Yunus Aksoy Senior Lecturer in Economics Programme Director: MSc Economics BA (Bogaziçi), PhD (Leuven) Phone: +44 (0) 20 7631 6407 Email: yaksoy  at ems dot bbk dot ac dot uk Fax: +44 (0) 20 7631 6416 Room: 726 Office Hours: please e-mail for appointment.

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Aksoy's research concerns theoretical and empirical modelling of macro/monetary economics and study of key macroeconomic stylised facts. He is a CESifo research network fellow since 2012. More information can be found at RePEc and Google-Scholar pages.

Selected Publications

Monetary Policy

• Liquidity, Term Spreads and Monetary Policy Banco de Espana Working Paper version, 2012 (with Henrique Basso).
• Lending Relationships and Monetary Policy, (2013), Economic Inquiry, 51(1), pp. 368-393, (with Henrique Basso and Javier Coto-Martinez). Birkbeck WP version
• A Quantitative Exploration of the Opportunistic Approach to Disinflation, (2006), Journal of Monetary Economics, 53(8), pp. 1877-1893, (with Orphanides, A., Small, D., Wieland, V., and D. Wilcox).
• Do Asymmetries Matter for European Monetary Policy?, (2002), European Economic Review, 46(3), pp.443-469, (with Paul De Grauwe and Hans Dewachter).

Macroeconomic Stylized Facts

• The Economic Impact of Demographic Structure in OECD Countries Birkbeck Working Papers in Economics and Finance, 2012. (with Tobias Grasl and Ron Smith)
• An Empirical Investigation of US Fiscal Expenditures and Macroeconomic Outcomes, (2012) Economics Letters, 114(1), pp. 64-68, (with Giovanni Melina).
• US Fiscal Indicators, Inflation and Output (2011), The North American Journal of Economics and Finance, 22(3), pp. 221-236, (with Giovanni Melina).
• Non-linearities and Unit Roots in G7 Macroeconomic Variables, (2008),  The B.E. Journal of Macroeconomics, Berkeley Electronic Press, 8(1) Article 5., (with Miguel Leon Ledesma).
• US Domestic Money, Inflation and Output, (2006), Journal of Monetary Economics, 53(2), pp 183-197, lead article (with Tomasz Piskorski). Data
  • Recent empirical research documents that the strong short-term relationship between U.S. monetary aggregates on one side and inflation and real output on the other has mostly disappeared since the early 1980s. Using the direct estimate of flows of U.S. dollars abroad we find that domestic money (currency corrected for the foreign holdings of dollars) contains valuable information about future movements of U.S. inflation and real output. Statistical evidence suggests that the Friedman–Schwartz stylized facts can be reestablished once the focus of analysis is back on the correct measure of domestic monetary aggregates.
• US Domestic Currency in Forecast Error Variance Decompositions of Inflation and Output, (2005), Economics Letters, 86(2), pp. 265-271, (with Tomasz Piskorski).

International Economics

• Exchange Rates, Prices and International Trade in a Model of Endogeneous Market Structure, (2007), The Manchester School, 75, pp. 160-92, (with Hanno Lustig).
• Firms, International Money and Prices: A Survey of the Literature, (2001), Review of Business and Economics, 46, pp. 175-201.
• Exchange Rate Pass-Through in Vertically Related Markets, (2000), Review of International Economics, 8, pp. 235-251 (with Yohanes Eko Riyanto).

Other

• Investment Cost Chanel and Monetary Transmission, (2011), Central Bank Review, Vol. 11(2), pp.1-13.(with Henrique Basso and Javier Coto-Martinez)
• Are Central European Countries Part of the European Optimum Currency Area, (1999), in De Grauwe, P and Lavrac, V. (eds.) Inclusion of Central European Countries in the European Monetary Union, pp. 13-36, Kluwer Academic Publishers, Dordrecht. (with Paul De Grauwe)

• From EMS to EMU: Are We Better Off?, (2000), in Eichengreen, B. and J. Frieden, The Political Economy of European Monetary Unification, Second Edition, Westview, Boulder. (with Paul De Grauwe and Hans Dewachter)

Discussions

• Discussion of "Output Gaps and Monetary Policy Rules" by R. Billi (ASSA 2013 meetings in San Diego)
• Discussion of "Succesful Austerity in the US, Europe and Japan" by N Batini, G Callegari and G Melina (Surrey macro conference, September 2012)

PhD Supervision: Completed

• Dr Kurmas Akdogan (completion: 2009), first employment: Central Bank of the Republic of Turkey.
• Dr Federico Di Pace (co-supervision; completion: 2010), first employment: University of Warwick; now at the University of St Andrews.
• Dr Giovanni Melina (completion: November 2011), first employment: IMF.

PhD Supervision: Ongoing

• Alejandro Temola
• Ishak Demir
• Hande Kamu
• Sotirios Migkos

Teaching

• Macroeconomics (GDE, BSc Financial Economics, BSc Economic Social Policy, BSc Economics and Statistics)
  Student Material
• International Macroeconomics (MSc Economics)
• Advanced Macroeconomics (MSc Economics)
  Student Material
• Topics in Applied Macroeconomics (PhD)