Michael Dotsey

Federal Reserve Bank of Philadelphia

Professor

Ten Independence Mall

Philadelphia, PA 19106-1574

United States

SCHOLARLY PAPERS

50

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Top 18,177

in Total Papers Downloads

2,571

SSRN RANKINGS

Top 2,005

in Total Papers Citations

280

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Scholarly Papers (50)

1.

The Predictive Content of the Interest Rate Term Spread for Future Economic Growth

FRB Richmond Economic Quarterly, vol. 84, no. 3, Summer 1998, pp. 31-51
Number of pages: 21 Posted: 21 Nov 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 634 (39,927)

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Do Phillips Curves Conditionally Help to Forecast Inflation?

FRB of Philadelphia Working Paper No. 15-16
Number of pages: 38 Posted: 02 Apr 2015
Michael Dotsey, Shigeru Fujita and Tom Stark
Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 105 (253,401)

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Phillips curve, unemployment gap, conditional predictive ability

Do Phillips Curves Conditionally Help to Forecast Inflation?

FRB of Philadelphia Working Paper No. 17-26
Number of pages: 42 Posted: 07 Sep 2017
Michael Dotsey, Shigeru Fujita and Tom Stark
Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 56 (367,560)

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Phillips curve, unemployment gap, conditional predictive ability

Do Phillips Curves Conditionally Help to Forecast Inflation?

FRB of Philadelphia Working Paper No. 15-16
Number of pages: 38 Posted: 07 Sep 2017
Michael Dotsey, Shigeru Fujita and Tom Stark
Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Philadelphia
Downloads 23 (510,358)

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Phillips curve, unemployment gap, conditional predictive ability

3.

An Investigation of Cash Management Practices and Their Effects on the Demand for Money

FRB Richmond Economic Review, Vol. 70, No. 5, September/October 1984, pp. 3-12
Number of pages: 10 Posted: 24 Aug 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 178 (165,722)

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4.

Oil Shocks, Monetary Policy, and Economic Activity

FRB Richmond Economic Review, Vol. 78, No. 4, July/August 1992, pp. 14-27
Number of pages: 14 Posted: 07 Nov 2012
Michael Dotsey and Max Reid
Federal Reserve Bank of Philadelphia and affiliation not provided to SSRN
Downloads 140 (202,989)

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The Effects of Fiscal Policy in a Neoclassical Growth Model

Federal Reserve Bank of Richmond Working Paper No. 94-3
Number of pages: 41 Posted: 13 Nov 2012
Michael Dotsey and Ching-Sheng Mao
Federal Reserve Bank of Philadelphia and National Taiwan University - Department of Economics
Downloads 90 (280,941)

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The Effects of Fiscal Policy in a Neoclassical Growth Model

FRB Richmond Working Paper No. 97-8
Number of pages: 47 Posted: 19 Nov 2012
Michael Dotsey and Ching-Sheng Mao
Federal Reserve Bank of Philadelphia and National Taiwan University - Department of Economics
Downloads 38 (433,694)

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The Effects of Fiscal Policy in a Neoclassical Growth Model

Posted: 06 Jul 2001
Michael Dotsey and Ching-Sheng Mao
Federal Reserve Bank of Philadelphia and National Taiwan University - Department of Economics

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6.
Downloads 112 (240,657)

Pricing, Production, and Persistence

FRB Philadelphia Working Paper No. 05-4
Number of pages: 42 Posted: 16 May 2005
Michael Dotsey and Robert G. King
Federal Reserve Bank of Philadelphia and Boston University - Department of Economics
Downloads 76 (311,919)

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Pricing, macroeconomic models

Pricing, Production and Persistence

NBER Working Paper No. w8407
Number of pages: 46 Posted: 05 Aug 2001 Last Revised: 13 Aug 2001
Michael Dotsey and Robert G. King
Federal Reserve Bank of Philadelphia and Boston University - Department of Economics
Downloads 36 (442,333)

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Nontraded Goods, Market Segmentation, and Exchange Rates

FRB Philadelphia Working Paper No. 06-9
Number of pages: 40 Posted: 30 May 2006
Michael Dotsey and Margarida Duarte
Federal Reserve Bank of Philadelphia and University of Toronto - Department of Economics
Downloads 74 (316,912)

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Exchange rates, Nontraded goods, Incomplete asset markets

Nontraded Goods, Market Segmentation, and Exchange Rates

FRB Richmond Working Paper No. 06-03
Number of pages: 40 Posted: 07 Dec 2012
Michael Dotsey and Margarida Duarte
Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 23 (510,358)

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exchange rates, nontraded goods, incomplete asset markets

8.

