prof. Roman Horváth, Ph.D.
prof. Roman Horváth, Ph.D.
Posts:
- Department of Macroeconomics and Econometrics
- Academic Council
E-mail: roman.horvath@fsv.cuni.cz , roman.horvath@fsv.cuni.cz
Telephone: +420 222 112 317
Rooms: No. O409, Opletalova 26
ResearcherID: G-7344-2014
Scopus Author ID: 8421423300
ORCID ID: 0000-0002-9036-9746
Roman Horvath is a Professor at the Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague. He served as the Head of Research Unit and Advisor to the Board at the Czech National Bank and as the President of Czech Economic Society. He has published in the Journal of International Economics, IMF Economic Review, Journal of Money, Credit and Banking(2x), World Bank Economic Review, and Review of Economic Dynamics among many other journals. He is Editor-in-Chief of the Czech Journal of Economics and Finance, Associate Editor of Open Economies Review and Associate Editor of Journal of Financial Stability. He served as the consultant to a number of different institutions, including the European Parliament (a member of Monetary Experts Panel of the European Parliament) and World Bank.
Education
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
Main position:
Institute of Economic Studies, Faculty of Social Sciences, Charles University (2011+)
- Deputy Director (from 1/2011) & Professor (6/2017+) & Head, Department of Macroeconomics and Econometrics (4/2019+)
- Head, Department of European Economic Integration and Economic Policy (4/2015-3/2019)
- Associate Professor (5/2012-6/2017)
- 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)
Other current, visiting, short-term and past part-time positions:
World Bank
Department of Econometrics, Institute of Information Theory and Automation, Czech Academy of Sciences
Institute of Economic Research, Slovak Academy of Sciences
Masaryk University
Leibniz Institute for East and Southeast European Studies
Université Paris Ouest Nanterre La Défense
Faculty of Social Sciences, University of Ss. Cyril and Methodius
University of Economics, Bratislava
National Bank of Slovakia
Central Bank of Hungary
Czech National Bank
Rok vydání
Monographs
- Horváth R. (2006). Splňuje Česká republika kritéria teorie optimálních měnových zón k přijetí eura?. Národohospodářský ústav Josefa Hlávky.
- Morgese Borys M., & Horváth R. (2007). The effects of monetary policy in the Czech Republic : an empirical study. CERGE-EI.
- Komárek L., Horváth R., & Čech Z. (2005). Kurzové aspekty v procesu přistoupení České republiky k eurozóně. Národohospodářský ústav Josefa Hlávky.
Chapters in monographs
- Horváth R., Šmídková K., & Zápal J. (2013). Voting Record and Monetary Policy Predictability: Evidence on Six Central Banks. Central Bank Communication, Decision Making, and Governance (pp. 251-271).
- Horváth R., Baxa J., & Vašíček B. (2011). Time-varying monetary policy rules and financial stress. Handbook of central banking, financial regulation and supervision: after the financial crisis (pp. 268-313).
- Horváth R., & Matějů J. (2011). Inflation, Disinflation and Inflation Targeting. Inflation, Deflation and Disinflation (pp. 89-108).
- Filáček J., Horváth R., & Skořepa M. (2008). Monetary policy before euro adoption : challenges for EU new members. Economic performance of European Union : issues, trends and policies (pp. 149-178).
- Šmídková K., Zápal J., & Horváth R. (2010). Monetary policy transparency and predictability in inflation targeting countries. Inflation targeting : recent challenges (pp. 81-97).
