For immediate release
Contact: Daneil Mazone, Media Relations Representative, 215-574-7163
Philadelphia, PA — The Federal Reserve Bank of Philadelphia has promoted Michael Dotsey to senior vice president and director of research, reporting directly to Charles Plosser, president and CEO. He replaces Loretta Mester, who recently became president and CEO of the Federal Reserve Bank of Cleveland.
Dotsey will lead the Economic Research Department and oversee the Payment Cards Center and Financial Statistics Department. Previously, he was a vice president and senior economic policy advisor at the Bank.
"Michael is an outstanding scholar in monetary economics with extensive experience within the Federal Reserve System. He has been senior policy advisor to me since I became president of the Federal Reserve Bank of Philadelphia in 2006, and he has been a valued policy advisor to a number of other presidents in the Federal Reserve System," said Charles Plosser, president of the Philadelphia Fed.
Dotsey joined the Economic Research Department in 2002. He previously worked for the Federal Reserve Bank of New York from 1980 to 1983 and for the Federal Reserve Bank of Richmond from 1983 to 2002. He was appointed vice president of economic research in Richmond in July 1988.
In addition to his experience with the Federal Reserve, Dotsey has served as a visiting scholar for the Bank of Japan, the Reserve Bank of Australia, the Reserve Bank of New Zealand, the Swiss National Bank, the Bank of Portugal, and the Bank of England. He was also a visiting associate professor at the University of Rochester and a visiting instructor at the Fuqua School of Business at Duke University.
Dotsey is an associate editor for the International Journal of Central Banking and has published scholarly articles in leading economic journals, including the American Economic Review, the Quarterly Journal of Economics, the Journal of Finance, and the Journal of Monetary Economics.
Dotsey received a Ph.D. and master's degree in economics from the University of Rochester and an M.B.A. and bachelor's degree from the University of Chicago.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government. It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System. The Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware.