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Wednesday, July 23, 2014

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Michael Dotsey, Vice President and Senior Economic Policy AdvisorMichael Dotsey

Senior Vice President and Director of Research

Phone: (215) 574-6417
Fax: (215) 574-4364
Send an e-mail to Michael Dotsey E-mail

Current Working Papers

Publications in Refereed Journals

  • "Implications of State-Dependent Pricing for Dynamic Macroeconomic Models," with Robert G. King, Journal of Monetary Economics, (January 2005), pp. 213-242.
  • "Should a Monetary Policy Maker Look at Money?" with Andreas Hornstein, Journal of Monetary Economics, (April 2003), pp. 547-580.
  • "The Behavior of the Real Rate of Interest," with Carl Lantz and Brian Scholl, Journal of Money, Credit and Banking, (February 2003), pp. 91-110.
  • "Inflation Uncertainty and Growth in a Cash-in-Advance Economy," with Pierre-Daniel Sarte, Journal of Monetary Economics (June 2000), pp. 631-657.
  • "State Dependent Pricing and the General Equilibrium Dynamics of Money and Output," with Robert G. King and Alex Wolman, Quarterly Journal of Economics, (May 1999).
  • "On the Welfare Cost of Inflation in General Equilibrium," with Peter Ireland, Journal of Monetary Economics (February 1996), pp. 29-47.
  • "Liquidity Effects and Transactions Technologies," with Peter Ireland, Journal of Money, Credit and Banking (November 1995), pp. 1441-1457.
  • "Some Unpleasant Supply Side Arithmetic," Journal of Monetary Economics (June 1994), pp. 507-524.
  • "How Well Do Linear Approximation Methods Work? The Production Tax Case," with Ching-Sheng Mao, Journal of Monetary Economics (February 1992), pp. 25-58.
  • "Open Market Operations in Australia: A U.S. Perspective," Economic Record (September 1991).
  • "The Economic Effects of Production Taxes in a Stochastic Growth Model," American Economic Review (December 1990), pp.1168-1182.
  • "Monetary Control Under Alternative Operating Procedures," Journal of Money, Credit and Banking (August 1989), pp.273-290.
  • "The Demand for Currency in the United States," Journal of Money, Credit and Banking (February 1988), pp. 22-39.
  • "Monetary Policy, Secrecy, and Federal Funds Rate Behavior," Journal of Monetary Economics (November 1987), pp.463-474.
  • "Wealth Effects of Open Market Operations and the Consequence for Optimal Monetary Policy," Journal of Monetary Economics (March 1986), pp. 225-238.
  • "Informational Implications of Interest Rate Rules," with R.G. King, American Economic Review (March 1983), pp. 33-42.
  • "The Use of Electronic Funds Transfers to Capture the Effects of Cash Management Practices on the Demand for Demand Deposits: A Note," Journal of Finance (December 1985), pp. 1493-1504.
  • "Is There an Operational Interest Rate Rule?" American Economic Review (June 1985), pp. 552-556.
  • "Monetary Instruments and Policy Roles in a Rational Expectations Environment," with R.G. King, Journal of Monetary Economics (September 1983), pp. 357-382.

Federal Reserve Bank of Philadelphia Business Review Articles

Other Publications

  • "Pitfalls in Interpreting Tests of Backward Looking Pricing in New Keynesian Models," Federal Reserve Bank of Richmond Economic Quarterly, (forthcoming).
  • "Is Money Useful in the Conduct of Monetary Policy?" with Carl Lantz and Lawrence Santucci, Federal Reserve Bank of Richmond Economic Quarterly (Fall 2002), pp. 23-48.
  • "The Importance of Systemetic Monetary Policy Economics," Federal Reserve Bank of Richmond Economic Quarterly (Summer 1999), pp. 41-60.
  • "The Predictive Content of the Interest Rate Term Spread for Future Economic Growth," Federal Reserve Bank of Richmond Economic Quarterly (Summer 1998).
  • "Investing in Equities – Can It Help Social Security?" Federal Reserve Bank of Richmond Economic Quarterly (Fall 1997).
  • "Signal Extraction," in Business Cycles and Depressions, David Glasner, ed, Garland Publishing (1997).
  • "Some Not So Unpleasant Monetarist Arithmetic," Federal Reserve Bank of Richmond Economic Quarterly (Fall 1996).
  • "Changing Policy Orientation in the United States," Monetary Policy in an Integrated World Economy, Kiel Conference Proceedings (1996).
  • "Was the Disinflation of the Early 1980s Anticipated?" Federal Reserve Bank of Richmond Economic Quarterly (Fall 1995).
  • "The Rational Expectations Hypothesis of the Term Structure, Monetary Policy, and Time Varying Term Premia," Federal Reserve Bank of Richmond Economic Quarterly (Winter 1995).
  • "M2 and Monetary Policy: A Critical Review of the Recent Debate," with Christopher Otrok, Federal Reserve Bank of Richmond Economic Quarterly (Winter 1994).
  • "Oil Shocks, Monetary Policy, and Economic Activity," with Milton Reid, Federal Reserve Bank of Richmond Economic Review (July/August 1992).
  • "Monetary Policy and Operating Procedures in New Zealand," Federal Reserve Bank of Richmond Economic Review (September/October 1991).
  • "Reforming Deposit Insurance: Lessons from the Savings and Loan Crisis," with Tony Kuprianov, Federal Reserve Bank of Richmond Economic Review (March/April 1990).
  • "An Examination of International Trade Data in the 1980s," Federal Reserve Bank of Richmond Economic Review (March/April 1989).
  • "Rational Expectations and the Business Cycle," with R.G. King, in The New Palgrave: A Dictionary of Economic Theory and Doctrine and Federal Reserve Bank of Richmond Economic Review (March/April 1988).
  • "The Australian Money Market and the Operations of the Reserve Bank of Australia: A Comparative Analysis," Federal Reserve Bank of Richmond Economic Review (September/October 1987).
  • "Japanese Monetary Policy, a Comparative Analysis," Bank of Japan Monetary and Economic Studies 4 (October 1986) and in Federal Reserve Bank of Richmond Economic Review (November/December 1986).
  • "Controversy over the Federal Budget Deficit: A Theoretical Perspective," Federal Reserve Bank of Richmond Economic Review (September/October 1985).
  • "An Investigation of Cash Management Practices and Their Effects on the Demand for Money," Federal Reserve Bank of Richmond Economic Review (September/October 1984).
  • "An Examination of Implicit Interest Rates on Demand Deposits," Federal Reserve Bank of Richmond Economic Review (September/October 1983).
  • "Money Market Mutual Funds and Monetary Control," with S. Englander and J. Partlan, Federal Reserve Bank of New York Quarterly Review (Winter 1981-82).