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Associate Professor of Economics @ Florida International University,
Steven J. Green School of International and Public Affairs 

Consultant @ DECPG - World Bank

Associate Editor @ Economics Bulletin

Associate Editor @ Journal of Global Analysis

Editorial Board Member @ Economic Systems

Contributing Partner @ CIPR  - Vanderbilt University

Research Associate @ GMPI - Federal Reserve Bank of Dallas




Office Address
11200 SW 8th Street
Department of Economics
Florida International University
Miami, FL 33199, USA

E-mail Address





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    • "Understanding Long-run Price Dispersion" (with Mario J. Crucini) has been published at Journal of Monetary Economics
    • "Understanding Interstate Trade Patterns" has been published at Journal of International Economics
    • "Gasoline Prices, Transport Costs, and the U.S. Business Cycles" has been published at Journal of Economic Dynamics and Control.
    • "Trade and Cities" (with Cem Karayalcin) has been published at
      World Bank Economic Review
    • "Agglomeration and Trade: State-Level Evidence from U.S. Industries" has been published at Journal of Regional Science

    • "Thresholds in the Finance-Growth Nexus: A Cross-Country Analysis" has been published at World Bank Economic Review

Research and Teaching Fields

  • International Economics
  • Macroeconomics
  • Monetary Economics
  • Growth and Development
  • Regional Economics
  • Economics of Science and Innovation



Research Grants

International Cities as the Economic Unit of Account: Theory and Measurement,” (with Mario J. Crucini and Mototsugu Shintani). Awarded by the National Science Foundation (Award # 1030164). September 2010 – August 2015. The total award was $513,111.



Research Papers Published (or under review) in Refereed Journals

International/Regional Macroeconomics

  1. "Anti-Crime Laws and Retail Prices" accepted at Review of Law and Economics
    Corresponding Blog Post

  2. "Geographical Dispersion of Consumer Search Behavior" accepted at Applied Economics
    Corresponding Blog Post

  3. "Asymmetric Incidence of Sales Taxes: A Short-Run Investigation of Gasoline PricesJournal of Economics and Business, 2017, 91: 16-23.
    Corresponding Blog Post

  4. "The Role of Direct Flights in Trade Costs" (with Demet Yilmazkuday) Review of World Economics, 2017, 153(2): 249-270.
    Corresponding Blog Post
    Corresponding Media Coverage

  5. "Relative Price Variability and Inflation: Evidence from Micro Price Data" (with Deniz Baglan and Ege Yazgan) Journal of Macroeconomics, 2016, 48: 263:282.
    Corresponding Blog Post

  6. "Understanding Gasoline Price Dispersion" (with Demet Yilmazkuday) The Annals of Regional Science, 2016, 57(1): 223-252.
    Corresponding Blog Post

  7. "Constant versus Variable Markups: Implications for the Law of One Price" International Review of Economics and Finance, 2016, 44: 154-168.
    Corresponding Blog Post

  8. "High versus Low Inflation: Implications on Price-Level Convergence" (with Ege Yazgan) Empirical Economics, 2016, 50: 1527-1563.
    Corresponding Blog Post

  9. "Gasoline Prices, Transport Costs, and the U.S. Business Cycles" Journal of Economic Dynamics and Control, 2014, 45: 165–179.
    Corresponding Blog Post

  10. "Understanding Long-run Price Dispersion" (with Mario J. Crucini), Journal of Monetary Economics, 2014, 66: 226-240.
    Corresponding Blog Post

  11. "Price Dispersion across U.S. Districts of Entry" Economics Letters, 2014, 123(3): 361-365.

  12. "Inflation Targeting, Flexible Exchange Rates and Inflation Convergence" Applied Economics, 2013, 45(3): 593-603.

  13. "Business Cycles through International Shocks: A Structural Investigation"  Economics Letters, 2012, 115: 329-333.
    Summary Slides  

  14. "How Wide is the Border across U.S. States?" Letters in Spatial and Resource Sciences, 2012, 5(1): 25-31.

