation will fail to moderate as expected" as its "predominant policy concern." This places current inflation and the inflation outlook squarely at center stage in thinking about the economy and monetary policy. So in my remarks today, I will take a closer look at inflation's recent behavior and the prospects for its future behavior. In doing so, I'll discuss the interplay between real activity and inflation expectations. As always, these remarks should be taken as my own personal views, and not necessarily those of any of my colleagues in the Federal Reserve.

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May 22, 2007

The Inflation Outlook

I am pleased to be with you tonight to discuss my views on the outlook for inflation.1 In its most recent statements, the Federal Open Market Committee has identified "the risk that inflation will fail to moderate as expected" as its "predominant policy concern." This places current inflation and the inflation outlook squarely at center stage in thinking about the economy and monetary policy. So in my remarks tonight, I will take a closer look at inflation's recent behavior and the prospects for its future behavior. In doing so, I'll place particular emphasis on what we've learned in recent years about inflation dynamics, particularly the interplay between real activity and inflation expectations. As always, these remarks should be taken as my own personal views, and not necessarily shared by any of my colleagues in the Federal Reserve.

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April 11, 2007

Inflation and Unemployment (revised)

Let me begin by telling you about some recent experiences. I had the opportunity earlier this year to guest-teach a couple of business school economics classes. I opened my discussions with a pair of questions, asking students to put themselves in the place of a monetary policymaker choosing a target for the federal funds rate. First I gave them a set of hypothetical facts about the state of the economy: a slowdown in housing in the wake of multi-year housing boom; rising mortgage default rates; preliminary indicators of a slowing in business investment. And then I asked them: "What are you going to do?" The students dutifully responded that this situation could call for a reduction in the funds rate. They'd obviously been doing their homework.

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March 29, 2007

Inflation and Unemployment

I recently had the opportunity to guest-teach a couple of business school economics classes. It was great to be back in the classroom. Don’t get me wrong – I like my current job. But it was nice not to have to vote on anything.

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March 29, 2007

Community Affairs Research Conference -- Opening Remarks

On behalf of the Federal Reserve System, I would like to add my welcome to the fifth Community Affairs Research Conference. These biennial meetings are a unique opportunity for academics, policy makers and community development professionals to gather together and consider new research findings that can inform our judgments on a variety of issues. I applaud the organizers for compiling such an interesting and provocative program.

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March 9, 2007

Comments on "Understanding the Evolving Inflation Process"

I have to admit that I was apprehensive when Steve and Anil asked me to participate in this Forum and comment on a report on inflation dynamics, especially when I found out that one of the authors was going to be an old friend, Mark Watson. Mark is a pre-eminent time-series econometrician, so my first thought was that I was going to need to brush up on unit-root asymptotics. When the report arrived, however, I was pleasantly surprised to find a wide-ranging and insightful review of the historical behavior of inflation in the G-7 countries along with a thoughtful examination of alternative explanations of those dynamics. I think the Report makes a very useful contribution to applied monetary economics and illuminates well some of the key challenges in monetary policy today. The usual disclaimer applies here, however; the views I express are my own and not necessarily shared by my colleagues in the Federal Reserve System.

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Jan. 19, 2007

Economic Outlook

It’s a pleasure to be here again this year for what has come to be called the “Broaddus Breakfast.” I am honored to be invited back for a third appearance. Before I begin, I owe you the usual disclaimer that these views are my own and are not necessarily shared by my colleagues around the Federal Reserve System. But for those of you who have followed my voting record, this should come as no surprise.

2006
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Dec. 21, 2006

Economic Outlook

It's a pleasure to be here in Charlotte again this year for the Annual Economic Conference. I am honored to be invited back for a third appearance, particularly after my forecasting performance last year. Before I begin, I owe you the usual disclaimer that these views are my own and are not necessarily shared by my colleagues around the Federal Reserve System. For those of you who have followed my voting record, however, this should come as no surprise.

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Dec. 1, 2006

How Should Regulators Respond to Financial Innovation?

