Professor Yunus Aksoy
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Overview
Overview
Biography
Broadly speaking, I am a macroeconomist specialised in theoretical and empirical issues related to medium and business cycles in macroeconomics. Among others, I am interested in studying the impact of demographic transitions on key macroeconomic variables, various aspects of monetary policy and its design, and the relevance of financial imperfections for macroeconomic dynamics. My research on demographic structure and macroeconomic outcomes was submitted as REF2021 impact case study.
I held long term (funded) research visiting fellowships at the European Central Bank and Banco de Espana.
Previously, I was a faculty member at the University of Kent, Goethe University of Frankfurt, a research/teaching assistant at KU Leuven and a regular visiting professor at the Sabanci University, Istanbul.
I am a CESifo (Munich based) research network fellow.
Highlights
Qualifications
- PhD Economics, Katholieke Universiteit Leuven, 2000
- BA Economics, Boğaziçi Üniversitesi, 1992
- MA European Economics, Universitaet des Saarlandes, 1994
Web profiles
Administrative responsibilities
- Director Birkbeck Centre for Applied Macroeconomics
- UoA 16 REF2021 and 2029 lead
- Deputy Programme Director MSc Economics and MSc Financial Economics
Visiting posts
- Resident Visiting Scholar, ADG Economics and Research, Banco de Espana, 04-2017 to 07-2017
- Visiting Network Fellow, CESifo, Munich, 05-2013 to 05-2013
- Visiting Research Fellow, Research Department, European Central Bank, 03-2002 to 06-2002
- Visiting Network Fellow, CESifo, Munich, 10-2012 to 10-2012
Professional activities
Editorial Board member: Iktisat, Isletme Finans
Professional memberships
CESIfo Network Research Fellow, Munich
Euro Area Business Cycle Network (fellow)
Honours and awards
- Resident Research Fellow, Banco de Espana, October 2017
- REF Impact Case Study, Birkbeck/REF, June 2019
- Visiting Research Fellow, European Central Bank, December 2001
- Hans Werner Osthoff Prize for the best MA dissertation European Economics , Universitaet des Saarlandes, October 1994
ORCID
0000-0003-1012-8457 -
Research
Research
Research interests
- Macroeconomics
- International Macroeconomics
- Monetary Economics
- Demographic Transitions and Macroeconomics
Research Centres and Institutes
Research clusters and groups
- Macroeconomics
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Supervision and teaching
Supervision and teaching
Supervision
I am happy to supervise PhD students who are interested in empirical and theoretical macroeconomics at the business and medium cycle frequencies. If you are interested in studying financial and real imperfections in macroeconomics, the design and conduct of monetary policy, or medium to long term determinants (such as aging populations or changes in trend technology) of macroeconomic outcomes, please get in touch with me with a well defined research proposal.
Current doctoral researchers
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UMER BIN AMEEN
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FEDERICO CORRADO
Doctoral alumni since 2013-14
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ISSAM SAMIRI
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ISHAK DEMIR
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FILIPE PIRES DE ALBUQUERQUE
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CHRYSANTHI RAPTI
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ERICK LAHURA SERRANO
Teaching
Teaching modules
- International Economics (BUEM097S5)
- Macroeconomics (EMEC025S7)
- Monetary Economics (EMEC055H7)
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Publications
Publications
Article
- Aksoy, Yunus and Morita, R. and Psaradakis, Zacharias (2025) Federal Reserve Chairs and monetary regimes. Oxford Bulletin of Economics & Statistics ISSN 0305-9049. (In Press)
- Aksoy, Yunus and Zoega, Gylfi (2020) Fertility changes and replacement migration. Economics Letters 196 (109519), ISSN 0165-1765.
- Aksoy, Yunus and Basso, H.S. and Smith, Ron P. and Grasl, Tobias (2019) Demographic structure and macroeconomic trends. American Economic Journal: Macroeconomics 11 (1), pp. 193-222. ISSN 1945-7707.
- Aksoy, Yunus and Basso, H. and Smith, Ron P. (2017) Medium-run implications of changing demographic structures for the macro-economy. National Institute Economic Review 241 (1), pp. R58-R64. ISSN 279501.
