Professor Girol Karacaoglu

Prof Girol Karacaoglu profile picture

Head Of School School of Government


Teaching in 2020


  • BA Economics, MBA (Bogazici University, Turkey)
  • PhD Economics (University of Hawaii, USA)

Research interests

Professor Karacaoglu's current research interest is in public policy - an integrated approach to economic, environmental and social policies towards improving intergenerational wellbeing.


Professor Girol Karacaoglu is the recently appointed Head of the School of Government. He came to Victoria University of Wellington from the New Zealand Treasury, where he was Chief Economist. Before then, he was the Chief Executive of the Co-operative Bank of New Zealand for nine years. His previous roles included General Manager at Westpac NZ, Chief Economist at the National Bank of NZ, and lecturer in Economics at Victoria University of Wellington. His academic fields of specialisation were in Monetary and Financial Economics, International Finance, Econometrics, Corporate Accounting and Finance.

Academic/policy publications

  • "Global Monetarism - The Reserve Flow Equation Reconsidered", Welwirtschaftliches Archiv, September 1980.
  • "Partial Approaches to Balance-of-Payments Adjustment Yield Consistent Predictions Under Identical Assumptions", Welwirtschaftliches Archiv, June 1983.
  • "Absence of Gross Substitution in Portfolios and Demand for Finance: Some Macroeconomic Implications", Journal of Post Keynesian Economics, Summer 1984.
  • "Liquidity Preference, Loanable Funds, and Exchange Rate and Interest Rate Dynamics", Journal of Macroeconomics, Winter 1985.
  • "Fitting Money into Conventional Macroeconomic Models", Australian Economic Papers, June 1987.
  • "Financial Policy Reform in New Zealand", in A. Bollard and R. Buckle, eds. Economic Liberalisation in New Zealand, 1987 (with David A. Harper).
  • "Devaluation, Capital Mobility, and Expectations in an Optimizing Model", Journal of International Economics, February 1988 (with Meir Kohn).
  • "Exchange Rate Dynamics Under Gradual Portfolio Adjustment", Journal of Macroeconomics, Fall 1988 (with Heinrich W. Ursprung).
  • Financial Markets in New Zealand. Victoria University Press, 1988 (Book, editor).
  • "Exchange Rate Dynamics Under Gradual Portfolio and Commodity Price Adjustment", European Economic Review, 1989 (with Heinrich W. Ursprung).
  • "Aggregation and the Microfoundations of the Monetary Approach to the Balance of Payments", Canadian Journal of Economics, May 1989 (with Meir Kohn).
  • "On Repetitive Control and the Behaviour of a Middle-Aged Consumer", European Journal of Operational Research, Volume 66, 1993 (with Jacek Krawczyk).
  • “The New Zealand Treasury’s Living Standards Framework – Exploring a Stylised Model”, New Zealand Treasury Working Papers, September 2015 (WP 15/12).
    The New Zealand Treasury's Living Standards Framework – Exploring a Stylised Model

Policy opinion pieces

  • Monetary Policy Submission. (2007)
  • Monetary Policy – What Can We Learn from Singapore? (2007)
  • Alcoholism and Monetary Policy. (2009)
  • Banking – Trilogy of Functions. (2009)
  • Do Not Blow It – How Monetary Policy Can Support Economic Growth. (2010)
  • Obliquity and the Super-Regulator. (2010)
  • Yes We Can (close the income gap with Australia). (2010)
  • Equality, Justice and Prosperity. (2011)
  • Missed Opportunity – A Critique of the Latest OCR Drop. (2011)
  • What Does Good Financial Regulation Look Like? (2011) – submission to an ICFR-FT essay-competition on “good financial regulation”.


Teaching in 2020