doc. Roman Horváth Ph.D., ČSOB Corporate Chair


Position: Deputy Director, Associate Professor
Field of interest: Monetary Policy, Political Economy, Finance
Membership: Internal, Macroeconomics and Econometrics


Office: 409
Email: roman [DOT] horvath [AT] gmail [DOT] com
Phone: 222 112 317
Personal web pages:
Available: by appointment

More information


Course supervisor

JEM116 - Applied Econometrics
JEB004 - Economics II
JEB114 - Macroeconomics I
JEB115 - Macroeconomics II
JED414 - Quantitative Methods I
JED415 - Quantitative Methods II


JEM116 - Applied Econometrics
JEB114 - Macroeconomics I
JEB115 - Macroeconomics II
JED414 - Quantitative Methods I


Organisation Memberships

American Economic Association, European Economic Association, The Econometric Society, Czech Economic Society, Euro Area Business Cycle Network, Central Bank Communication Network, Association for Comparative Economic Studies, Society for the Study of Emerging Markets

Academic promotion

2012 Habilitation (Docent ~ Associate Professor) in Economic Theory, Charles University


2004-2008 Institute of Economic Studies, Faculty of Social Sciences, Charles University (PhD.)
2002-2004 Central European University, Department of Economics, Budapest, Hungary (M.A.)
1999-2002 Institute of Economic Studies, Faculty of Social Sciences, Charles University (Bc.)

Additional Academic Training - summer schools, courses, workshops:
International Monetary Fund, Georgetown University, Southern Illinois University, Federal Reserve Bank of New York, Bank of England, Swiss National Bank, Austrian National Bank, University of Salento, CEMFI, Universidade do Minho

Job history

Full time:
Institute of Economic Studies, Faculty of Social Sciences, Charles University (2011+):
- Deputy Director (from 1/2011) & Associate Professor (5/2012 +)
- Assistant Professor (12/2010-4/2012)

Czech National Bank (2004-2010):
– Head of Research Unit and Adviser to the Bank Board,
Research and Financial Stability Department (Oct. 2009-Nov. 2010)
– Deputy Head of Research Unit,
Research and Financial Stability Department (Oct. 2007-Sept. 2009)
– Senior Economist,
Research Department (March 2007-Sept. 2007)
– Head of Monetary Analysis Unit,
Monetary and Statistics Department (Sept. 2005-Feb. 2007)
– Junior Analyst,
Monetary and Statistics Department (Aug. 2004-Aug. 2005)

Part time and visiting positions:
2014 (Janaury-February) Visiting fellow, Institut für Ost- und Südosteuropaforschung, Regensburg
2012 (May-June) Visiting fellow, Institut für Ost- und Südosteuropaforschung, Regensburg
2011+ External co-editor of research publications, Research Department, Czech National Bank
2010+ Research fellow, Institute of Information Theory and Automation, Czech Academy of Sciences
2004 Research Assistant to Nauro Campos, University of Newcastle
2003-2004 Research Assistant to Akos Rona-Tas, University of California at San Diego
2003 Research assistant to Peter Benczur and Attila Ratfai, Central European University
2002-2003 Czech National Bank, external member of research team

Extra activities

2013+ - Editor-in-Chief, Finance a úvěr - Czech Journal of Economics and Finance (Editorial board, 2008-2010, Editor 2011-2013)
2013+ - Co-Editor, Economics E-Journal (
2013+ - Editorial Board, Economic Systems
2012+ - Editorial Board, Contemporary Economics
2012 - Editorial Board, Montenegrin Journal of Economics
2007-2011 - Co-editor, AUCO Czech Economic Review
2009+ - Editorial Board, Panoeconomicus

Professional associations:
2014+ - President, Czech Economic Society (2012-2013 Vicepresident, 2010-2011 Board member)

2012-2016 Research Fellow, Institute for East and Southeast European Studies, Regensburg

2011+ Grant Agency of the Charles University, Evaluation Committee, Member
2011+ Grant Agency of the Czech Republic, Evaluation Committee - Economics. Member (Vice-chairman from 9/2012, chairman from 4/2013)
2011+ Doctoral studies committee IES FSV UK, Member

Teaching experience:
2004+ - IES FSV, Charles University (Applied Econometrics, Intermediate Macroeconomics, Quantitative Methods)
2012 - Faculty of Mathematics and Physics, Charles University (Introduction to Macroeconomics)
2014 - Lecturer, Economics in Foreign Policy course, lectures on monetary policy for British Embassy economic officers, UK Embassy, Prague

Applied Economics (2), Applied Financial Economics (3), Asia-Pacific Journal of Financial Studies, B.E. Journal of Theoretical Economics, Bulletin of the Czech Econometric Society (3), Czech Economic Review (2), Czech Journal of Economics and Finance (10), Czech National Bank working paper series (8), Comparative Economic Studies, Eastern European Economics, Economic Systems (9), Economic Modelling (9), Economics Bulletin (3), Economics – E-Journal, Ekonomicky casopis (Slovak Journal of Economics) (7), Emerging Markets Finance and Trade (4), Emerging Markets Review, Empirical Economics (2), European Journal of Political Economy (6), Focus on European Economic Integration, Global Economy Journal (2), Hacettepe Journal of Mathematics and Statistics, IES working paper series (4), International Economics, International Review of Economics and Finance (2), Journal of Emerging Market Finance, Kybernetika (2), Global Development Network (2), National Bank of Slovakia WP, Grant Agency of the Czech Republic (3), Grant Agency of the Charles University (2), European Central Bank working paper series, Panoeconomicus (12), American Science Information Center, Review of International Economics, Prague Economic Papers (2), Macroeconomics and Finance in Emerging Market Economies (5), Series on Advanced Economic Issues, German Finance Association Annual Congress (4), Quarterly Review of Economics and Finance, Research Foundation - Flanders, The Foundation for Science and Technology - Portugal (2), INFINITI conference (12), Small Business Economics, Social Science Research, International Symposia in Economic Theory and Econometrics, Czech Ministry of Education Mobility Program, EACES Dissertation Award and Elsevier (book proposals).

