CV
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CURRENT POSITION
Senior Economist, European Stability Mechanism, Economic and Market Analysis Division, January 2022 - Present.
External Expert, International Monetary Fund, Institute of Capacity Development and Monetary and Capital Markets Department, 2019 - Present.
PROFESSIONAL EXPERIENCE
Principal Economist/Special Advisor, Norges Bank, Monetary Policy Department, Modelling Unit, June 2021 - December 2021.
Member, Bank for International Settlements, Research Task Force Macro Modeling Work Stream, September 2019 - September 2022.
Senior Economist, Norges Bank, Monetary Policy Department, Modelling Unit, July 2020 - June 2021.
Senior Economist, Norges Bank, Financial Stability Department, Modelling Unit, October 2019 - June 2020.
Senior Economist, Norges Bank, Monetary Policy Department, Modelling Unit, May 2017 - September 2019.
Research Economist, Central Bank of the Republic of Turkey (CBRT), September 2012 - April 2017.
Lecturer, Istanbul School of Central Banking, CBRT, December 2015 - April 2017.
Visiting Central Bank Research Fellow, Bank for International Settlements, July - October 2015.
Dissertation Fellow, Federal Reserve Board of Governors, September - December 2011.
Instructor, University of Maryland, July 2009 - August 2011.
Graduate Teaching Assistant, University of Maryland, August 2007 - May 2009.
EDUCATION
Ph.D. in Economics, July 2012, University of Maryland, College Park, MD.
Dissertation Title: Essays on Financial Intermediaries, Business Cycles and Macroprudential Policies.
M.A. in Economics, December 2009, University of Maryland, College Park, MD.
B.A. in Economics, June 2007, Bilkent University, Ankara, Turkey.
RESEARCH AND TEACHING INTERESTS
Macroeconomics, Monetary Economics, Banking, and International Finance.
PAPERS
Academic publications
Assessing the impact of Basel III: Review of transmission channels and insights from policy models (with Olivier De Bandt, Bora Durdu, Hibiki Icihue, Jolan Mohimont, Kalin Nikolov, Sigrid Roehrs, Jean-Guillaume Sahuc, Valerio Scalone and Michael Straughan), International Journal of Central Banking, 2024, Vol. 20 (1), 1-52.
External Shocks, Banks and Optimal Monetary Policy: A Recipe for Emerging Market Central Banks (with Enes Sunel), International Journal of Central Banking, 2019, Vol. 15 (2), 235-299.
Financial Intermediaries, Credit Shocks and Business Cycles, Oxford Bulletin of Economics and Statistics, 2016, Vol. 78 (1), 42-74.
On International Consumption Risk Sharing, Financial Integration and Financial Development, Emerging Markets Finance and Trade, 2016, Vol. 52 (5), 1241-1258.
Cross-sectional Facts on Bank Balance Sheets over the Business Cycle (with Osman Furkan Abbasoglu and Serife Genc), Central Bank Review, 2015, Vol. 15, 31-60.
Required Reserves as a Credit Policy Tool (with Enes Sunel and Temel Taskin), The B.E. Journal of Macroeconomics, 2013, Vol. 13 (1), 823-880.
Working papers under review
Leaning against Persistent Financial Cycles with Occasional Crises (with Thore Kockerols and Erling M. Kravik), Submitted.
Fear (no more) of Floating: Asset Purchases and Exchange Rate Dynamics (with Enes Sunel), Submitted.
Distributional Effects of Monetary Policy (with Kjersti N. Torstensen and Mathis Mæhlum), Revisions requested, Oxford Bulletin of Economics and Statistics.
Policy papers
Distributional Effects of Monetary Policy in Norway (with Kjersti N. Torstensen and Mathis Mæhlum), Norges Bank Staff Memo, 2021, No. 4/2021.
Monetary Policy in Norway - A counterfactual view on the 2000s (with Øyvind Eitrheim and Erling M. Kravik), Norway's Road to Inflation Targeting: Overcoming the Fear of Floating (Øyvind Eitrheim and Jan Fredrik Qvigstad eds.) Norges Bank Occasional Papers, 2020, No. 56.
The Power of Forward Guidance in NEMO (with Drago Bergholt, Sara S. Meyer, and Øistein Røisland), Norges Bank Staff Memo, 2019, No. 7/2019.
Navigating with NEMO (NOrwegian Economic MOdel) (with Erling M. Kravik), Norges Bank Staff Memo, 2019, No. 5/2019.
Blog posts and policy notes
A more resilient euro area navigates financial imbalances and macroeconomic instability (with Lorenzo Ricci), ESM Blog, 2023.
