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Okan Akarsu

Bilkent University

Assistant Professor

Üniversiteler Mah.

Ankara, Ankara 06100

Turkey

Government of the Republic of Turkey - Central Bank of the Republic of Turkey

Istiklal Cad. 10 Ulus

06100 Ankara, 06050

Turkey

http://https://sites.google.com/view/okanakarsu/home

Sabanci University

SCHOLARLY PAPERS

25

DOWNLOADS

2,125

TOTAL CITATIONS

4

Ideas:
“  Applied Econometrics, Firm Dynamics, Monetary Economics and Banking, Macroeconomics  ”

Scholarly Papers (25)

Inflation Expectations and Firms' Decisions in High Inflation: Evidence from a Randomized Control Trial

Number of pages: 167 Posted: 24 Jan 2025 Last Revised: 07 Apr 2026
Okan Akarsu, Emrehan Aktug and Huzeyfe Torun
Bilkent University, Sabanci University and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 149

Abstract:

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Expectations, Firms, RCT, High Inflation, Macroeconomics, Inflation Expectations

Inflation Expectations and Firms' Decisions in High Inflation: Evidence from a Randomized Control Trial

CESifo Working Paper No. 12210
Number of pages: 145 Posted: 29 Oct 2025
Okan Akarsu, Emrehan Aktug and Huzeyfe Torun
Bilkent University, Sabanci University and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 132

Abstract:

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expectations, firms, RCT, high inflation, macroeconomics

2.

How Do Monetary Policy and Inflation Announcements Affect Firm Expectations in High Inflation?

Number of pages: 139 Posted: 03 Mar 2025 Last Revised: 24 Dec 2025
Okan Akarsu and Emrehan Aktug
Bilkent University and Sabanci University
Downloads 175

Abstract:

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Expectations, Firms, High Inflation, Macroeconomics JEL Classification: E12, Expectations, Firms, High Inflation, Macroeconomics

3.

Supply- and Demand-Driven Inflation Decomposition in Türkiye

Number of pages: 35 Posted: 31 Oct 2024
Emrehan Aktug and Okan Akarsu
Sabanci University and Bilkent University
Downloads 134

Abstract:

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Inflation Decomposition, Demand, Supply, Demand, supply

Do Central Banks Shape Expectations? Evidence from Households, Firms and Market Participants

Number of pages: 56 Posted: 18 Feb 2025 Last Revised: 30 Apr 2025
Okan Akarsu, Emrehan Aktug and Cihan Yalçın
Bilkent University, Sabanci University and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 112

Abstract:

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Expectations, Inflation, Central Bank, Firms, Households JEL Classification: E12, E24, E31, E52

Do Central Banks Shape Expectations? Evidence from Households, Firms and Market Participants

Number of pages: 56 Posted: 09 May 2025
Okan Akarsu, Emrehan Aktug and Cihan Yalçın
Bilkent University, Sabanci University and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 21

Abstract:

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Expectations, Inflation, Central Bank, Firms, Households

5.

Borrowing Costs and Firm Performance: The Role of Credit Supply Shocks

Number of pages: 48 Posted: 17 Apr 2025
Okan Akarsu, Emrehan Aktug and Huzeyfe Torun
Bilkent University, Sabanci University and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 128
Citation 1

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Firms, Credit, credit, demand elasticity of credit

6.

Zombie Firms in Network: Congestion and Evergreening

Number of pages: 66 Posted: 10 Apr 2024 Last Revised: 30 Oct 2024
Okan Akarsu, Emrehan Aktug and Huzeyfe Torun
Bilkent University, Sabanci University and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 125
Citation 1

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Zombie Firms, Firm dynamics, Network Structure, Input-Output linkages, Credits JEL Classification: E12, E24, E31, E52

7.

Total Factor Productivity and Spillover Effects: Frontier and Laggard Firms Dynamics

Number of pages: 47 Posted: 03 Feb 2025
Okan Akarsu
Bilkent University
Downloads 121

Abstract:

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Total factor productivity, Production function, Semiparametric estimator, Generalized Method of Moments, Firm Dynamics JEL Classifications: C13, C14, C23, D24, D40

8.

Hand-to-mouth Households in the Eurosystem and the Transmission of Monetary Policy

Number of pages: 48 Posted: 19 Nov 2024 Last Revised: 14 Aug 2025
Bilkent University, Sabanci University and Central Bank of Turkey
Downloads 110

Abstract:

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Hand-to-Mouth households, heterogenous agents, liquidity constraints, monetary policy, heterogenous agents, liquidity constraints, monetary policy

9.

The Labor Market in Times of Natural Disaster: Unequal Impacts of Türkiye's 2023 Earthquakes

Number of pages: 62 Posted: 29 Oct 2025
Bilkent University, Sabanci University, Government of the Republic of Turkey - Central Bank of the Republic of Turkey and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 100
Citation 1

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Earthquake, Labor Market, Wages, Migration, Matched Employer-Employee Data, Difference in Difference

10.

Quasi-Experiment in Monetary Policy: The Impact of 2021 Rate Cut on Inflation Expectations and Firm Behavior

Number of pages: 59 Posted: 17 Apr 2025 Last Revised: 02 May 2025
Bilkent University, Sabanci University, Government of the Republic of Turkey - Central Bank of the Republic of Turkey and Central Bank of the Republic of Türkiye
Downloads 98

Abstract:

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Expectations, Firms, RCT, High Inflation

11.

Weather Anomalies, Climate Risk, and Inflation Expectations of Households and Firms

Number of pages: 71 Posted: 17 Nov 2025
Bilkent University, Government of the Republic of Turkey - Central Bank of the Republic of Turkey and TED University
Downloads 87

Abstract:

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Inflation Expectations, Whether Anomalies, Climate Change, Macroeconomics

12.