The subject of this panel is "Financial Markets and Growth." There is now quite a substantial literature devoted to understanding how improvements in the effectiveness of the financial sector can and do contribute to growth and economic well-being in developing countries. My focus will be on the innovations in financial markets and practices that have been particularly striking in the United States over the last couple of decades, and the key benefits of those innovations. We've seen tremendous changes in financial arrangements in recent years, particularly with regard to the ways in which financial markets allocate risk; derivative markets have made risks increasingly divisible and tradable, and consumers have seen vastly expanded opportunities in credit markets. I believe these changes have produced noteworthy economic benefits. Many observers, however, acknowledge the benefits but believe the recent wave of financial innovation also has contributed to increasing financial fragility. The proliferation of new instruments seems to have made it easier for someone to accumulate large risk exposures and harder for counterparties to evaluate them.

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Oct. 30, 2006

Monetary Policy Tactics and Strategy

Thank you for that kind introduction, Don. It is a pleasure to be with this esteemed group today. This morning, I’d like to talk about monetary policy, but before I do, I need to note that, as always, the views I express are my own, and do not necessarily coincide with the views of my colleagues within the Federal Reserve. I’d like to talk about monetary policy from two different perspectives: tactics and strategy. These obviously are two pertinent aspects of any sustained planning or decision-making endeavor, whether it involves public policy or the private goals of businesses or households. By tactics, I mean the decisions we make and the actions we take on a day-to-day, month-to-month, or, in the case of the Federal Open Market Committee, twice-a-quarter basis. Our most visible tactical decision is our choice of the federal funds rate. You have probably noticed that I have disagreed with many of my colleagues on this tactical choice at recent meetings, and I will say a few words later on about why.

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Oct. 11, 2006

The Regional Economic Outlook

It is a pleasure to be with you today to discuss the economic outlook for the region. I work, as Barbara’s kind introduction noted, at the Federal Reserve Bank of Richmond. The fact that our nation’s capital lies within the Richmond Federal Reserve District, rather than the other way around, is an odd byproduct of decisions made over 90 years ago. When establishing the Federal Reserve System as the nation’s central bank, Congress created a confederation of regional banks, rather than a single, centrally located bank. The founding organizers then made Richmond the headquarters for the Fifth Federal Reserve District, which covers the area from West Virginia and Maryland in the North down to the Carolinas in the South. The founders’ motivating vision was that the nation was better served by an institution that was closely linked to the diverse economies that make up our country. And so, one of our key responsibilities at the Reserve Banks is to understand local economic conditions around our Districts. Of course, the Fed is well represented inside the beltway, since Washington is the home of the Board of Governors of the Federal Reserve System, the entity that oversees Reserve Bank activities. They are kind enough to let me roam Washington at will, and we are kind enough to cut their paychecks for them.

Photo of President Jeffrey M. Lacker

May 18, 2006

The Evolution of Consumer Finance

At the outset this morning I would like to congratulate you: 2005 marked the first year in the history of the federal deposit insurance program in which there were no failures of FDIC-insured institutions. While the banking industry clearly has benefited from a relatively healthy macroeconomic environment, I think the lack of bank failures last year is strong evidence that supervisory agencies — both state and federal — have been doing an outstanding job. In fact, one could argue that we have done too good a job, since, as our recently retired Fed Chairman was fond of observing, the optimal number of bank failures is certainly not zero, the point being that risk-taking is an essential part of banking, and even if our banking system as a general matter is taking only prudent, well-managed risks, there may still be some failures from time to time. Furthermore, risk is an inherent part of innovation, and when banks are trying new things, some will succeed and some will not. But innovation is vital to the continued growth and progress of the industry and its ability to provide the public with ever more useful and efficient financial services over time. I would like to note, as usual, that the views expressed are my own and are not necessarily those of my colleagues in the Federal Reserve System.

Photo of President Jeffrey M. Lacker

April 4, 2006

The Economic Outlook

It is a pleasure to speak on the economic outlook this morning, in part due to this distinguished Ohio Valley audience, and in part because the outlook is so encouraging. Growth is proceeding on a solid pace this year, and inflation is low and stable. Moreover, our economy has withstood several substantial shocks over the last several years, and yet has remained on course. So, I think we have abundant reason to be grateful for a quite positive economic outlook. Before I begin reviewing that outlook, however, I would like to note, as usual, that the views expressed are my own and are not necessarily those of my colleagues in the Federal Reserve System.