- Aksoy, Yunus and Henrique, Basso and Smith, Ron P. (2016) Demografie bremst Wirtschaft. Die Volkswirtschaft 89 (11), pp. 14-19. ISSN 1011-386X.
- Aksoy, Yunus and Basso, Henrique and Smith, Ron (2016) La démographie freine l'économie. La vie économique pp. 14-19. ISSN 0339-3607.
- Aksoy, Yunus and Basso, H. (2014) Liquidity, term spreads and monetary policy. The Economic Journal 124 (581), pp. 1234-1278. ISSN 0013-0133.
- Aksoy, Yunus and Basso, H. and Coto-Martinez, J. (2013) Lending relationships and monetary policy. Economic Inquiry 51 (1), pp. 368-393. ISSN 0095-2583.
- Aksoy, Yunus and Melina, Giovanni (2012) An empirical investigation of US fiscal expenditures and macroeconomic outcomes. Economics Letters 114 (1), pp. 64-68. ISSN 0165-1765.
- Aksoy, Yunus and Melina, Giovanni (2011) U.S. fiscal indicators, inflation and output. The North American Journal of Economics and Finance 22 (3), pp. 221-236. ISSN 1062-9408.
- Aksoy, Yunus and Basso, H. and Coto-Martinez, J. (2011) Investment cost channel and monetary transmission. Central Bank Review 11 (2), pp. 1-13. ISSN 1303-0701.
- Aksoy, Yunus (2010) Yeni Şeyler Söyleme Zamanı. Sarı Siyah pp. 16-18.
- Aksoy, Yunus and Akdogan, K. (2010) Exchange rates and fundamentals: is there a role for nonlinearities in real time?. Quantitative and Qualitative Analysis in Social Sciences 4 (2), pp. 49-81. ISSN 1752-8925.
- Aksoy, Yunus and Leon-Ledesma, M. (2008) Non-linearities and unit roots in G7 macroeconomic variables. The B.E. Journal of Macroeconomics (Topics) 8 (1), ISSN 1935-1690.
- Aksoy, Yunus and Lustig, H.N. (2007) Exchange rates, prices and international trade in a model of endogeneous market structure. The Manchester School 75 (2), pp. 160-192. ISSN 1463-6786.
- Aksoy, Yunus and Orphanides, A. and Small, D. and Wieland, V. and Wilcox, D. (2006) A quantitative exploration of the opportunistic approach to disinflation. Journal of Monetary Economics 53 (8), pp. 1877-1893. ISSN 0304-3932.
- Aksoy, Yunus and Piskorski, T. (2006) U.S. domestic money, inflation and output. Journal of Monetary Economics 53 (2), pp. 183-197. ISSN 0304-3932.
- Aksoy, Yunus and Piskorski, T. (2005) US domestic currency in forecast error variance decompositions of inflation and output. Economics Letters 86 (2), pp. 265-271. ISSN 0165-1765.
- Aksoy, Yunus (2002) Türkiye'nin Omurgası Kırılıyor. Iktisat dergisi (421-28), pp. 12-16. ISSN 1302-3535.
- Aksoy, Yunus and de Grauwe, P. and Dewachter, H. (2002) Do asymmetries matter for European monetary policy?. European Economic Review 46 (3), pp. 443-469. ISSN 0014-2921.
- Aksoy, Yunus (2001) Firms, international money and prices: a survey of the literature. Review of Business and Economics 46 (2), pp. 175-201. ISSN 0772-7674.
- Aksoy, Yunus and Riyanto, Y.E. (2000) Exchange rate pass-through in vertically related markets. Review of International Economics 8 (2), pp. 235-251. ISSN 1467-9396.
Book Section
- Aksoy, Yunus and De Grauwe, P. and Dewachter, H. (2014) Do asymmetries matter for European monetary policy?. In: De Grauwe, P. (ed.) Exchange Rates and Global Financial Policies. World Scientific Studies in International Economics. World Scientific Co. Pte. Ltd... pp. 321-353. ISBN 9879814513180.
- De Grauwe, P.C. and Aksoy, Yunus (1999) Are central european countries part of the European Optimum Currency Area?. In: De Grauwe, P.C. and Lavrac, V. (eds.) Inclusion of Central European Countries in the European Monetary Union. Boston, U.S.. pp. 13-36. ISBN 9780792383857.
