PhDr. Jan Hájek

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Position: Ph.D. Candidate
Field of interest: Macroeconomics and Monetary Economics (E3-E5), International Economics (F4), Financial Economics (G1,G2)
Membership: European Economic Integration and Economic Policy, PhD Candidates

Contact

Office: 602
Email: hajek [DOT] ja [AT] gmail [DOT] com
Phone:
Personal web pages: https://ideas.repec.org/f/pha999.html
Available: upon request

More information

Assistant

JEM027 - Monetary Economics
JED414 - Quantitative Methods in Macroeconomics and Finance I

PhD study

Tutor: prof. Roman Horváth Ph.D.

Studying from: 2014
PhDr examination: 10/2014
Final exam: 09/2016
Dissertation Proposal defence: 10/04/2019
Dissertation defence: 02/10/2019 (planned)

Current work:
My dissertation consists of four separate papers and all of them can be linked to some sources of imbalances which are important for monetary policy authorities in today's world.

Dissertation topic:
Essays on Macro Imbalances, Monetary Policy and Exchange Rates

Disertation abstract:
The dissertation consists of four empirical papers in the field of monetary economics. The first paper examines the extent of real exchange rate misalignment in the selected euro area countries, the next two papers shed light on macroeconomic spillovers in the remaining EU countries which are not part of the single currency area, while the last paper focuses on the exchange rate pass-through in the Czech Republic.

In the first paper, I use the behavioral equilibirum exchange rate approach to examine the real exchange rate misalignment in 12 euro area countries over the period 1980-2014. In a panel cointegration setting, we find significant links between the real exchange rate, relative productivity, trade balance, terms of trade and money supply. I also show the extent of overvaluation in the euro area periphery has been increasing since late 2000s. This trend stopped in the end of the studied period as inflationary differentials in these countries became negative.

In the second and third papers I examine macroeconomic spillovers within the European Union, namely how shocks originating in the euro area affect output and prices in the remaining EU countries which are not part of the single currency area. While both studies share the same methodological framework - a global VAR - they are different in terms of specification, variable selection as well as conceptual underpinnings.

The second paper focuses on shocks to the euro area conventional monetary policy and shocks to the euro area economic activity and the global oil prices. In general, I find that these shocks have an effect of same (and expected) sign but of different size across the European Union. Our results suggest that the response of Central European countries to the euro area shocks is almost as strong as the response of the euro area countries itself.

The third paper focuses on shocks to the overall euro area monetary policy stance (therefore account for both conventional and unconventional measures). I find that these monetary shocks have qualitatively expected effects but their quantitative dimension differs across countries with Southeastern EU economies being less affected than their peers from Central Europe. I also find certain evidence that the effects of unconventional monetary policy measures are weaker as compared to the conventional ones.

In the last paper, I examine the exchange rate pass-through, or how domestic prices respond to exchange rate shocks, in the Czech Republic by employing vector autoregression models. The average pass-through at the monetary policy horizon is approximately 20\% at the aggregate level. Regarding the sub-components of the used price indices, the degree of pass-through is the greatest for food prices.

Optional courses:
2018/2019 Quantitative Methods II
2018/2019 Quantitative Methods I
2017/2018 Quantitative Methods II
2017/2018 Quantitative Methods I
2016/2017 Quantitative Methods II
2016/2017 Quantitative Methods I
2015/2016 Quantitative Methods II
2015/2016 Quantitative Methods I
2014/2015 Quantitative Methods II
2014/2015 Quantitative Methods I

CV

Organisation Memberships

International Network for Economic Research, European Association of Comparative Economic Studies

Education

2014+: PhD., Economics, Charles University
2014: PhDr. (M.Phil. equivalent), Economics, Charles University
2012: ERASMUS Exchange Programme Jönköping International Business School, Jönköping, Sweden
2011-2014: Mgr. (M.A. equivalent), Economics, Charles University
2008-2011: Bc. (B.A. equivalent), Economic Theories, Charles University

Additional Training Courses:
International Monetary Fund, European Central Bank, Bank of Italy, Central Bank of the Republic of Turkey, Czech National Bank, etc.

Job history

Teaching Assistant IES FSV UK:
2017/2018 Quantitative Methods II
2017/2018 Quantitative Methods I
2017/2018 Monetary Economics
2016/2017 Quantitative Methods II
2016/2017 Quantitative Methods I
2016/2017 Monetary Economics
2015/2016 Quantitative Methods II
2015/2016 Quantitative Methods I
2015/2016 Monetary Economics
2014/2015 Quantitative Methods II
2014/2015 Monetary Economics

2014+: Assistant to Editor-in-Chief, IES Working Paper Series, IES Occassional Paper Series
2010-2011: Assistant, Crisis in the Euro Area Subcommitte, National Economic Council (NERV)

Extra activities

Refereeing: Open Economies Review, Czech Journal of Economics and Finance, Ensayos sobre política económica, Czech National Bank Working Papers, IES Working Papers

Awards and prizes

2014: Dean's Award for an excellent Final State Exam performance and for an extraordinarily good master thesis

Topics for supervision

Bachelor theses

Topics in Monetary Economics and Financial Stability (subject to agreement), here are some examples:

1) What is driving the real exchange rate?
2) What is driving the credit cycle?
3) Financial vs business cycles across EU

Master theses

Topics in Monetary Economics and Financial Stability (subject to agreement), here are some examples:

1) What is driving the real exchange rate?
2) What is driving the credit cycle?
3) Financial vs business cycles across EU

Downloadable

PhD Dissertation
PhD_docs_Hajek

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Partners

Deloitte
McKinsey & Company
Moneta Money Bank

Sponsors

CRIF
ČSOB