Huzeyfe Torun, PhD
Executive Director, Central Bank of the Republic of Turkey Phone: +90-216- 773 - 6000
International Economic Relations Department Email: huzeyfe.torun@tcmb.gov.tr
Istanbul - Ankara Türkiye huzeyfetorun@gmail.com
Webpage: https://sites.google.com/site/huzeyfetorun/
CURRENT AND PAST POSITIONS
Executive Director, International Economic Relations Department, CBRT July 2024-
Executive Director, Structural Economic Research Department, CBRT June 2021 - June 2024
Deputy Executive Director, Structural Economic Research Department, CBRT February 2019 - May 2021
Economist, Structural Economic Research Department, CBRT August 2016 - February 2019
Economist, Research and Monetary Policy Department, CBRT July 2014 - August 2016
Instructor, Middle East Technical University September 2020- January 2021
Teaching Assistant & Instructor, University of Virginia August 2009 - May 2013
EDUCATION
Associate Professorship, Inter-University Council Presidency Mar 2024
Ph.D. Economics, University of Virginia May 2014
Dissertation: “Policy Impacts on Early Labor Market Outcomes”
Committee: Sarah Turner set5h@virginia.edu
Leora Friedberg lf6s@virginia.edu
John Pepper jvp3m@virginia.edu
M.A. Economics, University of Virginia December 2011
B.A. Political Science and International Relations, Boğaziçi University July 2009
B.A. Economics, Boğaziçi University July 2009
Summa Cum Laude
FIELDS OF INTEREST
Labor Economics, Firm Dynamics, Inflation Dynamics, Central Banking.
PUBLICATIONS AND WORKING PAPERS
INFLATION DYNAMICS
TCMB Working Papers. No. 2512 (2025) R&R in AER (with O. Akarsu and E. Aktuğ)
(2) "Inflation Expectations and Information Rigidity: A Randomized Control Trial"
CBRT Research Notes in Economics. (2025) (with O. Akarsu, E. Aktuğ and K. Yıldız Özertaş)
(3) “Firms’ Inflation Expectations During the Phases of Inflation”
CBRT Research Notes in Economics. (2025) (with O. Akarsu and E. Aktuğ)
(4) “Communication As Policy and Firm Uncertainty: Evidence From Randomized Control Trial”
BIS Volume (forthcoming) (with O. Akarsu, E. Aktuğ and F. Karahan)
(5) “How Do Oil Supply and Carbon Policy Affect Firms’ Expectations And Decisions?”
Central Bank Review. (forthcoming) (with O. Akarsu, E. Aktuğ and C. Yalçın)
(6) "Market Concentration and Producer Prices"
Central Bank Review. 23 (2023) (with Ahmet Duhan Yassa)
(7) “Immigration, Housing Rents, and Residential Segregation: Evidence from Syrian Refugees in Turkey”
IZA Discussion Paper. 11611 (2016) (with B. Balkan, E. Ö. Tok ve S. Tümen)
INTERNATIONAL TRADE AND FIRM DYNAMICS
(1) "Zombie Firms in Network: Congestion and Evergreening"
Economic Modelling. 151 (2025) (with O. Akarsu and E. Aktuğ)
(2) "The Heterogenous Impact of Monetary Policy Announcements on Firms' Financial Outcomes"
Empirical Economics (2025) (with O. Akarsu, M.S. Çolak and H. Karahan)
(3) "Borrowing Costs and Firm Performance: The Role of Credit Supply Shocks "
Working Paper available at SSRN. 5190865 (2025) (with O. Akarsu and E. Aktuğ)
(4) "Heterogeneity and Non-linearity in the Relationship Between Rediscount Credits and Firm Exports"
Borsa Istanbul Review. 24:6 (2024) (with O. Akarsu and A. Aldan)
(5) "Türkiye’nin İhracat Gelişmelerinde Yeni Pazarların Katkısı ve Pazar Sürekliliği"
Uluslararası Ekonomi ve Yenilik Dergisi. 9:2 (2023) (with Didem Yazıcı).