Media appearances
Financial Times Deutschland, Cesky rozhlas,, Lidove noviny, Euro, Ekonom, Bankovnictvi,,, Bloomberg, Investors Chronicle, among others

Awards and prizes

According to the RePEc rankings:
I rank 3rd among Czech academic economists.
I rank among top 5% academic economists in Europe
I also rank among top 3% academic economists in the World based on the data from last 10 years.

Member, Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents research grant, FP7 EC Project
Principal Investigator – Quantitative Modelling of Monetary and Fiscal Policies after the Crisis research grant, Grant Agency of the Czech Republic, 2012-2014
Principal Investigator at the IES FSV UK – Dynamic Models in Economics, excellence research grant, Grant Agency of the Czech Republic, 2012-2018
Best M.A. course at the IES FSV UK, awarded by the Dean of FSV UK
2012 Best Referee Award, Macroeconomics and Finance in Emerging Market Economies
CSOB Corporate Chair Holder (2011+)
Principal Investigator - Monetary Policy, Financial Stability and Financial Crisis research grant, Grant Agency of the Czech Republic, 2011-2013
European Association of Comparative Economic Studies 2010 Biennial Award for the best dissertation
Czech National Bank Economic Research Award 2010 for best working paper
Principal investigator, Grant Agency of the Czech Republic, research grant on "The Effects of Monetary Policy Transparency" 2010-2011
Czech National Bank Economic Research Award 2009 for best paper
Biographical reference in Who's who in the World (Marquis)
Czech National Bank Economic Research Award 2007 for best paper
Principal investigator, Global Development Network grant
Karel Englis Prize, Czech Economic Association award for best policy paper
Young Economist, 2nd Prize of the Czech Economic Association
Young Economist, 3rd Prize of the Czech Economic Association
Central European University, Full University Fellowship
Hlavka Foundation, principal researcher, grant: “Does Czech Republic Fulfill OCA Criteria for Euro Adoption?
1st Prize of Alumni Club of Faculty of Social Sciences, Charles University
Young Economist, 3rd Prize of the Czech Economic Association

Topics for supervision

Bachelor theses

See the topics for M.A. theses below.

Master theses

Empirical investigations in the following three broadly defined areas are welcomed.

1) Political economy of central banking
2) Monetary policy and financial stability
3) Institutions, culture and economic growth

More specific suggestions are listed below.
Why do politicians grant independence to central banks?
Does more transparent monetary policy yield better outcomes?
Why some central banks are more credible than others?
Does central bank communication influence financial markets?

How reliable are central bank forecasts?
What is the nature of the transmission of liquidity shocks?
Is global financial crisis a challenge for central banks?
Should monetary policy react to asset prices?
How the reaction function of central bank should be estimated?
How persistent is inflation?
What is the nature of exchange rate dynamics?
Does monetary policy work? Empirical assessment of monetary policy transmission
Is exchange rate pass-through high in small open economies?
Do explicit and implicit inflation targets differ more during the financial crisis?
Interest rate pass-through: Does it change with financial distress?
Can we forecast interest rates better than central bankers?

How should we measure reforms?
Obstacles to reform: How long it takes until reforms become visible?
Does international portfolio allocation depend on nationalism and trust?
Which institutions, norms and beliefs are the most conducive to growth?
Is trust important for reforms?
Why are reforms reversed?
What drives consumer confidence?
Google econometrics - forecasting the macroeconomic and financial environment

Supervised Bachelor theses

all/awarded: 12/5
Awarded: Bc. Dominika Katuščáková, Bc. Klára Hálová , Bc. Marek Rusnák, Bc. Petr Poldauf, Bc. Radovan Fišer

Supervised Master Theses

all/awarded: 35/19
Awarded: Mgr. Adrian Lupusor, Mgr. Alina Cazachevici , Mgr. Anežka Fialová, Mgr. Dan Vaško, Mgr. Dritan Gjika, Mgr. Gledis Kazaziová, Mgr. Jakub Matějů, Mgr. Kamila Koprnická, Mgr. Kateřina Klubíčková, Mgr. Lenka Herrmannnová, Mgr. Marek Rusnák, Mgr. Nikoloz Kudashvili , Mgr. Ondřej Strecker, Mgr. Persida Spirollari, Mgr. Petra Valíčková, Mgr. Radek Janhuba, Mgr. Radovan Fišer, Mgr. Tereza Horáková, Mgr. Tomáš Havlíček

Supervised Ph.D. Theses

number: 1
PhDr. Tomáš Havránek, Ph.D. (27.11.2013)

Current Ph.D. students

number: 10
Petra Andrlíková MSc., Lenka Herrmannová , PhDr. Ivo Jánský , Mgr. Adrian Lupusor , Mgr. Magdalena Patáková , Marek Rusnák , PhDr. Vojtěch Seman , PhDr. Boril Šopov, MSc., LL.M., Mgr. Ing. Dan Vaško , Mgr. Ayaz Zeynalov M.A.


Financial Stability Transparency Index
Online Appendix to Franta, Barunik, Horvath, Smidkova Bayesian Fan Charts paper