Serdar Kabaca is a Principal Researcher 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.
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.
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.
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.
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.