Our Team
Jeffrey M. Lacker
Jeffrey M. Lacker was president of the Federal Reserve Bank of Richmond from 2004 to 2017. Lacker was a Distinguished Professor in the Department of Economics at Virginia Commonwealth University from 2018 to 2022.
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Academic Publications
"What Monetary Policy Can Do." The Cato Journal 36, no. 2 (Spring/Summer 2016), 261-268.
"Fed Credit Policy: What is a Lender of Last Resort." Journal of Economic Dynamics and Control 49 (December 2014): 135-138.
"Understanding the Interventionist Impulse of the Modern Central Bank." The Cato Journal 32, no. 2 (Spring/Summer 2012): 247-253.
"Reflections on Economics, Policy and the Financial Crisis." Journal of Applied Economics and Policy 30 (Spring 2011): 61-66.
"Government Lending and Monetary Policy." Business Economics 44 (July 2009): 136-142.
"What Lessons Can We Learn From the Boom and Turmoil?" The Cato Journal 29, no. 1 (Winter 2009): 53-63.
"Financial Stability and Central Banks." European Economics & Financial Centre Economic and Financial Review 15 (Autumn 2008): 103-118.
"Payment Economics and the Role of Central Banks. In The Future of Payment Systems edited by Andrew G. Haldane, Stephen Millard and Victoria Saporta. London, U.K.: Routledge, (2008): 68-72.
"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." Journal of Money, Credit, and Banking 31, no. 3 (August 1999): 590-593.
"Coalition-Proof Allocations in Adverse-Selection Economies" (with John A. Weinberg). 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.
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Bank Publications
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Working Papers
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Other Work
"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.
- Speeches