Photo of President Jeffrey M. Lacker

March 29, 2006

Central Bank Credit in the Theory of Money and Payments

I’m honored to have the opportunity to speak at this conference, although I must admit that I find the conference’s title a bit puzzling. I can certainly think of more than two conferences on payment economics. Why, the Richmond Fed alone has sponsored two; one in 2000 and one way back in 1987.

Photo of President Jeffrey M. Lacker

Feb. 14, 2006

Transition and Continuity at the Federal Reserve

I would like to talk to you tonight about the evolution in the way the Federal Reserve goes about conducting monetary policy. As my title suggests, one theme is that a transition is taking place. Of course, the most striking transition at the Federal Reserve this year is the change in leadership. On January 31, Federal Reserve Board Chairman Alan Greenspan served his last day in office and chaired his last meeting of the Federal Open Market Committee. His successor, Ben Bernanke, took over the following day, and tomorrow morning, he delivers his first testimony to Congress as chairman.

Photo of President Jeffrey M. Lacker

Jan. 20, 2006

The Economic Outlook

It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this year’s run-up in energy prices and the disruptions of a devastating hurricane season. And after a brief pause this fall, employment is expanding again at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the champagne. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge.

Photo of President Jeffrey M. Lacker

Jan. 18, 2006

The Economic Outlook

It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this year’s run-up in energy prices and the disruptions of a devastating hurricane season. And after a brief pause this fall, employment is expanding again at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the champagne. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge.

2005
10
Photo of President Jeffrey M. Lacker

Dec. 22, 2005

The Economic Outlook

It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this years run-up in energy prices and the disruptions of a devastating hurricane season. After a brief pause this fall, employment has resumed expanding at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the eggnog. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge. So all in all, it is quite a good outlook. In fact, in the spirit of the holiday season, I am tempted to say that I bring you tidings of comfort and joy, but I am afraid that might strike you as uncharacteristically exuberant for a central banker, so let me just say that tidings appear to be improving at a measured pace.

Photo of President Jeffrey M. Lacker

Dec. 21, 2005

The Economic Outlook

It is a pleasure to be with you today to discuss the economic outlook for 2006 and beyond. It is a pleasure, in part, because the economic outlook is fairly encouraging. Growth is on a solid footing, despite this year’s run-up in energy prices and the disruptions of a devastating hurricane season. After a brief pause this fall, employment has resumed expanding at a healthy pace, consumer spending continues to grow briskly, and business investment spending is robust. Granted, housing activity seems to be softening, and at least some potential price level pressures remain, so it may be too soon to break out the eggnog. But inflation expectations remain contained, and we at the Fed are well-positioned to resist inflation pressures, should they emerge. So all in all, it is quite a good outlook. In fact, in the spirit of the holiday season, I am tempted to say that I bring you tidings of comfort and joy, but I am afraid that might strike you as uncharacteristically exuberant for a central banker, so let me just say that tidings appear to be improving at a measured pace.

Photo of President Jeffrey M. Lacker

Oct. 20, 2005

Interest Rate Policy After Greenspan

Early next year, we will experience an event that happens rarely in the Federal Reserve — the retirement of the Chairman of the Board of Governors. Alan Greenspan is just the fifth Fed Chairman in the modern era that began with the Treasury-Fed Accord in 1951, and his retirement provides us with an excellent opportunity both to look back at a period of extraordinary success in monetary policy-making and to look forward to the principles that might allow future policy to continue this success. I plan to do some of both today, but I may spend as much time looking back as looking forward, not because I’m particularly nostalgic for the 1990s, but because I think it’s important for us to understand the nature of our policy successes in order to draw the right lessons to guide our future thinking about policy. As always, the views expressed are my own, and do not necessarily represent the views of my colleagues in the Federal Reserve System.