Articles
- Horváth R., Kaszab L., & Maršál A. (2022). Interest rate rules and inflation risks in a macro-finance model. Scottish Journal of Political Economy, 69(4), 416-440. UT-WOS link
- Horváth R., & Koprnická K. (2008). Inflation differentials in new EU member states : empirical evidence. Finance a úvěr, 58(7-8), 318-328. UT-WOS link
- Horváth R. (2007). Meziregionální migrace obyvatelstva v ČR : role likviditních omezení. Ekonomicky Casopis, 55(8), 731-746. UT-WOS link
- Horváth R. (2005). Exchange rate variability, pressures and optimum currency areas : some empirical evidence from the 1990s. Applied Economics Letters, 12(15), 919-922. UT-WOS link
- Horváth R., & Kolomazníková E. (2003). Individual Decision-Making to Commit a Crime: A Survey of Early Models. Finance a úvěr, 53(3-4), 154-168. UT-WOS link
- Horváth R. (2007). Ready for euro? Evidence on EU new member states. Applied Economics Letters, 14(14), 1083-1086. UT-WOS link
- Horváth R. (2013). Does trust promote growth?. Journal of Comparative Economics, 41(3), 777-788. UT-WOS link
- Horváth R., & Petrovski D. (2013). International stock market integration: Central and South Eastern Europe compared. Economic Systems, 37(1), 81-91. UT-WOS link
- Horváth R., Šmídková K., & Zápal J. (2012). Central Banks' Voting Records and Future Policy. International Journal of Central Banking, 8(4), 1-19. UT-WOS link
- Horváth R., Kotlebová J., & Širaňová M. (2018). Interest rate pass-through in the euro area: Financial fragmentation, balance sheet policies and negative rates. Journal of Financial Stability, 36(June), 12-21. UT-WOS link
- Horváth R., Seidler J., & Weill L. (2016). How bank competition influences liquidity creation. Economic Modelling, 52(January), 155-161. UT-WOS link
- Horváth R., & Šopov B. (2016). GARCH models, tail indexes and error distributions: An empirical investigation. North American Journal of Economics and Finance, 37(July 01), 1-15. UT-WOS link
- Horváth R., Seidler J., & Weill L. (2014). Bank Capital and Liquidity Creation : Granger-Causality Evidence. Journal of Financial Services Research, 45(3), 341-361. UT-WOS link
- Horváth R., Rusnák M., Šmídková K., & Zápal J. (2014). The dissent voting behaviour of central bankers: what do we really know?. Applied Economics, 46(4), 450-461. UT-WOS link
- Horváth R., & Jonášová J. (2015). Central banks' voting records, the financial crisis and future monetary policy. European Journal of Political Economy, 38(červen), 229-243. UT-WOS link
- Horváth R., & Spirollari P. (2012). Do the board of directors' characteristics influence firm's performance? The US evidence. Prague Economic Papers, 21(4), 470-486. UT-WOS link
- Horváth R., & Voslářová K. (2017). International spillovers of ECB's unconventional monetary policy: the effect on Central Europe. Applied Economics, 49(24), 2352-2364. UT-WOS link
- Horváth R., & Katuščáková D. (2016). Transparency and trust: the case of the European Central Bank. Applied Economics, 48(57), 5625-5638. UT-WOS link
- Horváth R., & Podpiera A. (2012). Heterogeneity in bank pricing policies: The Czech evidence. Economic Systems, 36(1), 87-108. UT-WOS link
- Horváth R. (2012). Do Confidence Indicators Help Predict Economic Activity?: The Case of the Czech Republic. Finance a úvěr - Czech Journal of Economics and Finance, 62(5), 398-412. UT-WOS link
- Horváth R. (2008). Monetary policy stance and future inflation : the case of Czech Republic. Acta VŠFS, 2(1), 80-106.
- Horváth R., & Poldauf P. (2012). International Stock Market Comovements: What Happened during the Financial Crisis?. Global Economy Journal, 12(1), 1-21.
- Horváth R., & Komárek L. (2007). Equilibrium Exchange Rates in the Eu New Members: Methodology, Estimation and Applicability to ERM II. Prague Economic Papers, 16(1), 24-37.
- Horváth R. (2007). Modelling central bank intervention activity under inflation targeting. Economics Bulletin, 6(29), 1-8.
- Horváth R., & Komárek L. (2002). Teorie optimálních měnových zón : rámec k diskusím o měnové integraci. Finance a úvěr, 52(7.8.2011), 386-407.
- Horváth R., & Sedláček T. (2002). Professor Jaroslav Vanek : scientific biography. Politická ekonomie, 50(5), 859-870.
- Horváth R. (2004). Is dollarization right option? Financial fragility, original sin and fear of floating. Finance a úvěr, 54(5-6), 252-266. UT-WOS link
- Horváth R., & Kučerová Z. (2005). Real exchange rates and optimum currency areas : evidence from developed economies. Finance a úvěr, 55(5-6), 253-266. UT-WOS link
- Horváth R. (2008). Undershooting the inflation target in the Czech Republic : the role of inflation expectations. Finance a úvěr, 58(9-10), 482-492. UT-WOS link
- Horváth R. (2008). Asymmetric monetary policy in the Czech Republic?. Finance a úvěr, 58(9-10), 470-481. UT-WOS link
- Horváth R. (2008). The time-varying policy neutral rate in real time : a predictor for future inflation?. Economic Modelling, 26(1), 71-81. UT-WOS link
- Horváth R. (2009). The time-varying policy neutral rate in real-time : a predictor for future inflation?. Economic Modelling, 26(1), 71-81. UT-WOS link
- Horváth R. (2009). The determinants of the interest rate margins of Czech banks. Finance a úvěr, 59(2), 128-136. UT-WOS link
- Horváth R., Šmídková K., & Zápal J. (2016). Voting in Central Banks: Theory versus Stylized Facts. B.E. Journal of Economic Analysis and Policy, 16(4), nestránkováno. UT-WOS link
- Horváth R., Lyócsa Š., & Baumöhl E. (2018). Stock market contagion in Central and Eastern Europe: unexpected volatility and extreme co-exceedance. European Journal of Finance, 24(5), 391-412. UT-WOS link
- Horváth R. (2018). Financial market fragmentation and monetary transmission in the euro area: what do we know?. Journal of Economic Policy Reform, 21(4), 319-334. UT-WOS link
- Horváth R., & Matějů J. (2011). How are inflation targets set?. International Finance, 14(2), 265-300. UT-WOS link
- Horváth R. (2011). The frequency and size of price changes: evidence from non-parametric estimations. Macroeconomics and Finance in Emerging Market Economies, 4(2), 263-268.
