Professor Gulcin Ozkan



Gulcin Ozkan is a Professor of Economics at the University of York. She is also the Managing Editor of the Bulletin of Economic Research. She holds a BSc in Economics from METU, Ankara, Turkey; an MSc in Economics from the University of Warwick, and PhD from the University of York. She has taught at various institutions, including METU, Brunel University, University of Durham and the University of York. She was the Academic Secretary to the Money, Macro and Finance Research Group during 2010-2015

Departmental roles

  • Member of the Departmental Management Team
  • University Teaching Committee (2016-2019)
  • Performance Reviewer
  • Performance Review Working Group
  • PG Progress Committee
  • PG Mitigating Circumstances Committee



My main research interests lie in international macroeconomics, international finance, emerging markets and political economics. Some of the issues I have recently worked on include  sudden stops and financial crises;  fiscal austerity and redistribution;  fiscal free lunches;  economics of constitutions;   optimal monetary and macroprudential policy for emerging economies;  central bank independence and public debt and financial development. 


‘Housing wealth, credit constraints and fiscal policy: who suffers most from austerity’, September 2016, University of York (with R. McManus and D. Trzeciakiewicz). 

Who does better for the economy? Presidents versus parliamentary democracies’, March 2017, University of York (with R. McManus). 

‘Some fiscal arithmetic of unconventional monetary and credit policies’, March 2017, University of York (with Yaprak Tavman). 

‘Expansionary contractions and fiscal free lunches: too good to be true?’ University of York Discussion Paper, No. 15/28 (with R. McManus and D. Trzeciakiewicz). 

 ‘On the use of monetary and macroprudential policies for small open economies’, (2014).,IMF Working Paper, No. WP/14/122 (with D. F. Unsal.)


  • Asif Ahmad
  • Ratif Ruspitasari
  • Donal Smith
  • Aida Garcia Lazaro
  • Hui-Lan Chang

Former Research Students

  • Richard McManus, Canterbury Christ Church University
  • Yaprak Tavman, Newcastle University
  • Osvaldo Lagares Feliz, Central Bank of Dominican Republic
  • Kanghoon Keah Treasury, Seoul, Korea
  • Nese Erbil Krafts, Switzerland
  • Junho Park Prime Minister’s Office, Seoul, Korea
  • Masato Takahashi - Research Institute, Tokyo, Japan
  • Rachel Male Queen Mary College, University of London
  • Matteo De Tina University of Bath
  • D. Filiz Unsal International Monetary Fund (Washington)
  • Mai Farid International Monetary Fund (Washington)
  • Tolga Tiryaki Central Bank of Turkey 
  • Saifuzzaman Ibrahim Universiti Putra Malaysia, Malaysia
  • Helen Hu RSM China , Manchester, UK
  • Joel Virgen Rojano CityGroup, Mexico City
  • Leone Leonida Kings College, London
  • Rene Cabral-Torres Tecnológico de Monterrey, Monterrey, Mexico


Selected publications

Full details of publications can be found at RePEc

'Expansionary contractions and fiscal free lunches: too good to be true?’ Scandinavian Journal of Economics, 2017 (with R. McManus and D.Trzeciakiewicz)

'It is not your fault but it is your problem: global financial crisis and emerging markets’, Oxford Economic Papers, 2017 (with D. F. Unsal).

‘On the consequences of pro-cyclical fiscal policy’ Fiscal Studies, 2015 (with R. McManus).

‘Public debt and financial development’ Economics Letters, 2012 (with M. Ismihan).

''The structure of public debt and the choice of exchange rate regime" (with Michael Bleaney), Canadian Journal of Economics, 2011.

''On Public Investment, Public Debt and Macroeconomic Performance" (with M. Ismihan), Macroeconomic Dynamics, 2011.

"Recent financial and currency crises in Turkey: bad fundamentals or bad luck?", The World Economy, 2005.

"Does central bank independence lower inflation?" (with Mustafa Ismihan), Economics Letters, 2004.

"Some evidence on the optimising models of currency crises", The Journal of Macroeconomics, 2003.

"Who wants an independent central bank: monetary policymaking and politics", The Scandinavian Journal of Economics, 2000.

"A currency crisis model with an optimising policy-maker" (with Alan Sutherland), The Journal of International Economics, 1998.



  • Emerging Market Macroeconomics
  • International Macroeconomics

External activities


  • Managing Editor and Editorial Board, Bulletin of Economic Research
  • Money Macro and Finance Research Group Committee Member (Academic Secretary, 2010-2015)
  • Research Associate, Centre for Applied Macroeconomic Analysis
  • Editorial Board, Central Bank Review
  • Member, Turkish Economic Association

Invited talks and conferences

On 'Who does better for the economy? Presidents versus parliamentary democracies’ at the Turkish Economic Association’s Annual Conference, 20-22 October 2016, Bodrum, Turkey (joint work with R. McManus).

On 'Assessing unconventional monetary and fiscal policies at Manchester Annual Dynamics and Growth Conference, 8th July, 2016. (joint with Y. Tavman).

On 'Expansionary fiscal contractions and fiscal free lunches: too good to be true?’ York Fiscal Policy Symposium, 19th July 2016. (joint with R. McManus and D. Trzeciakiewicz)

On 'Assessing unconventional monetary and fiscal policies’, University of Hull, 9 May,  2016. (joint with Y. Tavman).

On 'Who is afraid of austerity? Distributive effects of fiscal consolidations’, University of Manchester, May 2015.

On 'The End of QE and Emerging Markets’, at Turkish Economic Association’s Annual Conference in Antalya, Turkey, 19 October, 2014.

On 'Institutional and Development Economics’ at Henan University Symposium on Development and Institutional Economics (Keifeng China), June 29-30,  2014.

On 'A discussion on Tailwinds from the East? The effect of rising import penetration from emerging markets on import prices" at  Centre for International Macroeconomic and Finance's 2013 conference, Clare College Cambridge, 19-20 September, 2013.

On 'Who is afraid of fiscal austerity? Redistributive implications of fiscal policy’ at European Monetary Forum, 2013 Glasgow Meeting, March 2013.

On 'The use of monetary and macroprudential policies for small open economies’, Herriot-Watt University, January 2013.

On 'Leaning against the wind, but how? Monetary versus macroprudenbtial policy’, Macroprudential Policy conference, Loughborough University, September, 2012.

On 'Global financial crisis and transmission to the Turkish Economy’, at Turkish Economic Association’s Annual Conference in Cesme, Turkey, 1 November, 2012. 

F Gulcin Ozkan

Gulcin Ozkan
Department of Economics
Room: A/EC/121

Tel: 01904 324673 

Office & feedback hours during term time:

Wednesday 10:00-12:00