  15. "Price-Level Convergence: New Evidence from U.S. Cities" (with Ege Yazgan), Economics Letters, 2011, 110: 76-78.
    Summary Slides

  16. "Okun's Convergence within the U.S." (with Ege Yazgan), Letters in Spatial and Resource Sciences, 2009, 2(2-3): 109-122.  

  17. "Redistributive Effects of Gasoline Prices" (with Demet Yilmazkuday) under review

  18. "Spatial Dispersion of Retail Margins" under review

International/Regional Trade

  1. "Financial Health and The Intensive Margin of Trade" (with Deniz Baglan) accepted at Emerging Markets Finance and Trade
    Corresponding Blog Post

  2. "A Solution to the Missing Globalization Puzzle by Non-CES PreferencesReview of International Economics, 2017, 25(3): 649-676.
    Corresponding Blog Post

  3. "Individual Tax Rates and Regional Tax Revenues: A Cross-State AnalysisRegional Studies, 2017, 51(5): 701-711.
    Corresponding Blog Post
    Corresponding Media Coverage

  4. "Forecasting the Great Trade Collapse" International Economics, 2016, 147: 145-154.
    Corresponding Blog Post

  5. "Pass-through of Trade Costs to U.S. Import Prices" Review of World Economics, 2015, 151(4): 609-633.
    Corresponding Blog Post

  6. "Importer-Specific Elasticities of Demand: Evidence from U.S. ExportsInternational Review of Economics and Finance, 2015, 35: 228-234.

  7. "Mismeasurement of Distance Effects: The Role of Internal Location of Production" Review of International Economics, 2014, 22(5): 992–1015.
    Corresponding Blog Post

  8. "Bilateral versus Multilateral Free Trade Agreements: A Welfare Analysis" (with Demet Yilmazkuday), Review of International Economics, 2014, 22(3): 513–535.
    Corresponding Blog Post
    Summary Slides

  9. "Understanding Interstate Trade Patterns" Journal of International Economics, 2012, 86: 158-166.
    Summary Slides  

  10. "Agglomeration and Trade: State-Level Evidence from U.S. Industries" Journal of Regional Science, 2011, 51(1): 139-166.
    Summary Slides

  11. "The Great Trade Collapse: A Horse Race of Competing Stories" under review

  12. Unifying Macro Elasticities in International Economics under review
  13. Corresponding Blog Post

  14. "Domestic vs. International Welfare Gains from Trade" under review
    Corresponding Blog Post

  15. "Production versus Transportation Technologies: Theory and Evidence"

Growth and Development

  1. "Trade Partner Diversification and Growth: How Trade Links Matter" (with Ali Sina Onder) Journal of Macroeconomics, 2016, 50: 241–258.
    Corresponding Blog Post

  2. "Trade and Cities" (with Cem Karayalcin) World Bank Economic Review, 2015, 29 (3): 523-549.
    Corresponding Blog Post
    Corresponding Media Coverage

  3. "Inflation Thresholds and Growth" International Economic Journal, 2013, 27(1): 1-10.

  4. "Thresholds in the Finance-Growth Nexus: A Cross-Country Analysis World Bank Economic Review, 2011, 25(2): 278-295.
    Summary Slides
  5. "The Effects of Currency Crises on the Long-Run Growth" Applied Economics Letters, 2010, 17(3): 209-212.

  6. "Inflation, Finance and Growth: A Trilateral Analysis" (with Peter L. Rousseau), Economic Systems, 2009, 33(4): 310-324.

Macroeconomics and Monetary Economics

  1. "Can Inflation Targeting Regimes be Effective in Developing Countries? The Turkish Experience" (with Ali Kutan and Cem Akyurek), Journal of Asian Economics, 2011, 22(5): 343-355.