Letter
- Aksoy, Yunus and Basso, Henrique and Smith, Ron P. and Grasl, Tobias (2015) Demographic structure and the macroeconomy. VOX CEPR's Policy Portal: Research-based policy analysis and commentary from leading economists
- Aksoy, Yunus and Basso, H. (2015) Bank portfolio choice and the macroeconomy. VOX CEPR's Policy Portal: Research-based policy analysis and commentary from leading economists
Monograph
- Aksoy, Yunus and Daripa, Arup and Samiri, Issam (2025) Can alternative firm structures address aggregate distortions from monopoly power?. SUERF Policy Brief (1141), pp. 1-7. The European Money and Finance Forum.
- Aksoy, Yunus and Daripa, Arup and Samiri, Issam (2025) Firm ownership and macroeconomics of incentive leakages. European Central Bank.
- Aksoy, Yunus and Daripa, Arup and Samiri, Issam (2024) Firm ownership and macroeconomics of incentive leakages. National Institute of Economic and Social Research.
- Aksoy, Yunus and Basso, Henrique S. and St Aubyn, Carolyn (2021) Time variation in lifecycle consumption and income. Banco de Espana.
- Aksoy, Yunus and Zoega, Gylfi (2020) Fertility changes and replacement migration. London, UK: Birkbeck Centre for Applied Macroeconomics.
- Aksoy, Yunus and Morita, Rubens and Psaradakis, Zacharias (2019) The Chair of the U.S. Federal Reserve and the Macroeconomic Causality Regimes. London, UK: Birkbeck, University of London.
- Aksoy, Yunus and Basso, Henrique S. and St Aubyn, Carolyn (2019) Time variation in lifecycle consumption and housing wealth. London, UK: Birkbeck, University of London.
- Aksoy, Yunus and Basso, Henrique and Grasl, Tobias and Smith, Ron P. (2015) Demographic structure and macroeconomic trends. London, UK: Birkbeck College, University of London.
- Aksoy, Yunus and Basso, Henrique (2015) Securitisation and asset prices. Banco de Espana.
- Aksoy, Yunus and Basso, Henrique (2014) Securitization and asset prices. London, UK: Birkbeck College, University of London.
- Aksoy, Yunus and Grasl, Tobias and Smith, Ron P. (2012) The economic impact of demographic structure in OECD countries. London, UK: Birkbeck College, University of London.
- Aksoy, Yunus and Basso, H. (2012) Liquidity, term spreads and monetary policy. London, UK: Birkbeck College, University of London.
- Aksoy, Yunus and Melina, Giovanni (2011) An empirical investigation of US fiscal expenditures and macroeconomic outcomes. London, UK: Birkbeck College, University of London.
- Aksoy, Yunus and Melina, Giovanni (2009) US fiscal indicators, inflation and output. London, UK: Birkbeck College, University of London.
- Aksoy, Yunus and Basso, H. and Coto-Martinez, J. (2009) Lending relationships and monetary policy. London, UK: Birkbeck College, University of London.
- Aksoy, Yunus and Basso, H. and Coto-Martinez, J. (2009) Liquidity effects and cost channels in monetary transmission. London, UK: Birkbeck College, University of London.
- Aksoy, Yunus and Leon-Ledesma, M.A. (2007) Non-linearities and unit roots in G7 macroeconomic variables. London, UK: Birkbeck, University of London.
- Aksoy, Yunus and Lustig, H. (2006) Exchange rates, prices and international trade in a model of endogenous market structure. London, UK: Birkbeck, University of London.
- Aksoy, Yunus and Piskorski, T. (2005) U.S. domestic money, inflation and output. London, UK: Birkbeck, University of London.
- Aksoy, Yunus and Leon-Ledesma, M. (2005) Interest rates and output in the long run. European Central Bank.
External Repositories
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Business and community
Business and community
Media
I am happy to receive enquiries from the media on the following topics:
- Demographic Structure
- Monetary Policy
- Lifecycle Income and Consumption
Outreach
BEI Week Lecture Aging Populations