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Smeal Professor Appointed To Turkish Central Bank Committee

The Central Bank of the Republic of Turkey has appointed Abdullah Yavas, Elliott Professor of Business Administration at Penn State's Smeal College of Business, to its Monetary Policy Committee, the Turkish equivalent of the U.S. Federal Reserve's Federal Open Market Committee.

Smeal Professor Appointed To Turkish Central Bank Committee

Abdullah Yavas

Smeal Professor Appointed To Turkish Central Bank Committee

UNIVERSITY PARK, PA (March 14, 2008) – The Central Bank of the Republic of Turkey has appointed Abdullah Yavas, Elliott Professor of Business Administration at Penn State's Smeal College of Business, to its Monetary Policy Committee, the Turkish equivalent of the U.S. Federal Reserve's Federal Open Market Committee.

The committee meets once a month to analyze economic data, set interest rates, and determine monetary policy strategy to achieve and maintain price stability in Turkey. In addition to Yavas, the committee includes the governor and vice governors of the Turkish Central Bank and a member of the bank's board.

Yavas' appointment to the board was initiated by the governor of the Central Bank and was announced this week after being approved by Turkish President Abdullah Gül, as well as the country's prime minister and treasury secretary. Yavas will serve on the seven-member committee for five years, while continuing as a Smeal faculty member.

For more information on the Monetary Policy Committee, visit www.tcmb.gov.tr/yeni/banka/organization.html#_C-_MONETARY_POLICY.

A recognized leader in the field of real estate research, Yavas is research director of the Institute for Real Estate Studies at Smeal, where he's been on the faculty since 1992. His research interests include financial contracting, agency problems, economics of uncertainty, and experimental economics, and his research findings have been widely reported in the media.

In addition to his research endeavors, Yavas teaches undergraduate and graduate programs in real estate, and in 2001 he received the Fred Brand Award for Outstanding Teaching, Smeal's highest undergraduate teaching award.

Also in 2001, Yavas was included as one of seven Turkish scholars ranked among the world's top 500 economists by the European Economic Association.

He serves on the editorial boards of several top academic journals, including the Journal of Housing Economics, the Journal of Real Estate Finance and Economics, the Journal of Real Estate Research, and Real Estate Economics.

Prior to joining Smeal, Yavas held positions at the University of Illinois and the University of Michigan.

He holds a bachelor's degree from Bogazici University in Istanbul, Turkey, and a Ph.D. in economics from the University of Iowa.

REPORTERS & EDITORS: For more information, please contact Wyatt DuBois in the Smeal College of Business Media Relations Office at 814-863-3798 or wed112@psu.edu.

Penn State's Smeal College of Business offers highly ranked undergraduate, MBA, executive MBA, Ph.D., and executive education opportunities to more than 5,500 students at all levels. Featuring academic departments of accounting, finance, marketing, insurance and real estate, management, and supply chain and information systems, the college is also home to major research centers such as the Center for Supply Chain Research, the Institute for the Study of Business Markets, the Center for Digital Transformation, the Farrell Center for Corporate Innovation and Entrepreneurship, the Center for Global Business Studies, and the Center for the Management of Technological and Organizational Change.

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