Bank for International Settlements

Representative Office for the Asia and the Pacific

Email : gunes.kamber at

Research Interests

Monetary Economics, Labor Economics, International Macroeconomics

Working Papers

On the Global Impact of Risk-off Shocks and Policy-put Frameworks, with Ricardo Caballero, BIS Working Papers, No 772, 2019

Do interest rates play a major role in monetary policy transmission in China?, with Madhusudan Mohanty, BIS Working Papers, No 714, 2018

Global factors and trend inflation, with Benjamin Wong, BIS Working Papers, No 688, 2018, Appendix


Commodity prices and labour market dynamics in small open economies, with Martin Bodenstein and Christoph Thoenissen, Journal of International Economics, 115, 2018

Intuitive and Reliable Estimates of the Output Gap from a Beveridge-Nelson Filter, with James Morley and Benjamin Wong, Review of Economics and Statistics, 100, 2018 [Matlab Code]

News-driven business cycles in small open economies, with Konstantinos Theodoridis and Christoph Thoenissen, Journal of International Economics, 105, 2017

Modelling the Business Cycle of a Small Open Economy: The Reserve Bank of New Zealand's DSGE model, with Chris McDonald, Nick Sander, Konstantinos Theodoridis, Economic Modelling, 59, 2016

Applying an Inflation Targeting Lens to Macro-prudential Policy Institutions, with Ozer Karagedikli and Christie Smith, International Journal of Central Banking, 11(4), 2015

Financial frictions and the role of investment specific technology shocks in the business cycle, with Christie Smith and Christoph Thoenissen, Economic Modelling, 51, 2015

A note on the business cycle implications of trade in intermediate goods, with Aurélien Eyquem, Macroeconomic Dynamics, 18, 2014

Financial exposure and the international transmission of financial shocks, with Christoph Thoenissen, Journal of Money, Credit and Banking, 45(s2), 2013

Using estimated models to assess nominal and real rigidities in the United Kingdomwith Stephen Millard, International Journal of Central Banking, 8(4), 2012

The financial accelerator and monetary policy rules, with Christoph Thoenissen, Economics Letters, 115(2), 2012

An estimated small open economy model with frictional unemployment, with Julien Albertini and Michael Kirker, Pacific Economic Review, 17(2), 2012

Inflation dynamics under habit formation in hours, Economics Letters, 108(3), 2010

Debt, deficits and inflation on the road to the EU: the case of Turkey, with J.Creel, Revue de l’OFCE, Special Issue “The new EU enlargement”, April, 2004

Other publications

International spill-overs of uncertainty shocks: Evidence from a FAVAR, with Ozer Karagedikli, Michael Ryan and Tugrul Vehbi

Testing an interpretation of core inflation measures in New Zealand, with Benjamin Wong, RBNZ Analytical Notes, 2016/06

The impact of commodity price movements on the New Zealand Economy, with Gabriela Nodari and Benjamin Wong, RBNZ Analytical Notes, 2016/05

Developing a labour utilisation composite index for New Zealand, with Jed Armstrong and Ozer Karagedikli, RBNZ Analytical Notes, 2016/04

A structural forecasting model for New Zealand: NZSIM, with Chris McDonald, Nick Sander, Konstantinos Theodoridis, RBNZ DP, 2015/05

Drying out: Investigating the economic effects of drought in New Zealand, with Chris McDonald and Gael Price, RBNZ Analytical Notes, 2013/02

Understanding Russia's inflation in the post-1998 crisis, with Ritu Basu, Hajime Takizawa and Harm Zebregs. IMF Selected Issues Paper, October 2007

The Turkish Republic and The European Union: A Very Long Engagement, with J. Creel, in Report on the State of the European Union, volume 2, Jean-Paul Fitoussi and Jacques Le Cacheux (ed), 2007.

Professional Positions

Reserve Bank of New Zealand, Modelling Team, 2009-2016

Bank of England, Structural Economic Analysis Division, Summer Ph.D Intern, 2008

International Monetary Fund (IMF), European Department, Winter Ph.D. Intern, 2007

Organization for Economic Cooperation and Development (OECD), Intern, Summer 2004

French Economic Observatory (OFCE), Research Department, Intern, Summer 2003

University of Evry, Teaching and Research Assistant, 2007-2009

University Paris 1 Pantheon-Sorbonne, Teaching and Research Assistant, 2004-2007

Science-Po, Lecturer, 2007, 2008 and 2009


Ph.D in Economics, Paris School of Economics, University Paris 1 Pantheon-Sorbonne, 2009

Master of Macroeconomics, University Paris 1 Pantheon-Sorbonne, 2004

Applied Economics curriculum, Dauphine University, Erasmus Exchange, 2003

BA in Economics, Galatasaray University, Istanbul,Turkey, 2003

How to pronounce my name?

International Phonetic Alphabet [ ɟyˈneʃ ]

or As "Gunesh" in English;

Comme "Gunèche" en français

counter for vBulletin