(6) "FX Borrowing, Employment and Firm Growth"
Uluslararası Yönetim İktisat ve İşletme Dergisi. 19 (3) (2023).
(7) "Heterogeneous Effect of Exchange Rates on Firms’ Exports: Role of Labor Intensity"
Central Bank Review. 23: 3 (2023) (with K. Akdoğan and Y.K. Bağır)
(8) "Unleashing the full potential of the Turkish business sector."
OECD Economics Department Working Papers. No. 1665 (2021). (with Dennis Dlugosch, Rauf Gönenç, Yusuf Kenan Bağır and Eun Jung Kim)
(9) “Impact of Minimum Wages on Exporters: Evidence From a Sharp Minimum Wage Increase in Turkey”
TCMB Working Papers. No. 1920 (2019) (with Y. E. Akgündüz, A. Aldan, Y. K. Bağır)
(10) "Do subsidized export loans increase exports?"
The World Economy. 41:8 (2018) (with Y.E. Akgunduz and S.H. Kal)
LABOR MARKET AND POLICY EVALUATION
(1) "Declining labor market informality in Turkey: unregistered employment and wage underreporting"
Journal of Management and Economics Research. 21: 3 (2023) (with Y. K. Bağır and M. Küçükbayrak)
(2) “Covid 19 and the Turkish labor market: Heterogeneous effects across demographic groups”
Central Bank Review. 21 (2021) (with Altan Aldan and Muhammet Enes Çıraklı)
(3) “The Effect of Education on Internal Migration: Level and Timing Effects by Reason of Migration”
Labour Economics. 74 (2022). (with A. Aydemir and M. Kırdar)
(4) “Two and a Half Million Syrian Refugees, Tasks, and Capital Intensity”
Journal of Development Economics. 145 (2020) (with Y. Emre Akgündüz)
(5) “Job Mobility in Turkey”
Central Bank Review. 19:3 (2019) (with Y. E. Akgündüz, A. Aldan, Y. K. Bağır)
(6) “Do the Vocational High School Graduates Have Better Employment Outcomes Than the General High School Graduates? Evidence from Turkey”
International Journal of Manpower. 40:8 (2019) (with S. Tümen)
(7) “Ex-Ante Labor Market Effects of Compulsory Military Service”
Journal of Comparative Economics. 47:1 (2019)
(8) “Compulsory Schooling Laws and Early Labor Market Outcomes”
Journal of Labor Research. 39:3 (2018)
(9) “The Empirical Content of Season-of-Birth Effects: An Investigation with Turkish Data”
Demographic Research. 37 (2017) (with S. Tümen)
(10) “The Impact of Syrian Refugees on Natives’ Labor Market Outcomes in Turkey: Evidence from a Quasi-Experimental Design”
IZA Journal of Labor Policy. 6:5 (2017) (with E. Ceritoğlu, H. B. Gürcihan Yüncüler, S. Tümen)
(11) “The Effects of Compulsory Military Service Exemption on Education and Labor Market Outcomes: Evidence from a Natural Experiment”
Economics of Education Review. 54: 16-35 (2016) (with S. Tümen)
PUBLICATIONS IN TURKISH
(1) “Türkiye’de Genç İşsizliği: Tespit ve Öneriler” TCMB Research Notes (2017) (with Y. E. Akgündüz, A. Aldan, Y. K. Bağır)
(2) “Meslek Lisesi Mezuniyeti ve İstihdam Oranları Arasındaki İlişki Nedensel mi?” TCMB Blog.
(3) “Reeskont Kredisi ve İhracat” TCMB Blog (with Y. E. Akgündüz)
(4) “Ücretler ve İşgücü Verimliliğine Mikro Bakış” TCMB Blog (with Y. E. Akgündüz, A. Aldan, Y. K. Bağır)
(5) “Türk Firmaları Arasında İhracat rekabeti” TCMB Research Notes (2020) (with Y.K. Bağır)
(6) "İhracatta Yeni Pazarların Katkısı ve Pazar Sürekliliği" TCMB Research Notes (2022)(with Didem Yazıcı)
(7) "Gıda Perakende Sektöründe Fiyat Belirleme ve Değiştirme Dinamikleri". TCMB Research Notes No. 2310 (2023) (with Muhammed Bahça and Tunç Bayram)
WORK IN PROGRESS
(1) "Salient Price Changes, Inflation Perception and Expectations: An Application on Türkiye"
(2) “Communication As Policy and Firm Uncertainty: Evidence From Randomized Control Trial”
(3) “Old But Agile: The Changing Role Of State Banks In Türkiye”
(4) “63,000 Lost: The Indıvıdual Labor Market Effects of Türkıye’s Major Earthquakes”
(5) "Trade Effects of Firm Credits: Heterogeneity across BEC Categories"
(6) “With Whom are Young Workers Substitutable?”
