Our Team

John A. Weinberg

(Emeritus)

John Weinberg is a policy advisor emeritus in the Research Department. Previously, Weinberg served as director of research from 2005 to 2015 and senior vice president and special advisor to the president from April 2015 through 2017. He was a policy advisor from 2018 to 2020.

Academic Publications

Money Market Fund Reform: Dealing with the Fundamental Problem

Journal of Risk and Financial Management, Volume 16, January 2023: 42

Huberto M. Ennis, Jeffrey M. Lacker and John A. Weinberg

Previous Version: Working Paper, June 2022, No. 22-08R

Review of "The Fed and Lehman Brothers: Setting the Record Straight on a Financial Disaster," by Laurence Ball

Business Economics, Vol. 54, January 2019: 97-99

John A. Weinberg

Over-the-Counter Loans, Adverse Selection, and Stigma in the Interbank Market

Review of Economic Dynamics, Vol. 16, October 2013: 601-616

Huberto M. Ennis and John A. Weinberg

Previous Version: Working Paper, April 2010, No. 10-07R

Firm-Specific Learning and the Investment Behavior of Large and Small Firms

International Economic Review, Vol. 44, May 2003: 599-625

Wenli Li and John A. Weinberg

Previous Version: Working Paper, April 1999, No. 99-3

Payment Economics: Studying the Mechanics of Exchange

Journal of Monetary Economics, Vol. 50, March 2003: 381-387

Jeffrey M. Lacker and John A. Weinberg

Incentives, Communication, and Payment Instruments

Journal of Monetary Economics, Vol. 50, March 2003: 433-454

Edward S. Prescott and John A. Weinberg

Previous Version: Working Paper, November 2000, No. 00-11

How Large is the Federal Financial Safety Net?

Cato Journal, Vol. 21, Winter 2002: 369-393

John R. Walter and John A. Weinberg

The Pricing of Interbank Payment Services in a Changing Competitive Environment

Monetary and Economic Studies, Vol. 19, November 2001: 97-111

John A. Weinberg

Comment on Financial Fragility with Rational and Irrational Exuberance

Journal of Money, Credit and Banking, Vol. 31, August 1999: 563-567

John A. Weinberg

Coalition-Proof Allocations in Adverse-Selection Economies

Geneva Papers on Risk and Insurance Theory, Vol. 24, June 1999: 5-17

Jeffrey M. Lacker and John A. Weinberg

Private Information and Inventive Activity

Journal of Economic Behavior & Organization, Vol. 24, June 1994: 71-90

John A. Weinberg

A Coalition Proof Equilibrium for a Private Information Credit Economy

Economic Theory, Vol. 3, April 1993: 279-296

Jeffrey M. Lacker and John A. Weinberg

Previous Version: Working Paper, November 1990, No. 90-8

Exclusionary Practices and Technological Competition

Journal of Industrial Economics, Vol. 40, June 1992: 135-146

John A. Weinberg

Incentive Compatible Financial Contracts, Asset Prices, and the Value of Control

Journal of Financial Intermediation, Vol. 1, March 1990: 31-56

Jeffrey M. Lacker, Robert J. Levy and John A. Weinberg

Optimal Contracts under Costly State Falsification

Journal of Political Economy, Vol. 97, December 1989: 1345-1363

Jeffrey M. Lacker and John A. Weinberg
Bank Publications

Honoring Marvin Goodfriend, May 2022

Paying Interest on Bank Reserves

This essay recounts the history of interest on reserves at the Fed, showcasing the influence of Marvin Goodfriend's ideas and how those ideas were adapted as policymakers learned from the implementation of policy.

Huberto M. Ennis and John A. Weinberg

Econ Focus, First Quarter 2020

Making Up Is Hard to Do

The process of guiding inflation expectations higher is not likely to be easy. Indeed, the historical record suggests that making up for periods of below-target inflation will be challenging.

