Charles Whiteman

Color portrait of Charles Whiteman

Professor, John and Becky Surma, Dean

Department Risk Management
Office Address 210B Business Building
Phone Number 814-863-0448
Email Address chw17@psu.edu

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The John and Becky Surma Dean of the Penn State Smeal College of Business oversees all aspects of one of the largest business schools in the nation. Smeal offers highly ranked programs to more than 5,000 students at all levels; supports the research activities of faculty members in six academic departments; is home to a network of leading research centers in business; and features an alumni network of more than 75,000 Smeal graduates around the world.

Whiteman, who has more than 32 years of experience in higher education and business, assumed the leadership position at Smeal in July 2012. Prior to joining Penn State, he was senior associate dean for the Tippie College of Business at the University of Iowa, where he was responsible for undergraduate and graduate degree programs; faculty and staff recruitment; promotion and tenure; budgetary operations; college facilities; technology operations; and strategic planning for the business school.

During a career that began as an instructor at Iowa in 1980, Whiteman advanced through the faculty ranks to become a chaired professor and served in a variety of administrative roles including chair of the Department of Economics, director of the Institute for Economic Research, and interim dean.

Whiteman holds a Ph.D. in economics from the University of Minnesota and a bachelor's degree in economics from the University of Kansas. He has conducted research that has been supported by a number of grants from the National Science Foundation, published dozens of academic papers, written two books, and served as associate editor of several economics journals. He has also advised the state of Iowa's Department of Management on economic issues and served as a visiting scholar at the Federal Reserve Banks of Kansas City, Atlanta, Cleveland, and Minneapolis.

Education

Ph D, Economics, University of Minnesota, 1981

Courses Taught

B A 545 – Business, Government and International Economics (2)
Understand how macroeconomic events and policies affect the global economy and business decisions.