- Horváth R. (2011). Research and development and growth: a Bayesian model averaging analysis. Economic Modelling, 28(6), 2269-2273. UT-WOS link
- Horváth R., Komárek L., & Rozsypal F. (2011). Does money help predict inflation? An empirical assessment for Central Europe. Economic Systems, 35(4), 523-536. UT-WOS link
- Horváth R., & Teplý P. (2013). Analýza řízení rizik sektoru stavebních spořitelen v České republice. Ekonomicky Casopis, 61(1), 24-46. UT-WOS link
- Horváth R. (2009). Editorial. Acta Universitatis Carolinae. Oeconomica, Czech Economic Review, 3(1), 5-6.
- Horváth R., & Matějů J. (2010). How are inflation targets set?. Working Paper Series, Neuveden(426), 1-35.
- Horváth R., & Karas P. (2013). Central Bank Communication and Interest Rates: The Case of the Czech National Bank. Finance a úvěr, 63(5), 454-464. UT-WOS link
- Horváth R. (2021). Natural catastrophes and financial depth: An empirical analysis. Journal of Financial Stability, 53(April), 1-11. UT-WOS link
- Horváth R., & Komárek L. (2002). Optimální měnové zóny. Finance a úvěr, 52(11.12.2011), 630-632.
- Horváth R., Kaszab L., & Maršál A. (2021). Equity premium and monetary policy in a model with limited asset market participation. Economic Modelling, 95(February), 430-440. UT-WOS link
- Horváth R., Kaszab L., & Marsal A. (2022). Fiscal Policy And the Nominal Term Premium. Journal of Money, Credit and Banking, 54(2-3), 663-683. UT-WOS link
- Horváth R., Kaszab L., Maršál A., & Rabitsch K. (2020). Determinants of fiscal multipliers revisited. Journal of Macroeconomics, 63(March), 1-24. UT-WOS link
- Horváth R., & Vaško D. (2016). Central bank transparency and financial stability. Journal of Financial Stability, 22(February), 45-56. UT-WOS link
- Horváth R., & Zeynalov A. (2016). Natural resources, manufacturing and institutions in post-Soviet countries. Resources Policy, 50(December), 141-148. UT-WOS link
- Horváth R. (2020). Peer Effects in Central Banking. IMF Economic Review, 68(4), 764-814. UT-WOS link
- Horváth R., & Rusnák M. (2009). How important are foreign shocks in a small open economy? : the case of Slovakia. Global Economy Journal, 9(1), 1-15.
- Gertler P., Horváth R., & Jonášová J. (2020). Central Bank Communication and Financial Market Comovements in the Euro Area. Open Economies Review, 31(2), 257-272. UT-WOS link
- Sedláček T., & Horváth R. (2002). Život a dílo Jaroslava Vanka. Politická ekonomie, 50(6), 859-869. UT-WOS link
- Fišera B., & Horváth R. (2022). Are Exchange Rates Less Important for Trade in a More Globalized World? Evidence for the New EU Members. Economic Systems, 46(1), 1-27. UT-WOS link
- Frensch R., Horváth R., & Huber S. (2021). Openness effects on the rule of law: Size and patterns of trade. International Review of Law and Economics, 68(December), 1-13. UT-WOS link
- Fidrmuc J., Horváth R., & Horváthová E. (2010). Corporate interest rates and the financial accelerator in the Czech Republic. Emerging Markets Finance and Trade, 46(4), 41-54. UT-WOS link
- Coricelli F., & Horváth R. (2010). Price setting and market structure : an empirical analysis of micro data in Slovakia. Managerial and Decision Economics, 31(2-3), 209-233.
