Jeffrey M. Lacker
Encyclopedia
Jeffrey M. Lacker 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.
. 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
. 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.
Economist
An economist is a professional in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy...
and president of the Federal Reserve Bank of Richmond
Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, Maryland...
. He is also a voting member of the Federal Open Market Committee
Federal Open Market Committee
The Federal Open Market Committee , a committee within the Federal Reserve System, is charged under United States law with overseeing the nation's open market operations . It is the Federal Reserve committee that makes key decisions about interest rates and the growth of the United States money...
(FOMC) for the year of 2009. Formerly, he was senior vice president and the director of research at the Federal Reserve Bank of Richmond.
Life and career
Lacker was born in Lexington, KentuckyLexington, Kentucky
Lexington is the second-largest city in Kentucky and the 63rd largest in the US. Known as the "Thoroughbred City" and the "Horse Capital of the World", it is located in the heart of Kentucky's Bluegrass region...
. 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
University of Wisconsin–Madison
The University of Wisconsin–Madison is a public research university located in Madison, Wisconsin, United States. Founded in 1848, UW–Madison is the flagship campus of the University of Wisconsin System. It became a land-grant institution in 1866...
in 1984. Dr. Lacker was an assistant professor of economics at the Krannert School of Management
Krannert School of Management
The Krannert School of Management is Purdue University's school of management. The school was established in 1962 as the Krannert School of Industrial Administration with a $2.7 million endowment from Herman & Ellnora Krannert....
at Purdue University
Purdue University
Purdue University, located in West Lafayette, Indiana, U.S., is the flagship university of the six-campus Purdue University system. Purdue was founded on May 6, 1869, as a land-grant university when the Indiana General Assembly, taking advantage of the Morrill Act, accepted a donation of land and...
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
Richmond Jewish Foundation
Richmond Jewish Foundation is a charity based in Richmond, Virginia. This is a non-profit organization. The website is .-Overview:The Richmond Jewish Foundation was established in 1979...
. 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
Federal Reserve Bank of Richmond
The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia. It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. Branch offices are located in Baltimore, Maryland...
. 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.