(7) “Travel Time, Gasoline Prices and Leisure Activities in the U.S.”
CONFERENCE PRESENTATIONS and INVITED TALKS
Southern Economic Association Conference, Tampa, Florida November 2013
Public Economics Workshop, University of Virginia December 2013
Sabancı University, Istanbul February 2014
Bilkent University, Ankara March 2014
TOBB University, Ankara March 2014
Istanbul Technical University, Istanbul March 2014
Central Bank of the Republic of Turkey, Ankara March 2014
Royal Economic Society Conference, University of Manchester March 2015
Koc University, Economic Research Forum, İstanbul October 2015
CBRT and ECB Conference, İzmir September 2016
2nd Annual Istanbul Meeting on Human Capital, Galatasaray University October 2016
Society of Labor Economists Conference, Raleigh, North Carolina May 2017
Brown Bag Seminar, University of Virginia May 2017
3rd Annual Istanbul Meeting on Human Capital, Galatasaray University October 2017
Banc d’Italia – Central Bank of the Republic of Turkey Conference November 2017
CBRT Policy Evaluation Workshop, Antalya March 2018
World Bank, Assessing Turkish Labor Market Conference, Ankara May 2018
European Society for Population Economics Conference, Antwerp, Belgium June 2018
Istanbul Technical University, Istanbul October 2018
4th Annual Istanbul Meeting on Human Capital, Bahçeşehir University October 2018
Turkish Economic Association Conference, Antalya November 2018
Middle East Technical University, Ankara February 2020
6th International Symposium on Economics, Politics and Administration, ISEPA October 2023
10th International Congress on Accounting and Finance Research September 2023
TEACHING EXPERIENCE
Instructor Middle East Technical University
ECON 698, Labor Market Economics Fall 2020
Instructor University of Virginia
Econ 2010, Principles of Microeconomics Jan 2013 – May 2013
Teaching Assistant University of Virginia
Econ 2020, Principles of Macroeconomics Jan 2010 - May 2010
Econ 3010, Intermediate Microeconomics Aug 2009 – Dec 2009
Econ 3010, Intermediate Microeconomics Aug 2010 – Aug 2012
Student Teaching Assistant Boğaziçi University
EC 344: Money and Banking Spring 2009
EC 361: International Trade Fall 2008
EC 101: Principles of Microeconomics Fall 2007
AWARDS
Bankard Predoctoral Fellowship, University of Virginia 2013-2014
Quantitative Collaborative Fellowship, University of Virginia 2012-2013
High-Achievement Scholarship, Boğaziçi University 2004-2009
ADDITIONAL INFORMATION
Citizenship: Turkey
Languages: Turkish (Native Speaker), English (fluent)
Computing: Stata, Matlab
DOÇ.DR. HUZEYFE TORUN
Genel Müdür, Türkiye Cumhuriyet Merkez Bankası Telefon: +90-216 - 773 -6000 / 6001
Dış Ekonomik İlişkiler Genel Müdürlüğü Email: huzeyfe.torun@tcmb.gov.tr
İstanbul-Ankara, Türkiye Web sayfası: https://sites.google.com/site/huzeyfetorun/
İŞ TECRÜBESİ
Genel Müdür, Dış Ekonomik İlişkiler Genel Müdürlüğü, TCMB 2024 Temmuz-