Photo of President Jeffrey M. Lacker

June 20, 2005

Retail Financial Innovation

Over the last two decades, we have witnessed what can arguably be called a revolution in retail consumer finance. Perhaps the hallmark of this revolution has been the dramatic expansion of unsecured lending through the proliferation of credit cards. This growth has not been limited to unsecured credit, but also includes mortgage and home equity lending. One of my themes this morning will be that these trends are the result of a wave of innovation, largely related to information technology, that has brought widespread change to financial services and other industries. At the same time, as retail credit extension has grown we have also seen a significant expansion of regulations pertaining to the extension of such credit, and a growing concern in some quarters that American households have lost control of their finances to a dizzying array of new products and options. My second theme concerns the relationship between these two broad developments. I will argue that there is a natural tendency for credit expansions like the one we've seen to lead to calls for new regulation. My hope is that understanding this relationship will better equip us to assess current conditions in retail credit markets, including legislative and regulatory proposals, and to think clearly about the industry's future direction.

Photo of President Jeffrey M. Lacker

June 14, 2005

Retail Financial Innovation

Over the last two decades, we have witnessed what can arguably be called a revolution in retail consumer finance. Perhaps the hallmark of this revolution has been the dramatic expansion of unsecured lending through the proliferation of credit cards. This growth has not been limited to unsecured credit, but also includes mortgage and home equity lending. One of my themes this morning will be that these trends are the result of a wave of innovation, largely related to information technology, that has brought widespread change to financial services and other industries. At the same time, as retail credit extension has grown we have also seen a significant expansion of regulations pertaining to the extension of such credit, and a growing concern in some quarters that American households have lost control of their finances to a dizzying array of new products and options. My second theme concerns the relationship between these two broad developments. I will argue that there is a natural tendency for credit expansions like the one we've seen to lead to calls for new regulation. My hope is that understanding this relationship will better equip us to assess current conditions in retail credit markets, including legislative and regulatory proposals, and to think clearly about the industry's future direction.

Photo of President Jeffrey M. Lacker

May 20, 2005

Payment Economics and the Role of the Central Banks

I would like to start by commending the organizers of this conference for their goal of “making payments mainstream.” If I could do a bit of wordsmithing, I would add the word “economics” after the word “payment,” because a distinct and coherent field of payment economics appears to be emerging, and it deserves some attention, especially among central bank policymakers (Lacker and Weinberg, 2003). In my remarks today, I will say a few words about payment economics, and then discuss the role of the Central Bank in the payment system and implications of that role for several current issues. As always, the views expressed do not necessarily represent the views of my colleagues in the Federal Reserve System.

Photo of President Jeffrey M. Lacker

April 7, 2005

Community Affairs Research Conference - Opening Remarks

On behalf of the Federal Reserve System, it is my pleasure to welcome you to the fourth Community Affairs Research Conference. I believe this year’s conference has brought together a set of papers and participants that will make interesting and useful contributions to our knowledge on matters of consumer finance and community development. These are areas in which innovations in lending practices and supporting information technologies have led to a substantial expansion of credit to U.S. households. I think its fair to say that these markets are in a state of flux, making it particularly difficult to assess the costs and benefits of private sector practices and public policies. Against this backdrop, research like that represented at this conference is all the more valuable.

Photo of President Jeffrey M. Lacker

March 1, 2005

Inflation Targeting and the Conduct of Monetary Policy

I am pleased to be here with you today to talk about inflation targeting and the conduct of monetary policy. I would like to thank Dr. Coughlan, Dean Newman and the University of Richmond for giving me an opportunity at this time to express my views on this important subject. The timing is right for two reasons. It has been just a little more than half a year since I became president of the Federal Reserve Bank of Richmond. As bank president, I participate regularly in the Federal Open Market Committee, the body that makes monetary policy in the United States. And I welcome this as an opportunity to make the first comprehensive presentation of my views on the conduct of monetary policy. As I will explain in detail, I believe that the adoption and announcement of an explicit, numerical, long-run inflation target by the Fed would enhance the effectiveness of monetary policy.

