Galip Kemal Ozhan

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Galip Kemal Ozhan

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Bibliographic details

• Authors: Galip Kemal Ozhan

Biography

Galip Kemal Ozhan is an Economist in the Research Department of the International Monetary Fund and one of the authors of the World Economic Outlook. He is also an associate editor of the International Journal of Central Banking and a Research Economist at the NBER. Prior to his current position, he worked at the Brookings Institution, the University of St Andrews, and the Bank of Canada. His main research interests are in international finance, macroeconomics, and monetary economics. His research has been recognized with a National Science Foundation Award, the Young Economist Award by the European Economics Association, and the Best Paper Award by the Money, Macro and Finance Research Group in the United Kingdom.

Profile

Education

• Ph.D. in Economics, University of Washington, Seattle, WA, 2016

• 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

Previous Experience

• Senior Economist, Bank of Canada, ON, Canada, 2019 - 2023

• Assistant Professor of Economics, University of St. Andrews, U.K., 2016 - 2019

• Research Associate, Brookings Institution, Washington, D.C., 2012 - 2013

Referee Activities

• American Economic Journal: Macroeconomics, Canadian Journal of Economics, Economic Journal, Economic Modelling, Economica, IMF Economic Review, International Journal of Central Banking, Journal of Banking & Finance, Journal of International Economics, Journal of International Money and Finance, Journal of Macroeconomics, Macroeconomic Dynamics, Review of Economic Dynamics, Review of International Economics, Scottish Journal of Political Economy

Editorial Activities

• Associate Editor, International Journal of Central Banking

Professional Activities

• Ph.D. Dissertation Committee Member (External), University of Washington, since 2022

• Visiting Scholar, National Bank of Poland, 2018

• Visiting Scholar, Bank of Finland, 2017

• Research Consultant, CIGI, 2016-2017

Awards and Honors

• National Science Foundation Award No. 2317089, 2023 - 2026

• Young Economist Award, European Economic Association, 2016

• Best Paper Award, 48th Money, Macro and Finance Research Group, 2016

• Ieke van den Burg Prize, European Systemic Risk Board (shortlist), 2016

Current Position

• Economist, International Monetary Fund, 2023 -

Other Professional Positions

• Research Economist, NBER, 2023 -

Teaching

• Monetary Policy (University of St. Andrews, EC5605, Postgraduate), 2017, 2018, 2019

• Financial Intermediation (University of St. Andrews, EC5608, Postgraduate), 2017, 2018, 2019

Field of Expertise

• International Macroeconomics

• International Finance

• Monetary Policy

IMF Publications

IMF Books and Working Papers

• Dominant Currency Pricing and Currency Risk Premia, Working Paper No. 2026/158 , July 31, 2026

• Can Healthy Aging Boost Labor Supply? Evidence from Korea, Working Paper No. 2025/260 , December 12, 2025

• The Labor Market Implications of Healthy Aging, Working Paper No. 2025/229 , November 7, 2025

Other Published Materials

• "Global Economy in Flux, Prospects Remain Dim" (with Deniz Igan and Diaa Noureldin), World Economic Outlook, Chapter 1, October 2025

• "The Rise of the Silver Economy: Global Implications of Population Aging" (with Bertrand Gruss, Eric Huang, Andresa Lagerborg and Diaa Noureldin), World Economic Outlook, Chapter 2, Spring 2025

• "The Great Tightening: Insights from the Recent Inflation Episode" (with Jorge Alvarez, Emine Boz, Thomas Kroen, Alberto Musso, Nicholas Sander, Sebastian Wende and Sihwan Yang), World Economic Outlook, Chapter 2, Fall 2024

• "Steady But Slow: Resilience Amid Divergence” (with Hippolyte Balima, Daniel Leigh and Jean-Marc Natal), World Economic Outlook, Chapter 1, Spring 2024

Non-IMF Publications

Publications in Journals (Refereed)

• "International Trade and Macroeconomic Dynamics with Sanctions", (with Fabio Ghironi and Daisoon Kim), Journal of Monetary Economics 154 (September 2025): 103810

• "Interest Rate Uncertainty as a Policy Tool?", (with Fabio Ghironi), Journal of International Economics 158 (December 2025): 104180

• "International Economic Sanctions and Third-Country Effects," (with Fabio Ghironi and Daisoon Kim), IMF Economic Review 72 (January 2024): 611-652

• "News-Driven International Credit Cycles," Journal of Macroeconomics 70 (December 2021): 103372

• "Financial Intermediation, Resource Allocation, and Macroeconomic Interdependence," Journal of Monetary Economics 115 (November 2020): 265-278

Other Published Materials

• "International Trade and Macroeconomic Dynamics with Sanctions" (with Fabio Ghironi and Daisoon Kim), VoxEU.org, October 2024

• “The Neutral Interest Rate: Past, Present, and Future. A Thematic Review” (with Matteo Cacciatore and Bruno Feunou), Staff Discussion Paper, Bank of Canada, April 2024.

• "Multilateralism During Economic Warfare," in B. Coulibaly and H. Kharas (eds), Climate, Global Governance, and Technology, Special Report, Brookings Institution, October 2023

• "Yield Curve Control" (with Matteo Cacciatore), CEA Inquiry, Bank of Canada, July 2020.

• "The Growth Debate Redux," in K. Dervis and H. Kharas (eds), Growth, Comvergence 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