Research
Journal Articles (Published/Forthcoming/Accepted):
The Ends of 27 Big Depressions (with Martin Ellison and Kevin Hjortshøj O’Rourke), American Economic Review, Vol. 114(1), January 2024 [Pre-publication Version] [AEA Featured Chart] [Replication Readme] [Replication Materials]
Exchange Rate and Inflation under Weak Monetary Policy: Turkey Verifies Theory (with Refet S. Gürkaynak and Burçin Kısacıkoğlu), Economic Policy, Vol. 38(115), July 2023 [Pre-publication Version] [Summary] [Replication Materials]
Stock Market's Assessment of Monetary Policy Transmission: The Cash Flow Effect (with Refet S. Gürkaynak and Hatice Gökçe Karasoy-Can), Journal of Finance, Vol. 77(4), August 2022 [Pre-publication Version] [Online Appendix] [Replication Materials]
The Economic Impact of Recession Announcements (with Andrew C. Eggers and Martin Ellison), Journal of Monetary Economics, Vol. 120, May 2021 [Pre-publication Version] [Replication Materials]
Media Mention: The New York Times (July 15, 2022)
Monetary Policy Surprises and Exchange Rate Behavior (with Refet S. Gürkaynak, A. Hakan Kara and Burçin Kısacıkoğlu), NBER International Seminar on Macroeconomics 2020, Published by Journal of International Economics, Vol. 130, May 2021 [Pre-publication Version] [Replication Materials]
Information Value of the Interest Rate and the Zero Lower Bound, Macroeconomic Dynamics, Vol. 24(7), October 2020 [Pre-publication Version]
The Asian Financial Crisis and International Reserve Accumulation: A Robust Control Approach (with Paul Luk), Journal of Economic Dynamics and Control, Vol. 90, May 2018 [Pre-publication Version]
Working Papers:
Output Externalities and Precautionary Savings in Emerging Markets' Debt and Reserve Accumulation (with Refet S. Gürkaynak, Paul Luk and Ju Hyun Pyun), Revise and Resubmit, Journal of International Economics
Work in Progress:
The Pitfalls of Taylor Rule Estimation (with Refet S. Gürkaynak, Burçin Kısacıkoğlu and Giovanni Ricco)
Book Chapters:
Enflasyonda Ektiğini Biçmek (with Refet S. Gürkaynak and Burçin Kısacıkoğlu), In Ömer Faruk Çolak (Ed.), Yüzyılın Ekonomisi, October 2023 (in Turkish) [Pre-publication Version]
Türkiye'nin Enflasyon Tercihleri (with Refet S. Gürkaynak, Burçin Kısacıkoğlu and Alp Şimşek), In Asaf Savaş Akat and Seyfettin Gürsel (Eds.), Çıkmaz Yol: Dünden Yarına Türkiye Ekonomisi, April 2023 (in Turkish) [Pre-publication Version]
Other Writings:
Consequences of Weak Monetary Policy: Learning from the Turkish Experience (with Refet S. Gürkaynak and Burçin Kısacıkoğlu), VoxEU, October 26, 2023
The Political Origin of Financial Market Dislocations: How an Amusement Park Developer's Illiquidity Turned into a Credit Market Crisis (with Burçin Kısacıkoğlu), VoxEU, January 13, 2023