Genel Müdür, Yapısal Ekonomik Araştırmalar Genel Müdürlüğü, TCMB 2021 Haziran-2024 Haziran
Genel Müdür Yardımcısı, Yapısal Ekonomik Araştırmalar Genel Müd., TCMB 2019 Şubat -2021 Mayıs
Ekonomist, Yapısal Ekonomik Araştırmalar Genel Müdürlüğü, TCMB 2016 Ağustos – 2019 Şubat
Ekonomist, Araştırma ve Para Politikası Genel Müdürlüğü, TCMB 2014 Temmuz -2016 Ağustos
Yarı Zamanlı Öğretim Görevlisi, Ortadoğu Teknik Üniversitesi 2020 Eylül – 2021 Ocak
Okutman, Virjinya Üniversitesi 2013 Ocak –2013 Mayıs
Öğretim Asistanı, Virjinya Üniversitesi 2009 Ağustos – 2012 Ağustos
EĞİTİM
Doçentlik, Ekonomi, Üniversiteler Arası Kurul Mart 2024
Doktora, Ekonomi, Virjinya Üniversitesi Mayıs 2014
Tez Başlığı: “Policy Impacts on Early Labor Market Outcomes”
Master (M.A.) Ekonomi, Virjinya Üniversitesi Aralık 2011
Lisans (B.A.) Siyaset Bilimi ve Uluslararası İlişkiler, Boğaziçi Üniversitesi Temmuz 2009
Lisans (B.A.) İktisat, Boğaziçi Üniversitesi Temmuz 2009
Yüksek Onur Derecesi, Bölüm Üçüncüsü
ARAŞTIRMA ALANLARI
İşgücü Piyasası, Firma Dinamikleri, Enflasyon Dinamikleri, Merkez Bankacılığı
YAYINLANMIŞ MAKALELER VE ÇALIŞMA TEBLİĞLERİ
ENFLASYON DİNAMİKLERİ
TCMB Working Papers. No. 2512 (2025) R&R in AER (O. Akarsu ve E. Aktuğ ile)
(2) "Inflation Expectations and Information Rigidity: A Randomized Control Trial"
CBRT Research Notes in Economics. (2025) (O. Akarsu, E. Aktuğ ve K. Yıldız Özertaş ile)
(3) “Firms’ Inflation Expectations During the Phases of Inflation”
CBRT Research Notes in Economics. (2025) (O. Akarsu ve E. Aktuğ ile)
(4) “Communication As Policy and Firm Uncertainty: Evidence From Randomized Control Trial”
BIS Volume (forthcoming) (O. Akarsu, E. Aktuğ ve F. Karahan ile)
(5) “How Do Oil Supply and Carbon Policy Affect Firms’ Expectations And Decisions?”
Central Bank Review. (forthcoming) (O. Akarsu, E. Aktuğ ve C. Yalçın ile)
(6) "Market Concentration and Producer Prices"
Central Bank Review. 23 (2023) (Ahmet Duhan Yassa ile)
(7) “Immigration, Housing Rents, and Residential Segregation: Evidence from Syrian Refugees in Turkey”
IZA Discussion Paper. 11611 (2016) (B. Balkan, E. Ö. Tok ve S. Tümen ile)
DIŞ TİCARET VE FİRMA DİNAMİKLERİ
(1) "Zombie Firms in Network: Congestion and Evergreening"
Economic Modelling. 151 (2025) (O. Akarsu ve E. Aktuğ ile)
(2) "The Heterogenous Impact of Monetary Policy Announcements on Firms' Financial Outcomes"
Empirical Economics (2025) (O. Akarsu, M.S. Çolak ve H. Karahan ile)
(3) "Borrowing Costs and Firm Performance: The Role of Credit Supply Shocks "
Working Paper available at SSRN. 5190865 (2025) (O. Akarsu ve E. Aktuğ ile)
(4) "Heterogeneity and Non-linearity in the Relationship Between Rediscount Credits and Firm Exports"
Borsa Istanbul Review. 24:6 (2024) (O. Akarsu ve A. Aldan ile)
(5) "Türkiye’nin İhracat Gelişmelerinde Yeni Pazarların Katkısı ve Pazar Sürekliliği"
Uluslararası Ekonomi ve Yenilik Dergisi. 9:2 (2023) (Didem Yazıcı ile).