Implications of State-Dependent Pricing for Dynamic Macroeconomic Models

FRB Philadelphia Working Paper No. 05-2
Number of pages: 64 Posted: 16 May 2005
Michael Dotsey and Robert G. King
Federal Reserve Bank of Philadelphia and Boston University - Department of Economics
Downloads 94 (271,087)

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Prices

9.

On the Implementation of Markov-Perfect Interest Rate and Money Supply Rules: Global and Local Uniqueness

FRB of Philadelphia Working Paper No. 08-30
Number of pages: 33 Posted: 01 Nov 2007 Last Revised: 11 Feb 2009
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 81 (297,400)

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Inflation and Real Activity with Firm-Level Productivity Shocks

FRB of Philadelphia Working Paper No. 13-35
Number of pages: 46 Posted: 16 Sep 2013
Michael Dotsey, Robert G. King and Alexander L. Wolman
Federal Reserve Bank of Philadelphia, Boston University - Department of Economics and Federal Reserve Bank of Richmond
Downloads 57 (364,380)

Abstract:

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Pricing

Inflation and Real Activity with Firm Level Productivity Shocks

FRB of Philadelphia Working Paper No. 18-19
Posted: 23 Jul 2018 Last Revised: 21 Feb 2019
Michael Dotsey and Alexander L. Wolman
Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Richmond

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Inflation, microeconomics

11.

Home Production and Social Security Reform

FRB of Philadelphia Working Paper No. 12-5
Number of pages: 38 Posted: 17 Feb 2012
Michael Dotsey, Wenli Li and Fang Yang
Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Louisiana State University, Baton Rouge
Downloads 51 (377,809)

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Home Production, Housing, Social Security Reform, Labor Supply

12.

The Rational Expectations Hypothesis of the Term Structure, Monetary Policy, and Time-Varying Term Premia

FRB Richmond Economic Quarterly, vol. 81, no. 1, Winter 1995, pp. 65-81
Number of pages: 17 Posted: 15 Nov 2012
Michael Dotsey and Christopher Otrok
Federal Reserve Bank of Philadelphia and University of Missouri
Downloads 45 (398,263)

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Some Not-so-Unpleasant Monetarist Arithmetic

FRB Richmond Economic Quarterly, vol. 82, no. 4, Fall 1996, pp. 73-91
Number of pages: 19 Posted: 17 Nov 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 23 (510,358)

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Some Not So Unpleasant Monetarist Arithmetic

Federal Reserve Bank of Richmond Working Paper No. 95-2
Number of pages: 29 Posted: 15 Nov 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 16 (554,707)

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Some Not so Unpleasant Monetarist Arithmetic

Posted: 09 May 1998
Michael Dotsey
Federal Reserve Bank of Philadelphia

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14.
Downloads 37 (428,528)

Structure from Shocks

FRB Richmond Economic Quarterly, vol. 88, no. 4, Fall 2002, pp. 37-47
Number of pages: 13 Posted: 02 Dec 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 19 (535,599)

Abstract:

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Structure from Shocks

FRB Richmond Working Paper No. 99-6
Number of pages: 19 Posted: 26 Nov 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 18 (541,952)

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Monetary policy, impulse response functions, correlations, dynamic behavior

15.

Reforming Deposit Insurance: Lessons from the Savings and Loan Crisis

FRB Richmond Economic Review, vol. 76, no. 2, March/April 1990, pp. 3-28
Number of pages: 26 Posted: 03 Nov 2012
Michael Dotsey and Anatoli Kuprianov
Federal Reserve Bank of Philadelphia and Independent
Downloads 37 (428,528)

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16.