Photo of President Jeffrey M. Lacker

Jan. 18, 2005

Technology and Labor Markets

Labor market developments receive a considerable amount of media coverage. Over the last two years there have been countless stories about the “jobless recovery.” Employment growth following the 2001 recession has been slow compared to previous business cycles, slower in fact than any other recovery since WWII. In fact, only in 2004 did the economy get to something we might consider a normal pace of employment growth for a period of expansion. Many observers see technology as the culprit in sluggish employment growth. By raising productivity, we are told, technology weakens the demand for labor, and allows firms to meet growing demand without adding workers. In the last year or so, there also have been widespread stories about the growing number of jobs lost to imports or outsourcing. Of course, this movement of jobs overseas has been facilitated by technological advances in communication and information processing, so there is a sense in which one can describe these jobs as being lost to technology as well.

Photo of President Jeffrey M. Lacker

Jan. 3, 2005

The Economic Outlook

I am delighted to be here today to discuss the economic outlook for 2005 and beyond. But before I do, it would be helpful to review briefly the course of economic activity over the past year or so. The usual disclaimer applies, however: the views expressed are my own, and are not necessarily those of others in the Federal Reserve System.

2004
7
Photo of President Jeffrey M. Lacker

Dec. 20, 2004

Economic Outlook

I am delighted to be here today to discuss the economic outlook for 2005 and beyond. But before I do, it would be helpful to review briefly the course of economic activity over the past year or so. The usual disclaimer applies here, however: the views expressed are my own, and are not necessarily those of others in the Federal Reserve System.

June 16, 2004

Comments on the Economy and Monetary Policy

As usual I’ll begin with a recap of recent developments in the economy to put the outlook in perspective. Then I’ll comment on the outlook — as others see it and I see it — and finally I’ll conclude with a few remarks about monetary policy.

May 22, 2004

VCU School of Business Commencement

Dean Sesnowitz; distinguished members of the faculty; proud parents and other family members; guests; and, of course most importantly, members of the Virginia Commonwealth University School of Business Class of 2004: thank you for your welcome and the privilege of sharing a few reflections with you this afternoon on this very special occasion.

May 18, 2004

Comments on the Economy and Banking

It is a pleasure to be with you this morning, and I am honored by your invitation to address this Convention once again. When Jack Benny was honored in some way back during his career, he said he didn't deserve the honor.

May 9, 2004

Hampden-Sydney College Commencement

President Bortz; distinguished members of the faculty and board of trustees; proud, satisfied — and probably relieved — parents; guests; and — most importantly, of course — members of the Hampden-Sydney Class of 2004: thank you for your welcome and for the privilege of joining you on this memorable day.

May 6, 2004

Competition in Banking: Achieving the Right Balance

It is a pleasure to be with you this morning. The theme of this session is “How Banks Compete.” I want to develop a variation on this theme and consider how the intensity of competition in banking has increased over the years, and some of the challenges this change presents.

Jan. 16, 2004

The Economic Outlook for 2004

It's a pleasure to be back with you once again. I don't know exactly how many years you've honored me by inviting me back, but it's an appreciable number, and I always enjoy being with you. I guess I should say most of the time.

2003
9

Nov. 14, 2003

Macroeconomic Principles and Monetary Policy

It's a great pleasure and honor for me to be invited to participate in this Forum, although I have to tell you that I was more than a little intimidated when I learned that I would be part of a panel featuring Bob King and Tom Sargent.

Oct. 29, 2003

Attack at the Economic Heart of America: What 9/11 Taught the United States about Its Economic Security

It's a great pleasure and honor for me to be invited to participate in this Forum, although I have to tell you that I was more than a little intimidated when I learned that I would be part of a panel featuring Bob King and Tom Sargent.

Sept. 30, 2003

The Economy: Where is it Headed and When?

It is a pleasure to be with you this evening, and a pleasure to serve as Longwood's Executive-in-Residence earlier today.

July 25, 2003

Update on the Economy and Monetary Policy

These remarks update other recent speeches Mr. Broaddus has made regarding the U.S. economic outlook.

June 4, 2003

Remarks on the Economy and Monetary Policy

It is a pleasure to be back with you once again. I'm truly honored that you invite me back so frequently, although I'm reminded of something that Jack Benny said once when he received an award of some sort.

