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, Associate Professor, 2008-Present
• Koc University, Assistant Professor, 2005-2008

• 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

• Discount Window Borrowing after 2003: Explicit Reduction in Implicit Costs, (with Erhan Artuc), Journal of Banking and Finance, 34, April 2010, 825-833
• Provision of Liquidity through the Primary Credit Facility during the Financial Crisis: A Structural Analysis (with Erhan Artuç), FRBNY Review, August 2010, Volume 16, number 1, Special Issue: Central Bank Liquidity Tools and Perspectives on Regulatory Reform, 43-53
• Empirical Identification of the Vector Autoregression: The Causes and Effects of U.S. M2, (with Kevin Hoover and Steve Perez), The Methodology and Practice of Econometrics A Festschrift in Honour of David F. Hendry (ed. Jennifer Castle and NeilShephard), Oxford University Press, May 2009, 37-58.
• "The Liquidity Effect at the Federal Funds Market: Evidence at the Monthly Frequency," (with Seth Carpenter), Journal of Money, Credit, and Banking, Vol. 40, February 2008, 1-24
• "A Bootstrap Method for Identifying and Evaluating a Structural Vector Autoregression," (with Kevin Hoover and Steve Perez), Oxford Bulletin of Economics and Statistics, Volume 70, August 2008, 509-533
• "Monetary Policy Surprises and the Expectations Hypothesis at the Short End of the Yield Curve," Economics Letters, Vol. 101, October 2008, 1-3

• “Para Politikası Beklentilerinin Sermaye Piyasaları Üzerindeki Etkisi (The impact of monetary policy expectations on financial markets, with Kamil Yilmaz)” Iktisat, Isletme ve  Finans, forthcoming
• “Money, Reserves, and the Transmission of Monetary Policy: Does the Money Multiplier Exist?” (with Seth Carpenter), Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series 2010-41
  • Comments by Financial Times
  • Comments by Reuters
  • “Asymmetric Response to Monetary Policy Surprises at the Long-End of the Yield Curve,” (with Kamil Yilmaz), TUSIAD-Koc University Economic Research Forum Working Paper No. 0914
  • "Monetary Policy in a Changing World: The Rising Role of Expectations and the Anticipation Effect," Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series 2001-55
  • ULAKBIM publication grant for “The Liquidity Effect in the Federal Funds Market: Evidence from Daily Open Market Operations” (with Seth Carpenter), 2006; “The Liquidity Effect at the Federal Funds Market: Evidence at the Monthly Frequency” (with Seth Carpenter), 2008; “A Bootstrap Method for Identifying and Evaluating a Structural Vector Autoregression” (with Kevin Hoover and Steve Perez), 2008;  “Monetary Policy Surprises and the Expectations Hypothesis at the Short End of the Yield Curve” 2008; “Discount Window Borrowing since 2003: The Explicit Reduction in Implicit Costs,” (with Erhan Artuc), 2009
  • TUBITAK research grant for the project: “Discount Window Borrowing since 2003: The Explicit Reduction in Implicit Costs,” (with Erhan Artuc), 2009
  • De Nederlandsche Bank-European Central Bank-University of Groningen conference on "Monetary Policy and Financial Stability - What Role for Central Bank Communication?" November 2010, Discussant
  • The CEPR/ESI 14th Annual Conference, October 2010, Izmir, Participant
  • Turkish Economic Association International Annual Conference, September 2010, Cyprus, Speaker
  • European Central Bank workshop on “Challenges to Monetary Policy Implementation beyond the Financial Market Turbulence,”  December 2009, Frankfurt, Speaker
  • European Economic Association-Econometric Society European Meeting (EEA-ESEM), 2009, Barcelona, Participant
  • Society of Economic Dynamics, 2009, Istanbul, Speaker
  • Federal Reserve Bank of New York, Conference on “Central Bank Liquidity Tools,” 2009, New York, Speaker
  • Swiss National Bank Annual Conference, 2008, Participant
  • Koc University Winter Economics Workshop, Istanbul, 2008, Speaker

• "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
• "Parasal Aktarim Mekanizmasinda Para'nin Yeri:Türkiye için bir Analiz," (The Role of Money in the Monetary Transmission Mechanism: An Analysis for Turkey) Iktisat, Isletme ve Finans, Cilt 264, March 2008, 5-20

Working Papers

• "The Pavlovian Response of Term Rates to Fed Announcements," (with Oscar Jorda), Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series 2001-10

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

• TUBITAK research grant for the project: "The Wealth Channel Revisited: The Role of Anticipated Monetary Policy on Consumption and Lending," (with Kamil Yilmaz), 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 Bogazici 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

o     80th Annual Conference, San Francisco, 2005, Speaker

o     77th Annual Conference, Seattle, 2002, Speaker

o    76th Annual Conference, San Francisco, 2001, Speaker

• Allied Social Science Association Meetings, January 2001, Discussant

Seminars and Invited Lectures

• Board of Governors of the Federal Reserve System; Federal Reserve Bank of New York, Central Bank of Turkey; University of California, Davis; University of Wisconsin, Milwaukee; St. Louis University; University of Kansas; Bogazici University; Marmara University; Istanbul Technical University; Bilkent University

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; Journal of Economics and Business; e-conomics; İktisat, İşletme ve Finans Dergisi; TCMB; Managerial and Decision Economics, Journal of Applied Econometrics; Empirical Economics; Economics Bulletin; International Finance; TEK working papers; BDDK dergisi; IMF Economic Review; International Finance