Geopolitical Risk, Firm Expectations, and Supply-Chain Propagation

Number of pages: 72 Posted: 06 May 2026 Last Revised: 16 Jun 2026
Okan Akarsu and Emrehan Aktug
Bilkent University and Sabanci University
Downloads 80

Abstract:

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Geopolitical risk, firm expectations, supply chains, production networks, international trade JEL Classification: E31, E32, F14, F23, D22

13.

Oil Price Shocks: Firms' Expectations and Borrowing Decisions

Number of pages: 48 Posted: 24 Dec 2025
Okan Akarsu, Emrehan Aktug and Velihan Baspinar
Bilkent University, Sabanci University and Central Bank of the Republic of Türkiye
Downloads 65

Abstract:

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Fuel Shocks, Inflation, Expectations, Credit

14.

Do Fuel Pump Prices Shape Expectations? Evidence from Households, Firms and Market Participants

Number of pages: 47 Posted: 16 Oct 2025 Last Revised: 21 Oct 2025
Okan Akarsu and Velihan Baspinar
Bilkent University and Central Bank of the Republic of Türkiye
Downloads 63

Abstract:

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Expectations, Inflation, Fuel Prices, Firms, Households JEL Classification: E12, E24, E31, E52

15.

The Heterogenous Impact of Monetary Policy Announcements on Firms' Financial Outcomes

Number of pages: 44 Posted: 07 May 2025 Last Revised: 11 Mar 2026
Bilkent University, Government of the Republic of Turkey - Central Bank of the Republic of Turkey, Government of the Republic of Turkey - Central Bank of the Republic of Turkey and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 59

Abstract:

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Monetary policy transmission, monetary policy surprises, credit, firm heterogeneity JEL Classifications: E12, E24, E52, E58

16.

Exchange Rate Shocks to Working Capital, Financing Frictions and Real Fragility

Number of pages: 70 Posted: 26 Apr 2026
Okan Akarsu, Oguzhan Ozbas and Unal Seven
Bilkent University, Bilkent University - Faculty of Business Administration and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 58

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Working Capital, Credit Channel, Seasonality, Foreign Currency

17.

How Do Oil Supply and Carbon Policy Affect Firms’ Expectations and Decisions?

Number of pages: 27 Posted: 24 Jun 2025
Bilkent University, Sabanci University, Government of the Republic of Turkey - Central Bank of the Republic of Turkey and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 55

Abstract:

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Expectations, Firms, Inflation, Energy, Oil, Carbon JEL Classification: E12, E24, E31, E52, Energy, Oil, Carbon

18.

EXCHANGE RATE DYNAMICS AND HETEROGENEITY IN FIRM EXPORT BEHAVIOR: A TOP-TO-BOTTOM ANALYSIS

Number of pages: 26 Posted: 03 Mar 2025
Okan Akarsu and Muhammet Enes Çıraklı
Bilkent University and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 52

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Exchange Rate Elasticity, Export behavior, pricing-to-market JEL Classifications: F14, F31, F32, F41

19.

Inflation Expectations, Firm Investment, and Production-Network Propagation

Number of pages: 63 Posted: 24 Apr 2026
Okan Akarsu, Adnan Eken and Cihan Yalçın
Bilkent University, Government of the Republic of Turkey - Central Bank of the Republic of Turkey and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 49

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Inflation expectations, firm investment, productivity, production networks, financial constraints, high inflation

20.

Hand-to-Mouth Households in the Eurosystem And The Transmission of Monetary Policy

Number of pages: 48 Posted: 22 Aug 2025
Bilkent University, Sabanci University and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 47
Citation 1

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HtM ratio, Monetary policy transmission, Wage and price rigidity, Heterogeneous agents

21.

Global Financial Conditions, Firm Expectations, and Network Propagation: Evidence from an Emerging Market

Number of pages: 66 Posted: 20 Apr 2026
Bilkent University, Government of the Republic of Turkey - Central Bank of the Republic of Turkey, Government of the Republic of Turkey - Central Bank of the Republic of Turkey and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 28

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Financial conditions, firm expectations, production networks, network propagation, emerging markets, state dependence

22.

Firm-Level Impacts of Disasters and Their Propagation Through Supply Chains

Number of pages: 75 Posted: 20 Apr 2026
Bilkent University, Sabanci University, Central Bank of the Republic of Türkiye and Government of the Republic of Turkey - Central Bank of the Republic of Turkey
Downloads 25

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Earthquake, Propagation, Firm-to-firm trade, Production networks

23.

Uncertainty Matters: How Does Uncertainty Affect Firms' Behavior in High Inflation?

Number of pages: 53 Posted: 13 Mar 2026
Okan Akarsu and Emrehan Aktug
Bilkent University and Sabanci University
Downloads 22

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Uncertainty, Firms, Bartik, High Inflation

24.

Does Borrowing-Cost Dispersion Matter? Evidence on Credit and Real Outcomes from Turkish Firms

Number of pages: 13 Posted: 20 Apr 2026 Last Revised: 21 Apr 2026
Okan Akarsu and Mehmet T. Demir
Bilkent University and Nazarbayev University
Downloads 20

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Borrowing-cost dispersion, cross-lender pricing, bank credit supply shocks, financial frictions, credit allocation, firm performance JEL Codes: G21, G32, D22, J23

25.

Macroeconomic News and Portfolio Adjustments of Investors

Number of pages: 51 Posted: 10 Jul 2026
Bilkent University, Sabanci University and Sabanci University
Downloads 10

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Macroeconomic news, Monetary policy surprises, Inflation surprises, Portfolio rebalancing, Investor-level holdings, Administrative microdata