John A. Weinberg

Econ Focus, Second/Third Quarter 2019

Composing the Fed's Balance Sheet

Over the last few years, the FOMC has embarked on a process of monetary policy "normalization," which includes raising interest rates above zero and reducing the size of the Fed's balance sheet.

John A. Weinberg

Econ Focus, Fourth Quarter 2018

Does the Fed Need Room to Cut?

John A. Weinberg

Econ Focus, Second Quarter 2018

Great Expectations

John A. Weinberg

Econ Focus, Fourth Quarter 2017

Is There a Wage Growth Puzzle?

John A. Weinberg

Econ Focus, Second Quarter 2017

Unwinding the Fed's Asset Purchases

John A. Weinberg

Economic Brief, June 2017, No. 17-06

Does the Fed Have a Financial Stability Mandate?

Central banks play strong roles in domestic financial stability policy, but the full scopes of their financial stability mandates are ambiguous.

Renee Haltom and John A. Weinberg

Econ Focus, Third/Fourth Quarter 2016

Immigration and the Economy

John A. Weinberg

Economic Brief, December 2016, No. 16-12

The Role of Central Bank Lending in the Conduct of Monetary Policy

Huberto M. Ennis and John A. Weinberg

Economic Brief, July 2016, No. 16-07

A "New Normal"? The Prospects for Long-Term Growth in the United States

Economic growth in the United States following the Great Recession has been well below the post-World War II average. Some observers have called this the "new normal."

Aaron Steelman and John A. Weinberg

Econ Focus, First Quarter 2016

Getting Back Into Equilibrium

John A. Weinberg

Econ Focus, Third Quarter 2015

Are Large Excess Reserves a Problem for the Fed?

John A. Weinberg

Econ Focus, First Quarter 2015

Keeping Monetary Policy Constrained

John A. Weinberg

Econ Focus, Fourth Quarter 2014

A New Payments Role for the Fed?

A white paper published by the Fed in January advocates adding a new option to the payment system: a real-time electronic payment mechanism that would enable consumers and businesses to make payments instantly, cheaply, and safely.

John A. Weinberg

Econ Focus, Third Quarter 2014

The Long View of the Labor Market

John A. Weinberg

Economic Quarterly, Second Quarter 2015

Essays from our Annual Reports, Part II

John A. Weinberg

Economic Quarterly, Second Quarter 2015

Are We Saving Enough? Households and Retirement

Doug Campbell and John A. Weinberg

Economic Quarterly, Second Quarter 2015

Unsustainable Fiscal Policy: Implications for Monetary Policy

Renee Haltom and John A. Weinberg

Economic Quarterly, First Quarter 2015

The Pursuit of Financial Stability: Essays from the Federal Reserve Bank of Richmond Annual Reports

John A. Weinberg

Economic Quarterly, First Quarter 2015

The Financial Crisis: Toward an Explanation and Policy Response

Aaron Steelman and John A. Weinberg

Annual Report, 2015

A "New Normal"? The Prospects for Long-Term Growth in the United States

Aaron Steelman and John A. Weinberg

Econ Focus, Second Quarter 2014

Moral Hazard and Measurement Hazard

John A. Weinberg

Econ Focus, First Quarter 2014

Fed Communications in Unusual Times

John A. Weinberg

Economic Brief, July 2012, No. 12-07

Unsustainable Fiscal Policy: Implications for Monetary Policy

This Economic Brief argues that the current fiscal position is not sustainable. Though financial markets seem unconcerned, for the time being, about U.S. fiscal health, as evidenced by low rates on Treasury securities, lawmakers should not be complacent.

Renee Haltom and John A. Weinberg

Economic Brief, June 2010, No. 10-06

Now How Large Is the Safety Net?

