Our Team

Michael Dotsey

Michael Dotsey was vice president in the Research Department at the Federal Reserve Bank of Richmond from 1988 to 2002. Dotsey is currently an emeritus economist at the Federal Reserve Bank of Philadelphia.

Personal Website

Bank Publications

Economic Quarterly, Spring 2006

Implementation of Optimal Monetary Policy

Michael Dotsey and Andreas Hornstein

Economic Quarterly, Fall 2002

Structure From Shocks

Michael Dotsey

Economic Quarterly, Winter 2002

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

Michael Dotsey

Economic Quarterly, Fall 2000

Is Money Useful in the Conduct of Monetary Policy?

Lawrence Santucci, Michael Dotsey and Carl D. Lantz

Economic Quarterly, Summer 1999

The Importance of Systematic Monetary Policy for Economic Activity

Michael Dotsey

Economic Quarterly, Summer 1998

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

Michael Dotsey

Economic Quarterly, Fall 1997

Investing in Equities: Can it Help Social Security?

Michael Dotsey

Economic Quarterly, Fall 1996

Some Not-So-Unpleasant Monetarist Arithmetic

Michael Dotsey

Economic Quarterly, Fall 1995

Was the Disinflation of the Early 1980s Anticipated?

Jed L. DeVaro and Michael Dotsey

Economic Quarterly, Winter 1995

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

Michael Dotsey and Christopher Otrok

Economic Quarterly, Winter 1994

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

Michael Dotsey

Economic Review, Jul/Aug, 1992

Oil Shocks, Monetary Policy, and Economic Activity

Michael Dotsey and Max Reid

Economic Review, Sep/Oct, 1991

Monetary Policy and Operating Procedures in New Zealand

Michael Dotsey

Economic Review, Mar/Apr, 1990

Reforming Deposit Insurance: Lessons from the Savings and Loan Crisis

Michael Dotsey and Anatoli Kuprianov

Economic Review, Mar/Apr, 1989

An Examination of International Trade Data in the 1980s

Michael Dotsey

Economic Review, Mar/Apr, 1988

Rational Expectations Business Cycle Models: A Survey

Michael Dotsey and Robert G. King

Economic Review, Sep/Oct, 1987

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

Michael Dotsey

Economic Review, Jan/Feb, 1986

Japanese Monetary Policy, A Comparative Analysis

Michael Dotsey

Economic Review, Sep/Oct, 1985

Controversy Over the Federal Budget Deficit: A Theoretical Perspective

Michael Dotsey

Economic Review, Sep/Oct, 1984

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

Michael Dotsey

Economic Review, Sep/Oct, 1983

An Examination of Implicit Interest Rates on Demand Deposits

Michael Dotsey
Working Papers

April 2009, No. 09-6R

On the Implementation of Markov-Perfect Monetary Policy (Revised August 2011)

Michael Dotsey and Andreas Hornstein

May 2006, No. 06-3

Nontraded Goods, Market Segmentation, and Exchange Rates

Michael Dotsey and Margarida Duarte

November 2002, No. 02-4

Should Optimal Discretionary Monetary Policy Look at Money?

Michael Dotsey and Andreas Hornstein

August 2000, No. 00-9

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

Michael Dotsey and Brian Scholl

August 1999, No. 99-6

Structure from Shocks

Michael Dotsey

June 1997, No. 97-8

The Effects of Fiscal Policy in a Neoclassical Growth Model

Michael Dotsey and Ching-Sheng Mao

May 1997, No. 97-5

Inflation Uncertainty and Growth in a Simple Monetary Model

Michael Dotsey and Pierre-Daniel G. Sarte

February 1997, No. 97-2

State Dependent Pricing and Dynamics of Business Cycles

Michael Dotsey, Robert G. King and Alexander L. Wolman

March 1995, No. 95-2

Some Not So Unpleasant Monetarist Arithmetic

Michael Dotsey

March 1994, No. 94-4

The Welfare Cost of Inflation in General Equilibrium

Michael Dotsey and Peter N. Ireland

February 1994, No. 94-3

The Effects of Fiscal Policy in a Neoclassical Growth Model

Michael Dotsey and Ching-Sheng Mao

February 1993, No. 93-1

Liquidity Effects and Transactions Technologies

Michael Dotsey and Peter N. Ireland

November 1990, No. 90-11

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

Michael Dotsey and Ching-Sheng Mao

February 1990, No. 90-1

Interest Rate Rules and Nominal Determinacy

John H. Boyd, III and Michael Dotsey

October 1987, No. 87-5

Monetary Control under Alternative Operating Procedures

Michael Dotsey

October 1987, No. 87-4

The Economic Effects of Corporate Taxes in a Stochastic Growth Model

Michael Dotsey

March 1986, No. 86-1

The Demand for Currency in the United States

The idea of totally deregulating the financial system and implementing monetary policy through currency control has received renewed attention.

Michael Dotsey

June 1985, No. 85-4

Monetary Policy, Secrecy, and Federal Funds Rate Behavior

Michael Dotsey

September 1984, No. 84-8

Informational Implications of Interest Rate Rules

Michael Dotsey and Robert G. King

January 1983, No. 83-2

The Effects of Cash Management Practices on the Demand for Demand Deposits

Michael Dotsey

Research Department (804) 697-8000