Selected Publications

Kasa K., Walker T. B., Whiteman C., "Heterogeneous Beliefs and Tests of Present Value Models." Review of Economic Studies, 2013
Haley M., Paarsch H., Whiteman C., "Smoothed safety first and the holding of assets." Quantitative Finance, 2013, www.tandfonline.com/doi/abs/10.1080/14697688.2012.713113
Haley M., Whiteman C., "Generalized safety first and a new twist on portfolio performance." Econometric Reviews, 2008, www.tandfonline.com/doi/abs/10.1080/07474930801960360
Kose M. A., Otrok C., Whiteman C., "Understanding the evolution of world business cycles." Journal of international Economics, 2008, www.sciencedirect.com/science/article/pii/S0022199607001328
Otrok C., Ravikumar B., Whiteman C., "A generalized volatility bound for dynamic economies." Journal of Monetary Economics, 2007, www.sciencedirect.com/science/article/pii/S0304393207000803
Walker T., Whiteman C., "Multiple equilibria in a simple asset pricing model." Economics letters, 2007, www.sciencedirect.com/science/article/pii/S0165176507000912
Foster F., Whiteman C., "Bayesian Prediction, Entropy, and Option Pricingx." Australian Journal of Management, 2006, aum.sagepub.com/content/31/2/181.short
Ayhan K., Otrok C., Whiteman C., "Understanding the Evolution of World Business Cycles." I1\/IF Working Paper WP O, 2005
Otrok C., Silos P., Whiteman C., "Bayesian dynamic factor models for large datasets: measuring and forecasting macroeconomic data." University of Iowa unpublished manuscript, 2003
Kose M., Otrok C., Whiteman C., "International business cycles: World, region, and country-specific factors." American Economic Review, 2003
Foster F., Whiteman C., "Bayesian cross hedging: an example from the soybean market." Australian Journal of Management, 2002, aum.sagepub.com/content/27/2/95.short
Foster F., Whiteman C., "Bayesian Prediction, Entropy, and Option Pricing in the US Soybean Market, 1993-1997." University of Iowa manuscript, 2002
Ravikumar B., Whiteman C., "Evaluating asset‐pricing models using the Hansen–Jagannathan bound: a Monte Carlo investigation." Journal of Applied …, 2002, onlinelibrary.wiley.com/doi/10.1002/jae.640/full
Otrok C., Ravikumar B., Whiteman C., "Habit formation: a resolution of the equity premium puzzle?." Journal of Monetary Economics, 2002, www.sciencedirect.com/science/article/pii/S0304393202001472
Otrok C., Ravikumar B., Whiteman C., "On the Equity Premium in Stochastic Discount Factor Models." (researchgate.net), 2001
Neely C., A Roy, Whiteman C., "Risk aversion versus intertemporal substitution: a case study of identification failure in the intertemporal consumption capital asset pricing model." Journal of Business & Economic …, 2001, www.tandfonline.com/doi/abs/10.1198/07350010152596646
DeJong D., Ingram B., Whiteman C., "A Bayesian approach to dynamic macroeconomics." Journal of Econometrics, 2000, www.sciencedirect.com/science/article/pii/S0304407600000191
DeJong D., Ingram B., Whiteman C., "Keynesian impulses versus Solow residuals: identifying sources of business cycle fluctuations." Journal of Applied …, 2000
Foster F., Whiteman C., "An application of Bayesian option pricing to the soybean market." American journal of agricultural …, 1999, ajae.oxfordjournals.org/content/81/3/722.full.pdf
Roberds W., Whiteman C., "Endogenous term premia and anomalies in the term structure of interest rates: Explaining the predictability smile." Journal of Monetary Economics, 1999, www.sciencedirect.com/science/article/pii/S0304393299000379
Otrok C., Whiteman C., "Bayesian leading indicators: measuring and predicting economic conditions in Iowa." International Economic Review, 1998
Otrok C., Whiteman C., "What to do when the crystal ball is cloudy: Conditional and unconditional forecasting in Iowa." Proceedings of the National Tax Association, 1998
Faust J., Whiteman C., "General-to-specific procedures for fitting a data-admissible, theory-inspired, congruent, parsimonious, encompassing, weakly-exogenous, identified, structural model to the DGP: A translation ." Carnegie-Rochester Conference Series on Public Policy, 1997, www.sciencedirect.com/science/article/pii/S0167223198000074
Faust J., Whiteman C., "Rejoinder to Hendry." Carnegie-Rochester Conference Series on …, 1997
Riezman R., Whiteman C., Summers P., "The engine of growth or its handmaiden?." (Springer), 1996
Ingram B., Whiteman C., "A Bayesian approach to calibration." Journal of Business & …, 1996, www.tandfonline.com/doi/full/10.1080/07350015.1996.10524625
Roberds W., Runkle D., Whiteman C., "A daily view of yield spreads and short-term interest rate movements." Journal of Money, Credit and Banking, 1996
DeJong D., Whiteman C., "Bayesian inference in dynamic equilibrium models: An application to the rational expectations model of the term structure... : essays in honor of Arnold Zellner." 1996
Whiteman C., "Bayesian prediction under asymmetric linear loss: Forecasting state tax revenues in Iowa." Forecasting, Prediction and Modeling in Statistics and …, 1996
DeJong D., Whiteman C., "Trends and Cycles as Unobserved Components in Macroeconomic Time Series: a Bayesian Perspective." ADVANCES IN ECONOMETRICS, 1996
Riezman R., Summers P., Whiteman C., "The engines of growth in the APEC economies, 1950-1990." (Centre for International Economic …), 1995
