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Hakan Kara is the Professor of Monetary Policy and Financial Markets Practice in the Department of Economics at Bilkent University. He is the former chief economist of the Central Bank of Turkey. He has played a leading role in the analysis, design, and implementation of monetary and macroprudential policies in Turkey between 2003 and 2019.

Education and Career
Kara was born in Ankara. After attending high school at Ankara Science High School, Kara graduated from Middle East Technical University (1991) with a degree in Electrical and Electronics Engineering. When he started his first job at the Central Bank of Turkey, as a system engineer in the Department of Banknote Issuing and Circulation, he changed his academic discipline to Economics. He continued academic research studies and a career at the Central Bank of Turkey until 2020. In 2002, he joined the research department of the Central Bank and directed this department from 2008 until 2012. He was appointed as the first Chief Economist of the Central Bank in 2012 and held this position until 2019.

Contributions to Economic Policy
Hakan Kara had a leading role in the analysis, design, and implementation of monetary and macroprudential policies at the Central Bank of Turkey during the terms of five different governors. As the chief economist, his main role had been to communicate the complex policy framework of the bank to international investors and other counterparts, as a “storyteller”. In his publications, he formulates the big policy picture, transposes it into the central banking literature, and streamlines the narrative to form an active communication strategy in line with international practices. In 2016, he started jointly with the governor a blog to facilitate the communications of Central Bank policies.

The Central Bank policy framework has gone through two major transformations since 2001 Turkish economic crisis. The first phase was the adoption of an inflation targeting framework in 2006 and the second phase involved the adoption of a macro-financial oriented policy setup from 2010 onwards. Hakan Kara was the main contributor to the design and restructuring of the research and policy departments, which set the infrastructure for a smooth transition to formal inflation targeting. This system, launched in 2006, still remains the foundation of the main decision-making and policy framework at the Central Bank.

Hakan Kara served as an editor of Central Bank Review and he is a member of the management committee of the International Journal of Central Banking.

Selected Publications

 * Turkish experience with implicit inflation targeting
 * "Publications in English"
 * "Publications in English"

Category:Turkish economists Category:Turkish academics Category:Ankara Science High School alumni Category:Middle East Technical University alumni Category:Ankara Science alumni Category:1969 births Category:Living people