Charles Irving Plosser (; born September 19, 1948) is a former president of the

Federal Reserve Bank of Philadelphia The Federal Reserve Bank of Philadelphia — also known as the Philadelphia Fed or the Philly Fed — headquartered at 10 Independence Mall in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers ...

who served from August 1, 2006, to March 1, 2015. An academic

macroeconomist Macroeconomics (from the Greek prefix ''makro-'' meaning "large" + ''economics'') is a branch of economics dealing with performance, structure, behavior, and decision-making of an economy as a whole. For example, using interest rates, taxes, and ...

, he is well known for his work on

real business cycles Real business-cycle theory (RBC theory) is a class of new classical macroeconomics models in which business-cycle fluctuations are accounted for by real (in contrast to nominal) shocks. Unlike other leading theories of the business cycle, RBC t ...

, a term which he and John B. Long, Jr. coined. Specifically, he wrote along with Charles R. Nelson in 1982Charles R. Nelson: Curriculum Vitae
, ''econ.washington.edu'' webpage, October 2007. Retrieved 2012-11-16. an influential work entitled "Trends and Random Walks in Macroeconomic Time Series" in which they dealt with the hypothesis of permanent shocks affecting the aggregate product (GDP).

Biography

Plosser was born in

Birmingham, Alabama Birmingham ( ) is a city in the north central region of the U.S. state of Alabama. Birmingham is the seat of Jefferson County, Alabama's most populous county. As of the 2021 census estimates, Birmingham had a population of 197,575, down 1% fr ...

, and graduated from

Indian Springs School Indian Springs School is a rural private school for grades eight through twelve, near Birmingham, Alabama, United States. It has both boarding and day students, and is located in Indian Springs Village, Shelby County, Alabama. History Indian S ...

Indian Springs, Alabama Indian Springs Village (often simply called Indian Springs) is a rural town in Shelby County, Alabama, United States, in the Birmingham metropolitan area. It incorporated effective November 14, 1990. At the 2010 census the population was 2,363, ...

. He earned a

bachelor of engineering A Bachelor of Engineering (BEng) or a Bachelor of Science in Engineering (BSE) is an academic undergraduate degree awarded to a student after three to five years of studying engineering at an accredited college or university. In the UK, a Bache ...

degree from

Vanderbilt University Vanderbilt University (informally Vandy or VU) is a private research university in Nashville, Tennessee. Founded in 1873, it was named in honor of shipping and rail magnate Cornelius Vanderbilt, who provided the school its initial $1-million ...

in 1970, and Ph.D. and M.B.A. degrees from the

University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private university, private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park, Chicago, Hyde Park neighborhood. The University of Chic ...

in 1976 and 1972, respectively. Before joining the Philadelphia Fed, Plosser was the dean of the

William E. Simon Graduate School of Business Administration Simon Business School (formerly known as the William E. Simon Graduate School of Business Administration) is the business school of the University of Rochester. It is located on the university's River Campus in Rochester, New York. It was rename ...

at the

University of Rochester The University of Rochester (U of R, UR, or U of Rochester) is a private university, private research university in Rochester, New York. The university grants Undergraduate education, undergraduate and graduate degrees, including Doctorate, do ...

for 12 years. He also served concurrently as the school's

John M. Olin John Merrill Olin (November 10, 1892 – September 8, 1982) was an American businessman. He was the son of Franklin W. Olin. Early life Born in Alton, Illinois, Olin graduated from Cornell University with a B.Sc. degree in chemistry and as a br ...

Distinguished Professor of Economics and Public Policy. Plosser was also the co-editor of the ''

Journal of Monetary Economics The ''Journal of Monetary Economics'' is a peer-reviewed academic journal covering research on macroeconomics and monetary economics. It is published by Elsevier and was established in October 1973 by Karl Brunner and Charles I. Plosser. Begin ...

'' for over 20 years.

Selected bibliography

* Charles R. Nelson and Charles I. Plosser, September, 1982. "Trends and Random Walks in Time Series: Some Evidence and Implications," ''Journal of Monetary Economics'', 10(2), pp. 139–162
Abstract.
* John B. Long, Jr. and Charles I. Plosser, 1983. "Real Business Cycles" ''Journal of Political Economy'', 91(1), pp
39-69
(press +). * Robert G. King and Charles I. Plosser, 1984. "Money, Credit, and Prices in a Real Business Cycle," ''American Economic Review'', 74(3),
p. 363
380. Reprinted in Finn E. Kydland, ed., 1995. ''Business Cycle Theory'', pp
136-55.
* Robert G. King, Charles I. Plosser, and Sergio T. Rebelo, 1988. "Production, Growth, and Business Cycles: I. The Basic Neoclassical Model," ''Journal of Monetary Economics'', 21(2-3), pp. 195–232
Abstract.
* Charles I. Plosser, 1989. "Understanding Real Business Cycles," ''Journal of Economic Perspectives'', 3(3), pp
51-77
(press +). *

References

External links

*

* *Robb, Greg, ''

MarketWatch MarketWatch is a website that provides financial information, business news, analysis, and stock market data. Along with ''The Wall Street Journal'' and '' Barron's'', it is a subsidiary of Dow Jones & Company, a property of News Corp. His ...

'':
"Fed’s Plosser says current policy very risky"
November 15, 2012
"Fed’s Plosser slams QE3"
September 25, 2012 * * , - , - {{DEFAULTSORT:Plosser, Charles 1948 births 20th-century American economists 21st-century American economists Economists from Alabama Economists from Pennsylvania Federal Reserve Bank of Philadelphia presidents Indian Springs School alumni Living people University of Chicago Booth School of Business alumni University of Rochester faculty Vanderbilt University alumni