Serdar Kabaca

Senior Economist

Serdar Kabaca is a Senior Economist in the International Economic Analysis Department. He is a macroeconomist whose primary research interest include business cycle fluctuations in small open economies, and policy spillovers from large systemic economies. He is currently working on the spillover effects of unconventional monetary policies and capital flows in portfolio rebalancing models. His current research also includes the interaction between labor and financial markets in emerging market economies. He holds a Ph.D from University of British Columbia.

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Serdar Kabaca

Senior Economist
International Economic Analysis
International Model Development Division

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Curriculum vitae

Latest

Quantitative Easing in a Small Open Economy: An International Portfolio Balancing Approach

Staff Working Paper 2016-55 Serdar Kabaca
This paper studies the effects of quantitative easing (QE) in a small open economy dynamic stochastic general-equilibrium model with international portfolio balancing. Portfolios are classified as imperfectly substitutable short-term and long-term subportfolios, each including domestic and foreign bonds.

International Spillovers of Large-Scale Asset Purchases

Staff Working Paper 2015-2 Sami Alpanda, Serdar Kabaca
This paper evaluates the international spillover effects of large-scale asset purchases (LSAPs) using a two-country dynamic stochastic general-equilibrium model with nominal and real rigidities, and portfolio balance effects.

Labour Share Fluctuations in Emerging Markets: The Role of the Cost of Borrowing

Staff Working Paper 2014-47 Serdar Kabaca
This paper contributes to the literature by documenting labour income share fluctuations in emerging-market economies and proposing an explanation for them. Time-series data indicate that emerging markets differ from developed markets in terms of changes in the labour share over the business cycle.

Search Frictions, Financial Frictions and Labour Market Fluctuations in Emerging Markets

Staff Working Paper 2014-35 Sumru Altug, Serdar Kabaca
This paper examines the role of the extensive and intensive margins of labour input in the context of a business cycle model with a financial friction. We document significant variation in the hours worked per worker for many emerging-market economies. Both employment and hours worked per worker are positively correlated with each other and with output.

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Other

Refereed journals

Other Research

  • "Labor Share Fluctuations in Emerging Markets : The Role of the Cost of Borrowing"

Education

  • Ph.D University of British Columbia (2013)
  • B.A. Bogazici University (2006)

Research Interests

  • International finance
  • Macroeconomics
  • Monetary economics

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