April 15, 2003

Remarks at the 13th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies

 And certainly the extraordinary difficulty currently in trying to discern U.S. macroeconomic prospects for the next year or so is not inconsistent with Twain's observation.

March 31, 2003

The Economic Outlook in a Turbulent Period

It is a pleasure to be with you today, although I have to confess that I am not very alert because I had a nightmare last night.

Jan. 16, 2003

The Economic Outlook for 2003

It is a pleasure to be with you today. Each year I receive several invitations to give talks on the economic outlook for the year ahead, and this is my first such talk for 2003.

Jan. 3, 2003

Comments on Monetary Policy in a Low Inflation Environment

It's a pleasure to be here today and to have this opportunity to comment on conducting monetary policy in a low inflation environment.

2001
3

Oct. 12, 2001

Transparency in the Practice of Monetary Policy

This has been a very useful conference in my view, and I am honored by this opportunity to be a part of it.1 As some of you may know, I was the second choice for this slot, but that doesn't bother me at all because the first choice was Don Brash, the Governor of the Reserve Bank of New Zealand and a pathbreaker in bringing both transparency and accountability to central banking in practice.

June 14, 2001

Housing as an Economic Development Tool

It is a pleasure to be with you this evening. Most of the speeches I make deal with national economic outlook and Fed monetary policy, and it is refreshing to have an opportunity to talk about something else.

June 13, 2001

Moving up, Moving Forward, and Moving Out

Thank you very much. Ms. Roberson, members of the faculty, parents and friends, and — most importantly — members of the Thomas Jefferson High School Class of 2001, it is truly a pleasure and an honor to be with you this afternoon.

2000
3

June 15, 2000

Current Challenges for U.S. Monetary Policy

It is a pleasure and an honor to be invited to participate in this conference.

May 5, 2000

Market Discipline and Fed Lending

It's a pleasure to address this Conference once again.

Feb. 17, 2000

An Overview of the Gramm-Leach-Bliley Act and Brief Remarks on the Economy

It has been a while since I had the pleasure of speaking to this group, and I've been looking forward to this dinner.

1999
2

Sept. 26, 1999

Incentives and Banking

It's a pleasure to be with you tonight. Bryce has welcomed you on behalf of the Powell Endowment.

April 14, 1999

EMU and the Role of the National Central Banks in the Eurosystem

It is a pleasure to be with you tonight here at Davidson. I have counted a number of Davidson alumni as good friends and colleagues over the years, but for some reason this is the first opportunity I have had to visit the Davidson campus. I am happy to have the chance to do so this evening even though I have to make a speech to earn it!

1998
1

Sept. 17, 1998

The Bank Merger Wave: Causes and Consequences

I'm delighted to be here today to talk with you about the wave of bank mergers that is sweeping across our country-our hometown included.

1997
5

Dec. 17, 1997

Longwood College Commencement Address

President Cormier, distinguished members of the faculty, graduates, families and friends.

Oct. 27, 1997

Collaborative Community Development: Creating Linkages for the Future

Good afternoon, ladies and gentlemen. Thank you for joining us here in Baltimore to discuss community economic development.

Oct. 21, 1997

The Economy: New Paradigm or Old Paradigm?

Ladies and gentlemen, it is a pleasure to be with you today for your 11th Annual Business Expo.

Aug. 1, 1997

Reflections on Community Banking

It is a pleasure to be with you today, and I thank you for inviting me.

Feb. 21, 1997

Economic Education: Making the Half-Truths Whole

Ladies and gentlemen, it is a pleasure and a privilege to address you today, both for professional and personal reasons.

1996
1

Oct. 17, 1996

U.S. Monetary Policy: Looking Back to Find the Future

Needless to say, it's a great pleasure for both Margaret and me to have this opportunity to return to IU, where we spent four very happy years between mid-1966 and mid-1970.

1995
1

March 16, 1995

Reflections on Monetary Policy

Mr. Broaddus wishes to thank his long-time colleague, Timothy Cook, for substantial assistance in preparing the address.

1993
1

April 2, 1993

Central Banking: Then and Now

Thank you very much for that kind introduction. It is very nice indeed to be here in the Shenandoah Valley.

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