Divakar S., Mathur S., Whiteman C., "BVAR as a category management tool: An illustration and comparison with alternative techniques." 1995, onlinelibrary.wiley.com/doi/10.1002/for.3980140304/full
Faust J., Whiteman C., "Commentary [on Grayham E." Mizon’s Progressive modeling of, 1995
David N. D., Beth F. I., Charles H. W., "Keynes vs. Prescott and Solow: Identifying Sources of Business Cycles Fluctuations." Marzo. Pág, 1995
Riezman R., Summers P., Whiteman C., "The engine of growth or its handmaiden." A Time-Series Assessment of …, 1995
DeJong D., Whiteman C., "Modeling stock prices without knowing how to induce stationarity." Econometric Theory, 1994, journals.cambridge.org/production/action/cjoGetFulltext?fulltextid=3177692
Ingram B., Whiteman C., "Supplanting the ’Minnesota’prior: forecasting macroeconomic time series using real business cycle model priors." Journal of Monetary Economics, 1994, www.sciencedirect.com/science/article/pii/0304393294900302
DeJong D., Whiteman C., "The forecasting attributes of trend‐and difference‐stationary representations for macroeconomic time series." Journal of Forecasting, 1994, onlinelibrary.wiley.com/doi/10.1002/for.3980130304/abstract
Backhaus K., Whiteman C., "The regional economic impact of the University of Iowa." Iowa City: Institute for Economic Research, 1994
DeJong D., Whiteman C., "Estimating moving average parameters: Classical pileups and Bayesian posteriors." Journal of Business & Economic …, 1993, www.tandfonline.com/doi/full/10.1080/07350015.1993.10509958
Riezman R., Tamura R., Whiteman C., "The Case for Convergence." Proceedings of the Business and Economic …, 1993
Dejong D., Whiteman C., "Unit roots in US macroeconomic time series: A survey of classical and Bayesian perspectives." New directions in time series analysis, 1993, link.springer.com/chapter/10.1007/978-1-4613-9296-5_4
DeJong D., Whiteman C., "More unsettling evidence on the perfect markets hypothesis." Economic Review, 1992
Nankervis J., Savin N., Whiteman C., "Integration versus trend stationary in time series." Econometrica: Journal of …, 1992
Roberds W., Whiteman C., "Monetary aggregates as monetary targets: A Statistical Investigation." Journal of Money, Credit and Banking, 1992
Nankervis J., Savin N., Whiteman C., "The power problems of unit root test in time series with autoregressive errors." Journal of …, 1992, www.sciencedirect.com/science/article/pii/030440769290090E
Riezman R., Whiteman C., "World business cycles." (ideas.repec.org), 1991
DeJong D., Whiteman C., "On robustness." Journal of Monetary Economics, 1991, www.sciencedirect.com/science/article/pii/030439329190053Q
DeJong D., Whiteman C., "Reconsidering ’Trends and random walks in macroeconomic time series’." Journal of Monetary Economics, 1991, www.sciencedirect.com/science/article/pii/030439329190051O
DeJong D., Whiteman C., "The case for trend‐stationarity is stronger than we thought." Journal of Applied Econometrics, 1991, onlinelibrary.wiley.com/doi/10.1002/jae.3950060409/abstract
Dejong D., Whiteman C., "The temporal stability of dividends and stock prices: Evidence from the likelihood function." The American Economic Review, 1991
DeJong D., Whiteman C., "Are output fluctuations transitory? A Bayesian perspective." (Working paper), 1990
Whiteman C., Roberds W., "Monetary aggregates as monetary targets: A statistical investigation." (ideas.repec.org), 1990, ideas.repec.org/p/fip/fedawp/90-7.html
Riezman R., Whiteman C., "Worldwide persistence, business cycles, and economic growth." (ideas.repec.org), 1990
DeJong D., Whiteman C., "Trends and cycles as unobserved components in US real GNP: A Bayesian perspective." Proceedings of the American Statistical Association, 1989
DeJong D., Whiteman C., "Trends and random walks in macroeconomic time series: A reconsideration based on the likelihood principle." Journal of Monetary Economics, forthcoming, 1989
Whiteman C., "Problems in Macroeconomic Theory: Solutions to Exercises from Thomas J. Sargent’s Macroeconomic Theory, Second Editon." (getcited.org), 1987
Whiteman C., "Analytical policy design under rational expectations." Econometrica: Journal of the Econometric Society, 1986
Whiteman C., "Spectral utility, Wiener-Hopf techniques, and rational expectations." Journal of Economic Dynamics and Control, 1985, www.sciencedirect.com/science/article/pii/0165188985900053
Hamilton J., Whiteman C., "The observable implications of self-fulfilling expectations." Journal of Monetary Economics, 1985, www.sciencedirect.com/science/article/pii/0304393285900418
Whiteman C., "Lucas on the quantity theory: hypothesis testing without theory." American Economic Review, 1984
Whiteman C., "Linear rational expectations models: a user’s guide." (books.google.com), 1983
Bain I., Whiteman C., "The Macroeconomic Effects of Oil Price Increases: A Critical Review." (Resources for the Future), 1982
Whiteman C., "A Note on the Usefulness of Frequency-Domain Estimation Techniques." Univ. of Iowa Working Paper, 1982
Turner T., Whiteman C., "Econometric policy evaluation under rational expectations." Quarterly Review, 1981
Whiteman C., "A new investigation of the impact of wage and price controls." Federal Reserve Bank of Minneapolis Quarterly …, 1978