Jeffrey M. Lacker and John A. Weinberg

Annual Report, 2008

The Financial Crisis: Toward an Explanation and Policy Response

Aaron Steelman and John A. Weinberg

Economic Quarterly, Summer 2007

Inflation and Unemployment: A Layperson's Guide to the Phillips Curve

Jeffrey M. Lacker and John A. Weinberg

Economic Quarterly, Spring 2007

Interest on Reserves and Daylight Credit

Huberto M. Ennis and John A. Weinberg

Annual Report, 2007

Are We Saving Enough? Households and Retirement

John A. Weinberg and Doug Campbell

Economic Quarterly, Summer 2006

Borrowing by U.S. Households

John A. Weinberg

Annual Report, 2006

Inflation and Unemployment: A Layperson's Guide to the Phillips Curve

Jeffrey M. Lacker and John A. Weinberg

Economic Quarterly, Summer 2005

What's Driving Wage Inequality?

Aaron Steelman and John A. Weinberg

Economic Quarterly, Winter 2005

Banking Markets in a Decade of Mergers: A Preliminary Examination of Five North Carolina Markets

John A. Weinberg

Annual Report, 2005

Borrowing by U.S. Households

John A. Weinberg

Economic Quarterly, Fall 2004

Tom Humphrey: An Appreciation

John A. Weinberg

Economic Quarterly, Summer 2004

Editor's Note

John A. Weinberg

Annual Report, 2004

What's Driving Wage Inequality? The Effects of Technical Change on the Labor Market

Aaron Steelman and John A. Weinberg

Economic Quarterly, Summer 2003

Accounting for Corporate Behavior

John A. Weinberg

Economic Quarterly, Fall 2002

Competition Among Bank Regulators

John A. Weinberg

Economic Quarterly, Winter 2002

Imperfect Competition and the Pricing of Interbank Payment Services

John A. Weinberg

Annual Report, 2002

Accounting for Corporate Behavior

John A. Weinberg

Economic Quarterly, Spring 1999

The Fed's Entry into Check Clearing Reconsidered

Jeffrey D. Walker, Jeffrey M. Lacker and John A. Weinberg

Economic Quarterly, Spring 1998

Can the Fed be a Payment System Innovator?

Jeffrey M. Lacker and John A. Weinberg

Economic Quarterly, Spring 1997

The Organization of Private Payment Networks

John A. Weinberg

Annual Report, 1997

Can the Fed be a Payment System Innovator?

Jeffrey M. Lacker and John A. Weinberg

Economic Quarterly, Spring 1996

Tie-in Sales and Banks

John A. Weinberg

Economic Quarterly, Summer 1995

Cycles in Lending Standards?

John A. Weinberg

Economic Quarterly, Fall 1994

Selling Federal Reserve Payment Services: One Price Fits All?

John A. Weinberg

Economic Quarterly, Winter 1994

Firm Size, Finance, and Investment

John A. Weinberg

Economic Review, Mar/Apr, 1990

Takeovers and Stock Price Volatility

Jeffrey M. Lacker and John A. Weinberg
Working Papers

June 2022, No. 22-08R

Money Market Fund Reform: Dealing with the Fundamental Problem (Revised September 2022)

Huberto M. Ennis, Jeffrey M. Lacker and John A. Weinberg

April 2010, No. 10-07R

Over-the-Counter Loans, Adverse Selection, and Stigma in the Interbank Market (Revised February 2012)

Huberto M. Ennis and John A. Weinberg

November 2000, No. 00-11

Incentives, Communication, and Payment Instruments

Alternative payment instruments are studied in an economy with private information, delayed communication, and limited commitment.

Edward S. Prescott and John A. Weinberg

April 1999, No. 99-3

Firm-Specific Learning and the Investment Behavior of Large and Small Firms

Wenli Li and John A. Weinberg

December 1995, No. 95-5

The Adverse Selection Approach to Financial Intermediation: Some Characteristics of the Equilibrium Financial Structure

John A. Weinberg

July 1994, No. 94-9 (Revised Sep. 1995)

The Coalition-Proof Core in Adverse Selection Economies

Jeffrey M. Lacker and John A. Weinberg

November 1990, No. 90-8

A 'Coalition Proof' Equilibrium for a Private Information Credit Economy

Jeffrey M. Lacker and John A. Weinberg