Galip Kemal Ozhan

Senior Economist

Canadian Economic Analysis
  • Ph.D. in Economics, University of Washington, Seattle, WA (2016)
  • M.A. in Economics, University of Washington, Seattle, WA (2013)
  • M.Sc. in Finance, Imperial College London, U.K. (2010)
  • M.A. in Economics, Bilkent University, Turkey (2009)
  • B.Sc. in Industrial Engineering, Bilkent University, Turkey (2007)

Curriculum vitae

ORCID Author Orcid Link RePEc Google Scholar

Bio

Galip Kemal Ozhan is a Senior Economist at the Bank of Canada. He holds a Ph.D. in Economics from the University of Washington, an M.Sc. in Finance from Imperial College London, and an M.A. in Economics and a B.Sc. in Industrial Engineering from Bilkent University, Turkey. He worked as a research associate at the Brookings Institution from January 2012 to September 2013, and as an Assistant Professor of Economics at the University of St Andrews from September 2016 to August 2019. His main research interests are in international finance, macroeconomics, and monetary economics. His research has been recognized with the 2016 Young Economist Award by the European Economics Association, and the 2016 Best Paper Award by the Money, Macro and Finance Research Group in the United Kingdom.

Show all

Staff working papers

News-Driven International Credit Cycles

Staff Working Paper 2021-66 Galip Kemal Ozhan
This paper examines the implications of positive news about future asset values that turn out to be incorrect at a later date in an open economy model with banking. The model captures the patterns of bank credit and current account dynamics in Spain between 2000 and 2010. The model finds that the use of unconventional policies leads to a milder bust.
Content Type(s): Staff research, Staff working papers Topic(s): Credit and credit aggregates, Economic models, Financial stability, Recent economic and financial developments, Sectoral balance sheet JEL Code(s): E, E4, E44, F, F3, F32, F4, F41, G, G1, G15, G2, G21

Interest Rate Uncertainty as a Policy Tool

Staff Working Paper 2020-13 Fabio Ghironi, Galip Kemal Ozhan
We study a novel policy tool—interest rate uncertainty—that can be used to discourage inefficient capital inflows and to adjust the composition of external account between shortterm securities and foreign direct investment (FDI).
Content Type(s): Staff research, Staff working papers Topic(s): International financial markets, Monetary policy and uncertainty, Monetary policy framework JEL Code(s): E, E3, E32, F, F2, F21, F3, F32, G, G1, G15

See More

Journal publications

Refereed journals

  • “News-Driven International Credit Cycles,” Journal of Macroeconomic 70 (December 2021): 103372.
  • “Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence,” Journal of Monetary Economics, 115 (November 2020): 265-278.

Other

Book chapters

  • “The Growth Debate Redux” in K. Dervis¸ and H. Kharas (eds), Growth, Convergence and Income Distribution: The Road from the Brisbane G-20 Summit, Brookings Institution Press, Washington, D.C., November 2014.
  • “Unconventional Monetary Policy and Its Reflections on the Global Economy” (with Izak Atiyas and Fuat Keyman) in K. Dervis¸ and H. Kharas (eds), Think Tank 20: The G-20 and Central Banks in the New World of Unconventional Monetary Policy, Brookings Institution Press, Washington, D.C., August 2013.

Op-Eds

  • “Fiscal Multipliers” (with Domenico Lombardi), Longitude, March 2013.
  • “Buying Time by Buying Bonds” (with Kemal Dervis¸ and Karim Foda), Brookings Up Front, September 2012.