  2. Monetary Policy and Credit Cards: Evidence from a Small-Open Economy Economic Modelling, 2011, 28: 201-210.

  3. "The IS Puzzle and Relative Risk Aversion in Turkey" (with Ege Yazgan), Empirical Economics Letters, 2010, 9(2), 131-138.

  4. "The Effects of Credit and Debit Cards on the Currency Demand" (with Ege Yazgan), Applied Economics, 2009, 41(17): 2115-2123.

  5. "The Effects of Currency Crises On the Business Cycles: An Alternative Regime-Shifting Approach" Emerging Markets Finance and Trade, 2009, 45(1): 31-48.

  6. "Productivity Cycles in Public and Private Manufacturing Sectors: Evidence from Turkey" International Journal of Applied Economics, 2009, 6(2): 21-40.

  7. "An Analysis of Regime Shifts in the Turkish Economy" (with Koray Akay), Economic Modelling, 2008, 25(5): 885-898.

  8. "Twin Crises in Turkey: A Comparison of Currency Crisis Models" European Journal of Comparative Economics, 2008, 5(1): 107-124.

  9. "Structural Breaks in Monetary Policy Rules: Evidence from Transition Countries" Emerging Markets Finance and Trade, 2008, 44(6): 87-97.

  10. "Money Shocks and Output: A Contemporary Money Demand Approach" Empirical Economics Letters, 2008, 7(1): 1-4.

  11. "Inflation Targeting Supported by Managed Exchange Rate"  Applied Economics, September 2007, 39(16): 2011-2026.

  12. "Monetary Policy Rules in Practice: Evidence from Turkey and Israel" (with Ege Yazgan), Applied Financial Economics, January 2007, 17(1): 1-8.

  13. "Inflation Dynamics of Turkey: A Structural Estimation" (with Ege Yazgan), Studies in Nonlinear Dynamics and Econometrics, 2005, 9(1): 1:13.
    Summary Slides

Economics of Science and Innovation

  1. "Thirty-Five Years of Peer-Reviewed Publishing by North American Economics Phds: Quantity, Quality, and Beyond" (with Ali Sina Onder) under review
    Corresponding Vox Column

Research Papers jointly written with PhD Students

  1. Is there a Role for International Trade Costs in Monetary Policy?" (with Renzo Alvarez) revision invited at International Economic Journal

  2. The Role of the Chinese Banking System in Recovery: Evidence from the Great Recession” (with Wenjun Xue) under review

  3. Government Consumption, Government Debt and Economic Growth” (with Shahrzad Ghourchian) under review

  4. “Daily Exchange Rate Pass-Through in Micro Prices” (with Renzo Alvarez, Amin Shoja and Syed Uddin) under review

  5. “Gravity Channels in Trade” (with Yulin Hou and Yun Wang) under review

  6. "Daily Welfare Gains from Trade" (with Hasan Toprak)

Published Book Chapters

  1. "What is the Optimal Rate of Inflation for Long-Run Growth? A Cross-Country Analysis" in Richard L. Bertrand ed. Theories and Effects of Economic Growth, 2011, NY: Nova Science Publishers, Inc.

  2. "Why are Trade Agreements Mostly Regional? A Welfare Analysis by Transportation Costs" (with Demet Ulker), in Paul E. Weston and Robert N. Townsend ed. Welfare Economics, 2009, NY: Nova Science Publishers, Inc.



Ongoing Projects

  1. "Sectoral Heterogeneity and the Gains from Trade" (with Rahul Giri and Kei-Mu Yi) 

  2. Monetary Policy and Financial Cycles: In Search of The Missing Link” (with Ayhan Kose and Ken Kuttner)

  3. "Globalization Boom and Bust: A Study of US Automobile Exports from 1913 to 1940" (with Mario J. Crucini, Dong Cheng and Hyunseung Oh)

  4. International versus Intranational Trade: Evidence from Nighttime Lights” (with Rooholah Hadadi)

  5. Markups, Firm Location, and Pricing to Market” (with Syed Uddin)







Last Updated: July 3rd, 2017