Rational Expectations Business Cycle Models: A Survey

FRB Richmond Economic Review, vol. 74, no. 2, March/April 1988, pp. 3-15
Number of pages: 13 Posted: 31 Oct 2012
Michael Dotsey and Robert G. King
Federal Reserve Bank of Philadelphia and Boston University - Department of Economics
Downloads 37 (428,528)

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17.
Downloads 36 (432,545)

Consumption and Time Use Over the Life Cycle

FRB of Philadelphia Working Paper No. 10-37
Number of pages: 47 Posted: 01 Dec 2010
Michael Dotsey, Wenli Li and Fang Yang
Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Louisiana State University, Baton Rouge
Downloads 36 (442,333)

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Consumption, Home Production, Life Cycle

Consumption and Time Use Over the Life Cycle

International Economic Review, Vol. 55, Issue 3, pp. 665-692, 2014
Number of pages: 28 Posted: 30 Jul 2014
Michael Dotsey, Wenli Li and Fang Yang
Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Louisiana State University, Baton Rouge
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18.

The Demand for Currency in the United States

Journal of Money, Credit, and Banking, Vol. 20, No. 3, 1988, Federal Reserve Bank of Richmond Working Paper No. 86-1
Number of pages: 46 Posted: 24 Oct 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 35 (436,648)

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19.

An Examination of International Trade Data in the 1980s

FRB Richmond Economic Review, Vol. 75, No. 2, March/April 1989, pp. 21-27
Number of pages: 7 Posted: 02 Nov 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 32 (449,302)

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20.

Japanese Monetary Policy -- A Comparative Analysis

Economic Review, Vol. 72, No. 6, November/December 1986, pp. 12-24
Number of pages: 13 Posted: 25 Oct 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 32 (449,302)

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21.

An Examination of Implicit Interest Rates on Demand Deposits

FRB Richmond Economic Review, Vol. 69, No. 5, September/October 1983, pp. 3-11
Number of pages: 9 Posted: 24 Aug 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 32 (449,302)

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On the Implementation of Markov-Perfect Monetary Policy

FRB of Philadelphia Working Paper No. 11-29
Number of pages: 22 Posted: 10 Aug 2011
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 16 (554,707)

Abstract:

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Monetary policy, Markov-perfect, determinacy, interest rate rules, money supply rules

On the Implementation of Markov-Perfect Monetary Policy

FRB Richmond Working Paper No. 09-6R
Number of pages: 22 Posted: 12 Dec 2012
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 15 (561,190)

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monetary policy, Markov-perfect, determinacy, interest rate rules, money supply rules

23.

How Important is the Currency Denomination of Exports in Open-Economy Models?

FRB of Philadelphia Working Paper No. 09-32
Number of pages: 29 Posted: 30 Nov 2009
Michael Dotsey and Margarida Duarte
Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 30 (458,555)

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local currency pricing, producer currency pricing, international relative prices, exchange rates, nontraded goods, distribution services

24.

State Dependent Pricing and Dynamics of Business Cycles

FRB Richmond Working Paper No. 97-2
Number of pages: 49 Posted: 19 Nov 2012
Michael Dotsey, Robert G. King and Alexander L. Wolman
Federal Reserve Bank of Philadelphia, Boston University - Department of Economics and Federal Reserve Bank of Richmond
Downloads 25 (483,891)

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25.

Inflation Uncertainty and Growth in a Simple Monetary Model

FRB Richmond Working Paper No. 97-5
Number of pages: 32 Posted: 19 Nov 2012
Michael Dotsey and Pierre-Daniel G. Sarte
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 24 (489,343)

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26.

Monetary Instruments and Policy Rules in a Rational Expectations Environment

NBER Working Paper No. w1114
Number of pages: 39 Posted: 18 Jun 2004 Last Revised: 20 Jul 2010
Michael Dotsey and Robert G. King
Federal Reserve Bank of Philadelphia and Boston University - Department of Economics
Downloads 23 (494,776)

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27.