Fear (no more) of Floating: How emerging market central banks avoided a currency meltdown during the pandemic despite purchasing local-currency assets (with Enes Sunel), SUERF Policy Brief, 2023, No 684.
Navigating the Tightrope: Balancing Financial Stability and Inflation in the Age of Persistent Financial Cycles and Crises (with Thore Kockerols and Erling M. Kravik), SUERF Policy Brief, 2023, No 600.
Quantitative Easing in Emerging Market Economies (with Enes Sunel), VoxEU, 2021.
The Forward Guidance Puzzle (with Drago Bergholt, Sara S. Meyer, and Øistein Røisland), Bankplassen Blogg, 2019.
Navigating the Norwegian Economy with NEMO (with Erling M. Kravik), Bankplassen Blogg, 2019.
A Recipe for Monetary Policy in Emerging Market Economies (with Enes Sunel), VoxEU, 2018.
Work in progress
Central Bank Collateral Framework as an Unconventional Policy Tool (with Osman Furkan Abbasoglu and Birol Kanik).
The Transmission of Fiscal Stimulus in Small Open Economies: The Role of Finance Channel (with Alperen Evrin and Enes Sunel)
When do Financial Frictions really matter for the Macroeconomy?: A Structural Regime-Switching Investigation (with Hilde Bjørnland and Junior Maih).
Rethinking Monetary Policy: A Tale of Switching Rules (with Atanas Christev and Junior Maih).
Working papers
Leaning against Persistent Financial Cycles with Occasional Crises (with Thore Kockerols and Erling M. Kravik), Norges Bank Working Papers, 2021, No. 11/2021.
Assessing the impact of Basel III: Evidence from macroeconomic models: literature review and simulations, Basel Committee on Banking Supervision Working Paper, 2021, No. 38
Asset Purchases as a Remedy for the Original Sin Redux (with Enes Sunel), Norges Bank Working Papers, 2021, No. 8/2021, VoxEU post,
External Shocks, Banks and Optimal Monetary Policy in an Open Economy (with Enes Sunel), BIS Working Papers, 2015, No. 528.
External Shocks, Banks and Monetary Policy in an Open Economy: Loss Function Approach (with Enes Sunel), CBRT Working Papers, 2015, No. 15/25.
On International Consumption Risk Sharing, Financial Integration and Financial Development, CBRT Working Papers, 2014, No. 14/36.
Cross-sectional Facts on Bank Balance Sheets over the Business Cycle (with Osman Furkan Abbasoglu and Serife Genc), CBRT Working Papers, 2014, No. 14/17.
Financial Intermediaries, Credit Shocks and Business Cycles, CBRT Working Papers, 2013, No. 13/13.
Required Reserves as a Credit Policy Tool (with Enes Sunel and Temel Taskin), CBRT Working Papers, 2012, No. 12/24.
HONORS, AWARDS AND FELLOWSHIPS
Central Bank Research Fellowship, Bank for International Settlements, July - October 2015.
Dissertation Fellowship, Board of Governors of the Federal Reserve System, September - December 2011.
Jacob K. Goldhaber Award, for travel to conference, University of Maryland, Summer 2011.
International Conference Student Support Award, University of Maryland, Summer 2011.
Travel Grants, University of Maryland, Department of Economics, Spring 2010-Summer 2011.
Graduate Assistantship, University of Maryland, 2007-2012.
Dean's High Honor List, Bilkent University, 2004-2007.
Full Merit Scholarship, Bilkent University, 2003-2007.
Ranked in top 0.04% among 1.5 million in the National University Entry Exam of Turkey, 2003.
TEACHING EXPERIENCE
Istanbul School of Central Banking, Instructor, Introduction to Monetary Policy Modelling (joint with Salih Fendoglu): December 2015, December 2016.
University of Maryland, Instructor, Econometrics I : Summer 2009, Fall 2009, Spring 2010, Summer 2010, Fall 2010, Winter 2011, Spring 2011, Summer 2011.
University of Maryland, Teaching Assistant, Fall 2007-Spring 2009: Economic Statistics, Principles of Macroeconomics, Money and Banking, Econometrics I-II.
COURSES AND CERTIFICATES
Inference in Macro: From Big Data to Structural Analysis, by Domenico Giannone and Giorgio Primiceri, June 2019.
Regime switching in VAR and DSGE models: theory and applications, by Junior Maih and Dan Waggoner, January 2018.
Modelling Occasionally Binding Constraints in RISE, by Andrew Binning and Junior Maih, June 2017.
Advances in Bayesian Analysis of DSGE Models, EABCN, June 2016.
The Use of DSGE Models in the Policymaking Process, IMF, June 2015.
Financial Crisis and Credit Frictions in Open Economies, by Enrique G. Mendoza, December 2014.
