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Musa Orak

Education

  • Ph.D., Economics, University of California - Los Angeles, 2016
  • M.A., Economics, University of California, Los Angeles, 2012
  • M.Sc., Economics, Middle East Technical University, Ankara, 2009
  • B.Sc., Economics, Middle East Technical University, Ankara, 2004
Current Research Topics
  • Income Inequality, Labor Share
  • Technological Progress, Job Polarization
  • Principal Economist

    Board of Governors of the Federal Reserve System

    2022 - present
  • Senior Economist

    Board of Governors of the Federal Reserve System

    2019 - 2022
  • Adjunct Faculty

    Johns Hopkins University

    2019 - 2020
  • Economist

    Board of Governors of the Federal Reserve System

    2016 - 2019
  • Lecturer

    University of California, Los Angeles

    2013 - 2015
  • Researcher

    Central Bank of Turkey

    2005 - 2010
  • Associate Expert

    Undersecretariat of Turkish Treasury

    2004 - 2005
  • Drivers of Post-pandemic Inflation in Selected Advanced Economies and Implications for the Outlook
    Danilo Cascaldi-Garcia, Musa Orak, and Zina Saijid
    FEDS Notes (2023)
    https://doi.org/10.17016/2380-7172.3232
  • Taxation, social welfare, and labor market frictions
    Brendan Epstein, Ryan Nunn, Musa Orak, and Elena Patel
    European Economic Review (2023)
    https://doi.org/10.1016/j.euroecorev.2022.104352
    See also » FRB Working Paper (2020)
  • Revisiting Capital-Skill Complementarity, Inequality, and Labor Share
    Lee Ohanian, Musa Orak, and Shihan Shen
    International Finance Discussion Papers (2021)
    https://doi.org/10.17016/IFDP.2021.1319
  • Taxation, Social Welfare, and Labor Market Frictions
    Brendan Epstein, Ryan Nunn, Musa Orak, and Elena Patel
    International Finance Discussion Papers (2020)
    https://doi.org/10.17016/IFDP.2020.1284
  • Real Effects of Uncertainty: Evidence from Brexit
    Anna Lipinska and Musa Orak
    FEDS Notes (2020)
    https://doi.org/10.17016/2380-7172.2536
  • Capital-Task Complementarity and the Decline of the U.S. Labor Share of Income
    Musa Orak
    International Finance Discussion Papers (2017)
    https://doi.org/10.17016/IFDP.2017.1200
  • Essays on the Impacts of Technological Progress on the US Labor Markets
    Musa Orak
    University of California, Los Angeles (2015)
  • Türkiye’de Piyasa Göstergelerinden Para Politikası Beklentilerinin ölçülmesi. (Measuring Market-Based Monetary Policy Expectations in Turkey. With English Summary.)
    Harun Alp, Refet Gurkaynak, Hakan Kara, Gursu Keles, and Musa Orak
    İktisat İşletme ve Finans. (Economics Business and Finance) (2010)
    https://doi.org/10.3848/iif.2010.295.2849
  • Türkiye'de para politikasının aktarımı: Para politikasının mali piyasalara etkisi. (Transmission of Monetary Policy in Turkey: The Effects of Monetary Policy on Financial Markets. With English Summary.)
    Zelal Aktas, Harun Alp, Refet Gurkaynak, Mehtap Kesriyeli, and Musa Orak
    İktisat İşletme ve Finans. (Economics Business and Finance) (2009)
    https://doi.org/10.3848/iif.2009.278.6047
  • The Effects of Inflation Target Revision in Turkey on Expectation Formation Behavior
    Yusuf Soner Baskaya, Eda Gulsen, and Musa Orak
    Economic Notes Discussion Series (Central Bank of Turkey) (2009)
  • Inflation Targeting
    Ali Hakan Kara and Musa Orak
    (2008)
  • conference

    November 2022

    Federal Reserve Bank of Dallas

    The income share of energy and substitution: A macroeconomic approach

  • seminar

    February 2022

    Federal Reserve Bank of Philadelphia

    Revisiting Capital-Skill Complementarity, Inequality, and Labor Share

  • conference

    October 2016

    System Macro Meeting, Cincinnati

    Capital-Task Complementarity and the Decline of the US Labor Share of Income

  • seminar

    February 2016

    University of Miami

    Capital-Task Complementarity and the Decline of the US Labor Share of Income

  • seminar

    February 2016

    Federal Reserve Board

    Capital-Task Complementarity and the Decline of the US Labor Share of Income

  • seminar

    January 2016

    University of San Diego

    Capital-Task Complementarity and the Decline of the US Labor Share of Income

  • seminar

    January 2016

    Carleton College

    Capital-Task Complementarity and the Decline of the US Labor Share of Income

  • seminar

    January 2016

    Colby College

    Capital-Task Complementarity and the Decline of the US Labor Share of Income

  • seminar

    October 2015

    University of California, Los Angeles

    Capital-Task Complementarity and the Decline of the US Labor Share of Income

  • conference

    November 2009

    National Bank of Greece

    Measuring Market Based Monetary Policy Expectations in Turkey

  • conference

    November 2008

    Banque de France

    Inflation Targeting in Turkey: Past and Current Issues and Challenges

  • conference

    November 2008

    Bank of Albania

    Monetary Policy Transmission Mechanism in Turkey in the Context of Inflation Targeting

  • conference

    October 2008

    Economic Discussions Conference, Istanbul

    Inflation Targeting

  • seminar

    May 2007

    Central Bank of Turkey

    Inflation Targeting under IMF Conditionality

  • conference

    February 2007

    Bank of England

    Inflation Targeting Experience of Turkey

Awards
  • 2015

    UCLA Graduate Division

    Dissertation Year Fellowship

  • 2015

    UCLA and Welton Investment Corporation

    Welton Prize for Outstanding Graduate Student Paper

  • 2013

    UCLA

    Teaching Excellence Award

  • 2009

    Central Bank of Turkey

    Study Abroad Scholarship

  • 2008

    Joint Vienna Institute

    Letter of Excellence

  • 2004

    Turkish Economy Foundation

    Young Economist Award

Referee
  • Macroeconomic Dynamics
  • Review of Economic Dynamics
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Last Update: December 1, 2023