Education
- Ph.D., Economics, University of California at Davis, 2000
- M.A., Economics, University of California at Davis, 1998
- B.A., Economics, Bogazici University, Istanbul, Turkey, 1995
Professional Experience
- Koc University, Assistant Professor, 2005-present
- Classes taught: Money and Banking, Intermediate Macroeconomics, Econometrics (Graduate), Monetary Economics (Graduate)
- Board of Governors of the Federal Reserve System, 2000-2005
- Analyzed current economic developments, particularly those in the financial sector and carried out assignments related to those developments through memoranda, Greenbooks, financial market summaries and other output.
- Analyzed the functioning of the reserves market, including issues involving reserve administration.
- Primary responsibility for oversight of daily projections of autonomous factors, data on the management of the System Open Market Account (SOMA), and the analysis of Trading Desk operations.
- Primary responsibility for the forecasts of monetary aggregates for several FOMC meetings as the Bluebook projections coordinator.
- Prepared and presented annual briefings on open market operations to the Board of Governors.
Publications
- "The Liquidity Effect at the Federal Funds Market: Evidence at the Monthly Frequency," (with Seth Carpenter), Journal of Money, Credit, and Banking, forthcoming
- "A Bootstrap Method for Identifying and Evaluating a Structural Vector Autoregression," (with Kevin Hoover and Steve Perez), Oxford Bulletin of Economics and Statistics, forthcoming
- "Monetary Policy Surprises and the Expectations Hypothesis at the Short End of the Yield Curve," Economics Letters, forthcoming
- "The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations," (with Seth Carpenter), Journal of Money, Credit, and Banking, Vol. 38, June 2006, pp. 901-920
- "Anticipation of Monetary Policy and Open Market Operations" (with Seth Carpenter), International Journal of Central Banking, June 2006, pp. 25-63
- "The Response of Term Rates to Fed Announcements," (with Oscar Jorda), Journal of Money, Credit, and Banking, vol. 36, June 2004, pp. 387-406
- "Declining Required Reserves, Funds Rate Volatility, and Open Market Operations," (with Dennis Farley), Journal of Banking and Finance, 29 (2005), 1131-1152
- "Searching for the Causal Structure of a Vector Autoregression,"(with Kevin Hoover), Oxford Bulletin of Economics and Statistics, vol. 65 (2003), pp. 745-67
- "The Announcement Effect: Evidence from Open Market Desk Data," (with Oscar Jorda), Federal Reserve Bank of New York Economic Policy Review, vol. 8 (2002), pp. 29-48
- "Overnight Interbank Loan Markets," (with William Whitesell and Brian Preslopsky), Journal of Economics and Business, 58 (2006), pp.67-83
- "Empirical Identification of the Vector Autoregression:The Causes and Effects of U.S. M2," (with Kevin Hoover and Steve Perez), Festschrift volume for David F. Hendry, forthcoming
- "Parasal Aktarým Mekanizmasýnda Para'nýn Yeri:Türkiye için bir Analiz," (The Role of Money in the Monetary Transmission Mechanism: An Analysis for Turkey) Iktisat, Isletme ve Finans, forthcoming
- "Monetary Policy in a Changing World: The Rising Role of Expectations and the Anticipation Effect," Finance and Economics Discussion Series 2001-55
- "The Pavlovian Response of Term Rates to Fed Announcements," (with Oscar Jorda), Finance and Economics Discussion Series 2001-10
Working Papers
- Money and the Monetary Transmission Mechanism," (with Seth Carpenter)
- "Discount Window Borrowing after 2003: Explicit Reduction in Implicit Costs," (with Erhan Ertuc)
Honors, Awards, and Scholarships
- TUBA (Turkish Academy of Sciences) Distinguished Young Scientist Award (GEBIP), 2008
- TUBITAK (The Scientific and Technological Research Council of Turkey) Recognition Award (Tesvik Odulu), 2008
- ULAKBILIM publication grant for "The Liquidity Effect at the Federal Funds Market: Evidence at the Monthly Frequency" (with Seth Carpenter), 2008
- TUBITAK research grant for the project: "The Wealth Channel Revisited: The Role of Anticipated Monetary Policy on Consumption and Lending," (with Kamil Yýlmaz), 2007
- TUBITAK research grant for the project: "The Role of Money in Monetary Transmission Mechanism" (with Seth Carpenter), 2006
- TUBITAK publication grant for "The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations" (with Seth Carpenter), 2006
- The Central Bank of Turkey Young Economist Award, 2003
- University of California Distinguished Teaching Assistant Award, 1999
- University of California Tuition Scholarship, 1995-2000
- Graduation with Honors from the undergraduate program in Economics at Boðaziçi University (ranked 5th among the graduating class)
Conference Participations
- ERC/METU International Conference In Economics VII, Ankara, Turkey, September 2003, Speaker
- II Meeting of Open Market Technicians, Federal Reserve Bank of New York, May 2003, Speaker
- Financial Innovation and Monetary Transmission Conference, Federal Reserve Bank of New York, April 2001, Speaker
- Western Economic Association International, 80th Annual Conference, San Francisco, 2005, Speaker
- Western Economic Association International, 77th Annual Conference, Seattle, 2002, Speaker
- Western Economic Association International, 76th Annual Conference, San Francisco, 2001, Speaker
- Allied Social Science Association Meetings, January 2001, Discussant
Seminars and Invited Lectures
- Bogazici University, Money and the Monetary Transmission Mechanism, November 2007
- Marmara University, Money and the Monetary Transmission Mechanism, November 2007
- Istanbul Technical University, Money and the Monetary Transmission Mechanism, November 2007
- Bilkent University, Money and the Monetary Transmission Mechanism, May 2008
- Central Bank of the Republic of Turkey, The Liquidity Effect at the Federal Funds Market: Evidence at the Monthly Frequency, May 2007
Refereeing Experience
- Journal of Money, Credit, and Banking; International Journal of Central Banking; Journal of Banking and Finance; Journal of Macroeconomics; Review (Federal Reserve Bank of St. Louis); International Review of Economics and Finance, Journal of Economic Dynamics and Control, e-conomics, Ýktisat, Ýþletme ve Finans Dergisi
Last modified: February 25, 2008
