Position: Deputy Director, Associate Professor, Head of Department
Field of interest: Monetary Policy, Political Economy, Finance
Membership: European Economic Integration and Economic Policy, Internal
Email: roman [DOT] horvath [AT] fsv [DOT] cuni [DOT] cz
Phone: 222 112 317
Personal web pages: http://ies.fsv.cuni.cz/en/staff/horvath
Available: by appointment
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, European Association for Comparative Economic Studies.
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
Institute of Economic Studies, Faculty of Social Sciences, Charles University (2011+):
- Deputy Director (from 1/2011) & Associate Professor (5/2012+) & Head, Department of European Economic Integration and Economic Policy (4/2015+)
- 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:
2015 (October) Visiting researcher, Central Bank of Hungary
2014 (Janaury-February) Visiting fellow, Institut für Ost- und Südosteuropaforschung, Regensburg
2012 (May-June) Visiting fellow, Institut für Ost- und Südosteuropaforschung, Regensburg
2011-2014 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, member of research team
2013+ - Editor-in-Chief, Finance a úvěr - Czech Journal of Economics and Finance (Editorial board, 2008-2010, Editor 2011-2013), impact factor: 0.36
2013+ - Co-Editor, Economics E-Journal (http://www.economics-ejournal.org/), impact factor: 0.31
2013+ - Editorial Board, Economic Systems, impact factor: 0.61
2012+ - Editorial Board, Contemporary Economics
2012 - Editorial Board, Montenegrin Journal of Economics
2007-2011 - Co-editor, AUCO Czech Economic Review
2009+ - Editorial Board, Panoeconomicus, impact factor: 0.78
2014 + - Editorial Board, International Journal of Economic Sciences
Guest editor for the special issues at Open Economies Review, Economic Systems, Czech Journal of Economics and Finance, Czech Economic Review and Journal of Financial Stability (planned)
2014+ - President, Czech Economic Society (2012-2013 Vicepresident, 2010-2011 Board member)
2014+ - Executive Board, European Association for Comparative Economic Studies
2012-2016 Research Fellow, Institute for East and Southeast European Studies, Regensburg
2013-2015 Chairman, Grant Agency of the Czech Republic, Evaluation Committee - Economics. (Vice-chairman 2012-2013, member 2011-2012)
2011+ Grant Agency of the Charles University, Evaluation Committee, Member
2011+ Doctoral studies committee IES FSV UK, Member
2014+ - Finance Think, Skopje, Macedonia
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 (3), 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 (11), Czech National Bank working paper series (9), Comparative Economic Studies (3), Eastern European Economics, Economic Inquiry, Economic Systems (11), Economic Modelling (10), Economics Bulletin (4), Economics – E-Journal, Ekonomicky casopis (Slovak Journal of Economics) (10), Emerging Markets Finance and Trade (4), Emerging Markets Review, Empirica, Empirical Economics (2), European Journal of Political Economy (7), Focus on European Economic Integration, Global Economy Journal (2), Hacettepe Journal of Mathematics and Statistics, IES working paper series (5), International Economics, International Review of Economics and Finance (2), Journal of Comparative Economics, Journal of Development Economics, Journal of Emerging Market Finance, Journal of Financial Stability, Journal of Macroeconomics, 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 (2), International Review of Financial Analysis, 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), Scottish Journal of Political Economy, Small Business Economics, Social Science Research, International Symposia in Economic Theory and Econometrics, Czech Ministry of Education Mobility Program, Slovak Ministry of Education Research Grant Programme, Polish National Science Centre (18), EACES Dissertation Award, Society for Computational Economics Grad Student Award, Elsevier and Cambridge University Press (book proposals).
Bloomberg, Financial Times Deutschland, VoxEU.org, Investors Chronicle, Cesky rozhlas, Hospodářské noviny, Lidove noviny, Euro, Ekonom, Bankovnictvi, ZET, penize.cz, centralbanking.com, among others
Awards and prizes
According to the RePEc rankings:
I rank 4th among Czech academic economists.
I also rank among top 2% academic economists in the World based on the data from last 10 years.
Czech National Bank Economic Research Award 2015 for best working paper
Czech National Bank Economic Research Award 2014 for best working paper
Member, Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents research grant, FP7 EC Project
"The best courses taught at the IES" award for Applied Econometrics
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 working paper
Czech National Bank Economic Research Award 2007 for best working 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
See the topics for M.A. theses below.
Empirical investigations in the following three broadly defined areas are welcomed.
1) Political economy of central banking
2) Monetary policy and financial stability
3) Finance and 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?
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?
Inflation targeting vs. exchange rate targeting. How different in small open economies?
Is finance still conducive to growth? Evidence using new financial indicators
Finance, institutions and growth. Does finance promote growth only in countries with high quality of institutions?
Finance and inequality. Do financial markets help reduce income inequality, or not?
Finance and poverty. Does financial development result in less poverty?
Are efficient financial systems more stable?
Supervised Bachelor theses
Supervised Master Theses
Awarded: Mgr. Adrian Lupusor, Mgr. Alina Cazachevici , Mgr. Anežka Fialová, Mgr. Dan Vaško, Mgr. Dritan Gjika, Mgr. Gledis Kazaziová, Mgr. Jakub Matějů, Mgr. Jan Hájek, Mgr. Jan Mareš , Mgr. Kamila Koprnická, Mgr. Kateřina Klubíčková, Mgr. Lenka Herrmannnová, Mgr. Lukáš Platil , 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
PhDr. Tomáš Havránek, Ph.D. (27.11.2013)
Current Ph.D. students
Petra Andrlíková MSc., Mgr. Pavla Břízová , PhDr. Jan Hájek , Lenka Herrmannová , PhDr. Ivo Jánský , Mgr. Adrian Lupusor , Ing. Michala Moravcová , Mgr. Magdalena Patáková , Mgr. Vojtěch Pištora , 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
Online Appendix to Horvath and Jonasova 2015 paper - Central Bank Voting Records, Financial Crisis and Future Monetary Policy