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Previous Events

Event Date:

15.12.2014-19.12.2014

Instructor(s): Enrique G. Mendoza, University of Pennsylvania and NBER
Event Coordinator:

Arda Tekirdağ

This course will focus on workhorse quantitative macroeconomic models of small open economies to explain cross country stylized facts of business cycles in advanced and emerging countries, including those of sudden stops, financial crises and credit boom-bust cycles, and to provide a framework to address issues directly relevant for macroprudential policy. The course blends several elements of quantitative small open economy (SOE) real business cycle (RBC) models (pioneered by Prof. Mendoza’s work in [AER, 1991]), asset pricing models, and models with incomplete asset markets and credit constraints.

Target Audience: The course aims to familiarize central bankers and experts at other related institutions who are interested in macroeconomic modelling on open economy macro-finance framework and the tools necessary to answer macroprudential policy questions. Since most of the applications covered in the course focus on open economy models, some familiarity with international macroeconomics is helpful.

Seminars
Monetary Policy
Event Date:

10.11.2014-14.11.2014

Supervisor(s): Mahmut Günay, Fethi Öğünç and M. Utku Özmen, CBRT
Event Coordinator:

Şebnem Oğuz

This seminar is an introduction to the use of some practical tools for short-term forecasting at central banks with a special focus on inflation and GDP forecasting. The seminar presents a summary of relevant theory and provides hands-on practical sessions using real data. For computer-based applications, a brief introduction to programming will also be provided during the seminar.

Target Audience: The seminar is designed for experts from central banks and related institutions who are interested in short-term forecasting. Participants are expected to be familiar with basic econometrics. Participants are encouraged to share their work experiences during the seminar.

Event Date:

29.09.2014-01.10.2014

Supervisor(s): Andrea Buraschi, Imperial College; Emrah Şener, Özyeğin University and Erkan Kilimci, CBRT
Event Coordinator:

Nurullah Usta

The objective of this seminar is to discuss current trends in foreign exchange reserve management with a specific focus on risk management. Speakers from international financial institutions, academia and CBRT will present the topic while some central banks share their experiences on a range of issues related to foreign exchange reserves and risk management of reserves. The seminar will be conducted in an interactive fashion thereby providing a good platform for all participants to share their own experiences with peer reserve managers.

Target Audience: The content of the seminar is designed for experts and managers who are involved in reserve and risk management. Participants will be expected to take part in the discussions and share their country experiences.

Event Date:

15.09.2014-19.09.2014

Supervisor(s): Jose De Gregorio, University of Chile (Former Governor of Central Bank of Chile); Mahir Binici and Salih Fendoğlu, CBRT
Event Coordinator:

Şebnem Oğuz

The first part of the seminar will present the central features of modern macroeconomic theory that allow us to understand recent economic developments in the global economy as well as the foundations for macroeconomic policies to safeguard financial and price stability. The seminar will also discuss recent financial system developments, regulatory framework and structure of financial sector from the perspective of financial and price stability. In the second part of the seminar, macroprudential and monetary policies for macro-financial stability will be presented from an emerging economy perspective using Turkey’s experience as a case study.

Target Audience: The seminar is designed for experts from central banks and related policy institutions who are interested in various aspects of financial and price stability. Participants are encouraged to share their experiences during the seminar.

Event Date:

08.09.2014-12.09.2014

Supervisor(s): Klaus Schmidt-Hebbel, Catholic University of Chile (Former Chief Economist of OECD); Salih Fendoğlu and Hande Küçük, CBRT
Event Coordinator:

Arda Tekirdağ

The first part of the seminar will present an analysis of the conduct of monetary policy under inflation targeting (IT), discussing its rationale, prerequisites, analytical foundations and results. While the seminar will focus on recent experiences and the relevant academic literature, some emphasis will be given to emerging market economies and monetary policy challenges of IT. The second part of the seminar will focus on the practical issues and the results of implementing inflation targeting framework in an emerging economy from the point of view of Turkey’s experience.

Target Audience: The seminar is designed for experts and economists from central banks and related institutions who are interested in policies for price stability. Participants are encouraged to share their experiences during the seminar.