(6) "FX Borrowing, Employment and Firm Growth"
Uluslararası Yönetim İktisat ve İşletme Dergisi. 19 (3) (2023).
(7) "Heterogeneous Effect of Exchange Rates on Firms’ Exports: Role of Labor Intensity"
Central Bank Review. 23: 3 (2023) (K. Akdoğan ve Y.K. Bağır ile)
(8) "Unleashing the full potential of the Turkish business sector."
OECD Economics Department Working Papers. No. 1665 (2021). (Dennis Dlugosch, Rauf Gönenç, Yusuf Kenan Bağır ve Eun Jung Kim ile)
(9) “Impact of Minimum Wages on Exporters: Evidence From a Sharp Minimum Wage Increase in Turkey”
TCMB Working Papers. No. 1920 (2019) (Y. E. Akgündüz, A. Aldan, Y. K. Bağır ile)
(10) "Do subsidized export loans increase exports?"
The World Economy. 41:8 (2018) (Y.E. Akgunduz and S.H. Kal ile)
İŞGÜCÜ PİYASASI – POLİTİKA ANALİZİ
(1) "Declining labor market informality in Turkey: unregistered employment and wage underreporting"
Journal of Management and Economics Research. 21: 3 (2023) (Y. K. Bağır ve M. Küçükbayrak)
(2) “Covid 19 and the Turkish labor market: Heterogeneous effects across demographic groups”
Central Bank Review. 21 (2021) (Altan Aldan ve Muhammet Enes Çıraklı ile)
(3) “The Effect of Education on Internal Migration: Level and Timing Effects by Reason of Migration”
Labour Economics. 74 (2022). (A. Aydemir and M. Kırdar ile)
(4) “Two and a Half Million Syrian Refugees, Tasks, and Capital Intensity”
Journal of Development Economics. 145 (2020) (Y. Emre Akgündüz ile)
(5) “Job Mobility in Turkey”
Central Bank Review. 19:3 (2019) (Y. E. Akgündüz, A. Aldan, Y. K. Bağır ile)
(6) “Do the Vocational High School Graduates Have Better Employment Outcomes Than the General High School Graduates? Evidence from Turkey”
International Journal of Manpower. 40:8 (2019) (S. Tümen ile)
(7) “Ex-Ante Labor Market Effects of Compulsory Military Service”
Journal of Comparative Economics. 47:1 (2019)
(8) “Compulsory Schooling Laws and Early Labor Market Outcomes”
Journal of Labor Research. 39:3 (2018)
(9) “The Empirical Content of Season-of-Birth Effects: An Investigation with Turkish Data”
Demographic Research. 37 (2017) (S. Tümen ile)
(10) “The Impact of Syrian Refugees on Natives’ Labor Market Outcomes in Turkey: Evidence from a Quasi-Experimental Design”
IZA Journal of Labor Policy. 6:5 (2017) (E. Ceritoğlu, H. B. Gürcihan Yüncüler, S. Tümen ile)
(11) “The Effects of Compulsory Military Service Exemption on Education and Labor Market Outcomes: Evidence from a Natural Experiment”
Economics of Education Review. 54: 16-35 (2016) (S. Tümen ile)
EKONOMİ NOTLARI VE BLOG YAZILARI
(1) “Türkiye’de Genç İşsizliği: Tespit ve Öneriler” TCMB Ekonomi Notları (2017) (Y. E. Akgündüz, A. Aldan, Y. K. Bağır ile)
(2) “Meslek Lisesi Mezuniyeti ve İstihdam Oranları Arasındaki İlişki Nedensel mi?” TCMB Blog.