Monetary Policy and Operating Procedures in New Zealand

FRB Richmond Economic Review, vol. 77, no. 5, September/October 1991, pp. 13-19
Number of pages: 7 Posted: 06 Nov 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 21 (506,122)

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28.

Interest Rates and Prices in an Inventory Model of Money with Credit

FRB of Philadelphia Working Paper No. 13-5
Number of pages: 43 Posted: 08 Feb 2013
Michael Dotsey and Pablo GuerrĂ³n-Quintana
Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Philadelphia
Downloads 20 (511,736)

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Segmented markets, Credit, Money

The Welfare Cost of Inflation in General Equilibrium

Federal Reserve Bank of Richmond Working Paper No. 94-4
Number of pages: 34 Posted: 13 Nov 2012
Michael Dotsey and Peter N. Ireland
Federal Reserve Bank of Philadelphia and Boston College - Department of Economics
Downloads 20 (529,189)

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The Welfare Cost of Inflation in General Equilibrium

Posted: 02 Oct 1999
Michael Dotsey and Peter N. Ireland
Federal Reserve Bank of Philadelphia and Boston College - Department of Economics

Abstract:

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30.

Should Optimal Discretionary Monetary Policy Look at Money?

FRB Richmond Working Paper No. 02-04
Number of pages: 47 Posted: 02 Dec 2012
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 19 (517,558)

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monetary policy, sticky prices, optimal time-constraint policy, asymmetric incomplete information

31.

M2 and Monetary Policy: A Critical Review of the Recent Debate

FRB Richmond Economic Quarterly, vol. 80, no. 1, Winter 1994, pp. 41-59
Number of pages: 19 Posted: 14 Nov 2012
Michael Dotsey and Christopher Otrok
Federal Reserve Bank of Philadelphia and University of Missouri
Downloads 19 (517,558)

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32.

The Australian Money Market and the Operations of the Reserve Bank of Australia

FRB Richmond Economic Review, vol. 73, no. 5, September/October 1987, pp. 19-31
Number of pages: 13 Posted: 27 Oct 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 19 (517,558)

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33.

Monetary Policy, Secrecy, and Federal Funds Rate Behavior

Federal Reserve Bank of Richmond Working Paper No. 85-4
Number of pages: 34 Posted: 23 Oct 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 19 (517,558)

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34.

Implementation of Optimal Monetary Policy

FRB Richmond Economic Quarterly, vol. 92, no. 2, Spring 2006, pp. 113-133
Number of pages: 21 Posted: 08 Dec 2012
Michael Dotsey and Andreas Hornstein
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond
Downloads 17 (529,038)

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35.

Controversy Over the Federal Budget Deficit: A Theoretical Perspective

Economic Review, vol. 71, no. 5, September/October 1985, pp. 3-16
Number of pages: 14 Posted: 23 Oct 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 17 (529,038)

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36.

Pitfalls in Interpreting Tests of Backward-Looking Pricing in New Keynesian Models

FRB Richmond Economic Quarterly, vol. 88, no. 1, Winter 2002, pp. 37-50
Number of pages: 14 Posted: 02 Dec 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 16 (534,696)

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37.

The Behavior of the Real Rate of Interest over the Business Cycle

FRB Richmond Working Paper No. 00-9
Number of pages: 39 Posted: 27 Nov 2012
Michael Dotsey and Brian Scholl
Federal Reserve Bank of Philadelphia and affiliation not provided to SSRN
Downloads 16 (534,696)

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real rate of interest, business cycles, cross correlations, stationarity, monetary policy

38.

The Importance of Systematic Monetary Policy for Economic Activity

FRB Richmond Economic Quarterly, vol. 85, no. 3, Summer 1999, pp. 41-59
Number of pages: 19 Posted: 26 Nov 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 16 (534,696)

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39.

Was the Disinflation of the Early 1980s Anticipated?

FRB Richmond Economic Quarterly, vol. 81, no. 4, Fall 1995, pp. 41-59
Number of pages: 19 Posted: 15 Nov 2012
Jed DeVaro and Michael Dotsey
California State University, East Bay and Federal Reserve Bank of Philadelphia
Downloads 13 (552,343)

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40.

