Galip Kemal Ozhan

Senior Economist


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.

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Staff working papers

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).

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Journal publications

Refereed journals

  • “Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence,” Journal of Monetary Economics (Accepted).


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.


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