Computational Tools for Macroeconomists, by Jesus Fernandez Villaverde, August 2014.
Introduction to Modeling in Monetary Policy Analysis, by Francesco Zanetti, April 2014.
Formulation, Estimation and Policy Analysis using DSGE models, by Lawrence Christiano, September 2013.
CONFERENCE AND SEMINAR PRESENTATIONS
Fear (no more) of Floating: Asset Purchases and Exchange Rate Dynamics (previously circulated as Quantitative Easing in Emerging Market Economies)
29th CEPR European Summer Symposium in International Macroeconomics (ESSIM, 2022), European Stability Mechanism (2022), Bank for International Settlements (2021), World Bank (2021), Federal Reserve Board (2021), European Central Bank (2021), IMF (2021), Bank of England (2021), International Conference on Computing in Economics and Finance (2021), Sveriges Riksbank (2021), Norges Bank (2021), OECD Economics Department (2021).
Leaning against Persistent Financial Cycles with Occasional Crises
ECB's 6th Macroprudential Policy Group (MPPG) Research Workshop (2023), International Conference on Computing in Economics and Finance (2023), 52nd Annual Conference of Money, Macro and Finance Society (2021), European Economic Association-Econometric Society Congress (2021), OECD Economics Department (2021), European Central Bank (2021),, 55th Annual Canadian Economics Association Meetings (2021), Federal Reserve Board (2021), Statistics Norway and Norwegian Ministry of Finance (2021), Norges Bank (2021).
The Transmission of Fiscal Stimulus in Small Open Economies: The Role of Finance Channel
International Conference on Computing in Economics and Finance (2018), Statistics Norway (2018).
Central Bank Collateral Framework as an Unconventional Policy Tool
International Banking, Economics, and Finance Association (IBEFA) session in the WEAI meetings (2019), International Conference on Computing in Economics and Finance (2017).
External Shocks, Banks and Monetary Policy in an Open Economy: A Recipe for Emerging Market Central Banks
Georgetown Center for Economic Research Biennial Conference (2015), Central Bank of Turkey - Bank of England Workshop on ``International Monetary and Financial System - short term challenges, long-term solutions" (2015), The 47th Money, Macro and Finance Research Group Annual Conference (2015), Bank for International Settlements (2015), Marmara University Workshop on ``Understanding the Capital Flows" (2016), Norges Bank (2017).
Financial Intermediaries, Credit Shocks, and Business Cycles
Sabanci University (2014), Istanbul Technical University (2013), Borsa Istanbul Finance and Economics Conference (2013), Board of Governors of the Federal Reserve System (2011, 2012), Bank of Canada (2012), Bank of England (2012), Uppsala University (2012), Koc University (2012), Ozyegin University (2012), TOBB-ETU (2012), METU-NCC (2012), New Economic School (2011), Annual Meeting of the Society for Economic Dynamics (2011), International Conference on Computing in Economics and Finance (2011), Eastern Economic Association Conference (2011), University of Maryland (2009, 2011), Midwest Macroeconomics Meetings (2010), Bilkent University (2010), Central Bank of the Republic of Turkey (2010), International Conference of Middle East Economic Association (2010), International Conference on Economic Modeling (2010).
Required Reserves as a Credit Policy Tool
Policy Nexus and the Global Environment: A New Consensus Emerging from the Crisis by National Bank of Macedonia (2013), Conference on Reserve Requirements & Other Macroprudential Policies: Experiences in Emerging Economies by the Central Bank of the Republic of Turkey (2012), University of Maryland (2012), Midwest Macroeconomics Meetings (2012).
Managing Capital Short-Term Flows in Emerging Markets: Reserve Option Mechanism as an Unconventional Policy Tool
Central Bank Macroeconomic Modeling Workshop by the Central Bank of the Republic of Turkey (2013), Conference on MENA Economies by Istanbul Bilgi University (2013), Borsa Istanbul (2013).
PROFESSIONAL ACTIVITIES
Referee: Journal of International Money and Finance, Journal of Money, Credit and Banking, International Journal of Central Banking, Oxford Bulletin of Economics and Statistics, Journal of Banking and Finance, B.E. Journal of Macroeconomics, Journal of Macroeconomics, Macroeconomic Dynamics, International Journal of Finance and Economics, Emerging Markets Finance and Trade, Borsa Istanbul Review, Central Bank of Turkey Working Paper Series, Czech National Bank Working Paper Series.
Member: Society for Economic Dynamics, American Economic Association, European Economic Association.
ADDITIONAL INFORMATION
Computer Skills: MATLAB, Dynare, RISE, Fortran, Stata, E-views, Latex, MS Office.
Languages: Turkish (Native), English (Fluent), Norwegian (Beginner).