Liquidity Effects and Transactions Technologies

Federal Reserve Bank of Richmond Working Paper No. 93-1
Number of pages: 38 Posted: 09 Nov 2012
Michael Dotsey and Peter N. Ireland
Federal Reserve Bank of Philadelphia and Boston College - Department of Economics
Downloads 13 (552,343)

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41.

Is Money Useful in the Conduct of Monetary Policy?

FRB Richmond Economic Quarterly, Vol. 86, No. 4, Fall 2000, pp. 23-48
Number of pages: 26 Posted: 28 Nov 2012
Michael Dotsey, Carl Lantz and Larry Santucci
Federal Reserve Bank of Philadelphia, Independent and Federal Reserve Bank of Philadelphia
Downloads 11 (564,189)

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42.

The Economic Effects of Corporate Taxes in a Stochastic Growth Model

Federal Reserve Bank of Richmond Working Paper No. 87-4
Number of pages: 22 Posted: 27 Oct 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 11 (564,189)

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43.

Informational Implications of Interest Rate Rules

FRB Richmond Working Paper No. 84-8
Number of pages: 24 Posted: 24 Aug 2012
Michael Dotsey and Robert G. King
Federal Reserve Bank of Philadelphia and Boston University - Department of Economics
Downloads 11 (564,189)

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44.

Investing in Equities: Can It Help Social Security?

FRB Richmond Economic Quarterly, Vol. 83, No. 4, Fall 1997, pp. 49-69
Number of pages: 21 Posted: 19 Nov 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 9 (576,277)

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45.

Interest Rate Rules and Nominal Determinacy

Federal Reserve Bank of Richmond Working Paper No. 90-1
Number of pages: 24 Posted: 03 Nov 2012
Michael Dotsey and John H. Boyd
Federal Reserve Bank of Philadelphia and Florida International University (FIU) - Department of Economics
Downloads 9 (576,277)

Abstract:

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46.

Monetary Control Under Alternative Operating Procedures

Journal of Money, Credit, and Banking, Vol. 21, No. 3, 1989, Federal Reserve Bank of Richmond Working Paper No. 87-5
Number of pages: 31 Posted: 27 Oct 2012
Michael Dotsey
Federal Reserve Bank of Philadelphia
Downloads 9 (576,277)

Abstract:

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47.

Demographic Aging, Industrial Policy, and Chinese Economic Growth

FRB of Philadelphia Working Paper No. 19-21
Number of pages: 45 Posted: 26 Apr 2019
Michael Dotsey, Wenli Li and Fang Yang
Federal Reserve Bank of Philadelphia, Federal Reserve Bank of Philadelphia and Louisiana State University, Baton Rouge
Downloads 5 (601,172)

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Aging, Credit policy, Household saving, Output growth, China

48.

Investigating Nonneutrality in a State-Dependent Pricing Model with Firm-Level Productivity Shocks

FRB of Philadelphia Working Paper No. 19-9
Number of pages: 41 Posted: 06 Feb 2019 Last Revised: 21 Feb 2019
Michael Dotsey and Alexander L. Wolman
Federal Reserve Bank of Philadelphia and Federal Reserve Banks - Federal Reserve Bank of Richmond
Downloads 5 (601,172)

Abstract:

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price-modeling

49.

How Well Do Linear Approximation Methods Work? Results for Suboptimal Dynamic Equilibria

Federal Reserve Bank of Richmond Working Paper No. 90-11
Number of pages: 44 Posted: 03 Nov 2012
Michael Dotsey and Ching-Sheng Mao
Federal Reserve Bank of Philadelphia and National Taiwan University - Department of Economics
Downloads 5 (601,172)

Abstract:

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50.

Inflation Uncertainty and Growth in a Cash-in-Advance Economy

Journal of Monetary Economics, Vol. 45, No. 3, June 1, 2000
Posted: 23 Sep 2001
Michael Dotsey and Pierre-Daniel G. Sarte
Federal Reserve Bank of Philadelphia and Federal Reserve Bank of Richmond

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