Staff Economists


Jeffrey M. Lacker

Jeffrey M. Lacker

My research concerns financial contracts, financial intermediation and payment arrangements.


Jeff Lacker became president of the Federal Reserve Bank of Richmond on August 1, 2004. Previously, he was the Director of Research.

President Lacker's full biography

“Payment System Disruptions and the Federal Reserve Following September 11, 2001.” Journal of Monetary Economics 51, no. 5 (July 2004): 935-965.

“Payment Economics: Studying the Mechanics of Exchange” (with John A. Weinberg). Journal of Monetary Economics 50, no. 2 (March 2003): 381-387.

“Collateralized Debt as the Optimal Contract.” Review of Economic Dynamics 4, no. 4 (October 2001): 842-859.

“The CLS Bank: A Solution to the Risks of International Payments Settlement? A Comment.” Carnegie-Rochester Conference Series on Public Policy 54 (June 2001): 227-233.

“Comment on Redemption Costs and Interest Rates under the U.S. National Banking System” (with John A. Weinberg). Journal of Money, Credit, and Banking 31, no. 3 (August 1999): 590-593.

“Coalition-Proof Allocations in Adverse-Selection Economies.” Geneva Papers on Risk and Insurance Theory 24, no. 1 (June 1999): 5-17.

“Clearing, Settlement and Monetary Policy.” Journal of Monetary Economics 40, no. 2 (October 1997): 347-381.

“Money and Credit as Means of Payment” (with Stacey L. Schreft). Journal of Monetary Economics 38, no. 1 (August 1996): 3-23.

“A ‘Coalition Proof’ Equilibrium for a Private Information Credit Economy” (with John A. Weinberg). Economic Theory 3, no. 2 (April 1993): 279-296.

“Inside Money and Real Output: A Reinterpretation.” Journal of Macroeconomics 12, no. 1 (Winter 1990): 65-79.

“Incentive Compatible Financial Contracts, Asset Prices, and the Value of Control.” (with Robert J. Levy and John A. Weinberg).Journal of Financial Intermediation 1, no. 1 (March 1990): 31-56.

“Optimal Contracts under Costly State Falsification” (with John A. Weinberg). Journal of Political Economy 97, no. 6 (December 1989): 1345-1363.

“Financial Intermediation, Optimality, and Efficiency.” Canadian Journal of Economics 22, no. 2 (May 1989): 364-382.

“Inside Money and Real Output.” Economics Letters 28, no. 1 (1988): 9-14.

For Economic Review articles, see author's page on FRASER or the Social Science Research Network.

"On Systemic Risk." Comments presented at the Second Joint Central Bank Research Conference on Risk Measurement and Systemic Risk, Bank of Japan, November 16-17, 1998.

Contact Us


Jeffrey M. Lacker
(804) 697-8921