(3) “Reeskont Kredisi ve İhracat” TCMB Blog (Y. E. Akgündüz ile)
(4) “Ücretler ve İşgücü Verimliliğine Mikro Bakış” TCMB Blog (Y. E. Akgündüz, A. Aldan, Y. K. Bağır ile)
(5) “Türk Firmaları Arasında İhracat rekabeti” TCMB Ekonomi Notları (2020) (Y.K. Bağır ile)
(6) "İhracatta Yeni Pazarların Katkısı ve Pazar Sürekliliği" TCMB Ekonomi Notları (2022)(Didem Yazıcı ile)
(7) "Gıda Perakende Sektöründe Fiyat Belirleme ve Değiştirme Dinamikleri". TCMB Ekonomi Notları No. 2310 (2023) (Muhammed Bahça ve Tunç Bayram ile)
DEVAM EDEN ÇALIŞMALAR
(1) "Salient Price Changes, Inflation Perception and Expectations: An Application on Türkiye"
(2) “Communication As Policy and Firm Uncertainty: Evidence From Randomized Control Trial”
(3) “Old But Agile: The Changing Role Of State Banks In Türkiye”
(4) “63,000 Lost: The Indıvıdual Labor Market Effects of Türkıye’s Major Earthquakes”
(5) "Trade Effects of Firm Credits: Heterogeneity across BEC Categories"
(6) “With Whom are Young Workers Substitutable?”
(7) “Travel Time, Gasoline Prices and Leisure Activities in the U.S.”
KONFERANS SUNUMLARI
Southern Economic Association Conference, Tampa, Florida Kasım 2013
Public Economics Workshop, University of Virginia Aralık 2013
Sabancı Üniversitesi, Istanbul Şubat 2014
Bilkent Üniversitesi, Ankara Mart 2014
TOBB Üniversitesi, Ankara Mart 2014
İstanbul Teknik Üniversitesi, Istanbul Mart 2014
Türkiye Cumhuriyet Merkez Bankası, Ankara Mart 2014
Royal Economic Society Conference, University of Manchester Mart 2015
Koç Üniversitesi, Economic Research Forum, İstanbul Ekim 2015
CBRT and ECB Conference, İzmir Eylül 2016
2nd Annual Istanbul Meeting on Human Capital, Galatasaray Üniversitesi Ekim 2016
Society of Labor Economists Conference, Raleigh, North Carolina, ABD Mayıs 2017
Brown Bag Seminar, University of Virginia Mayıs 2017
3rd Annual Istanbul Meeting on Human Capital, Galatasaray Üniversitesi Ekim 2017
Banc d’Italia – Central Bank of the Republic of Turkey Conference Kasım 2017
CBRT Policy Evaluation Workshop, Antalya Mart 2018
World Bank, Assessing Turkish Labor Market Conference, Ankara Mayıs 2018
European Society for Population Economics Conference, Antwerp, Belçika Haziran 2018
İstanbul Teknik Üniversitesi, Istanbul Ekim 2018
4th Annual Istanbul Meeting on Human Capital, Bahçeşehir University Ekim 2018
Türkiye Ekonomi Kurumu Konferansı, Antalya Kasım 2018
Orta Doğu Teknik Üniversitesi, Ankara Şubat 2020
6th International Symposium on Economics, Politics and Administration, ISEPA Ekim 2023
10th International Congress on Accounting and Finance Research Eylül 2023
AKADEMİK TECRÜBE
Yarı Zamanlı Öğretim Görevlisi Ortadoğu Teknik Üniversitesi Eylül 2020 - Ocak 2021
Okutman Virjinya Üniversitesi Ocak 2013 – Mayıs 2013
Öğretim Asistanı Virjinya Üniversitesi
Econ 2020, Makroekonomiye Giriş Ocak 2010 - Mayıs 2010
Econ 3010, Orta Seviye Mikroekonomi Ağustos 2009 – Aralık 2009
Econ 3010, Orta Seviye Mikroekonomi Ağustos 2010 – Aralık 2012
Öğrenci Asistan Boğaziçi Üniversitesi
EC 344, Para ve Bankacılık Bahar 2009
EC 361, Uluslararası Ticaret Güz 2008
EC 101, Mikroekonomiye Giriş Güz 2007
ÖDÜLLER
Bankard Predoctoral Fellowship, Virjinya Üniversitesi 2013-2014
Quantitative Collaborative Fellowship, Virjinya Üniversitesi 2012-2013
Başarı Bursu, Boğaziçi Üniversitesi 2004-2009