- Baxa J., Horváth R., & Vašíček B. (2013). Time-varying monetary-policy rules and financial stress: Does financial instability matter for monetary policy?. Journal of Financial Stability, 9(1), 117-138. UT-WOS link
- Borys Morgese M., Horváth R., & Franta M. (2009). The effects of monetary policy in the Czech Republic : an empirical study. Empirica, 36(4), 419-443.
- Gjika D., & Horváth R. (2013). Stock market comovements in Central Europe: Evidence from the asymmetric DCC model. Economic Modelling, 33(1), 55-64. UT-WOS link
- Hlaváček M., & Horváth R. (2018). Symposium: The risks to macroeconomic and financial stability. Economic Systems, 42(1), 1-2. UT-WOS link
- Hájek J., & Horváth R. (2018). International spillovers of (un)conventional monetary policy: The effect of the ECB and the US Fed on non-euro EU countries. Economic Systems, 42(1), 91-105. UT-WOS link
- Gertler P., & Horváth R. (2018). Central bank communication and financial markets: New high-frequency evidence. Journal of Financial Stability, 36(June), 336-345. UT-WOS link
- Galuščák K., & Horváth R. (2018). Challenges for financial stability in Europe. Journal of Financial Stability, 36(June), 263-264. UT-WOS link
- Hasan I., Horváth R., & Mareš J. (2018). What type of finance matters for growth? Bayesian model averaging evidence. World Bank Economic Review, 32(2), 383-409. UT-WOS link
- Lyócsa Š., & Horváth R. (2018). Stock Market Contagion: a New Approach. Open Economies Review, 29(3), 547-577. UT-WOS link
- Franta M., Horváth R., & Rusnák M. (2014). Evaluating changes in the monetary transmission mechanism in the Czech Republic. Empirical Economics, 46(3), 827-842. UT-WOS link
- Hainz C., Horváth R., & Hlaváček M. (2014). The interest rate spreads in the Czech Republic: Different loans, different determinants?. Economic Systems, 38(1), 43-54. UT-WOS link
- Baxa J., Horváth R., & Vašíček B. (2014). How does monetary policy change? Evidence on inflation-targeting countries. Macroeconomic Dynamics, 18(3), 593-630. UT-WOS link
- Feldkircher M., Horváth R., & Rusnák M. (2014). Exchange Market Pressures during the Financial Crisis : A Bayesian Model Averaging Evidence. Journal of International Money and Finance, 40(February), 21-41. UT-WOS link
- Havránek T., Horváth R., & Zeynalov A. (2016). Natural Resources and Economic Growth: A Meta-Analysis. World Development, 88(December), 134-151. UT-WOS link
- Campos N., & Horváth R. (2012). On the reversibility of structural reforms. Economics Letters, 117(1), 217-219. UT-WOS link
- Komárek L., & Horváth R. (2002). Argentina : vzestupy a pády. Finance a úvěr, 52(10), 570-572.
- Čech Z., Horváth R., & Komárek L. (2005). Kurzová konvergence a vstup do eurozóny III : vybrané problémy nových členských zemí EU. Finance a úvěr, 55(9-10), 483-505. UT-WOS link
- Campos N., & Horváth R. (2012). Reform Redux: Measurement, determinants and growth implications. European Journal of Political Economy, 28(2), 227-237. UT-WOS link
- Fidrmuc J., & Horváth R. (2008). Volatility of exchange rates in selected new EU members : evidence from daily data. Economic Systems, 32(1), 103-118.
- Fišer R., & Horváth R. (2010). Central bank communication and exchange rate volatility: a GARCH analysis. Macroeconomics and Finance in Emerging Market Economies, 3(1), 25-31.
- Fišera B., Horváth R., & Melecky M. (2023). NATURAL DISASTERS AND DEBT FINANCING COSTS. Climate Change Economics, 14(03), UT-WOS link
- Hartwell C., Horváth R., Horváthová E., & Popova O. (2022). Natural resources and income inequality in developed countries: synthetic control method evidence. Empirical Economics, 62(2), 297-338. UT-WOS link
- Hasan I., Horváth R., & Mareš J. (2020). Finance and wealth inequality. Journal of International Money and Finance, 108(November), 1-16. UT-WOS link
- Havránek T., Horváth R., & Matějů J. (2012). Monetary transmission and the financial sector in the Czech Republic. Economic Change and Restructuring, 45(3), 135-155.
- Hartwell C., Horváth R., Horváthová E., & Popova O. (2019). Democratic Institutions, Natural Resources, and Income Inequality. Comparative economic studies, 61(4), 531-550. UT-WOS link
- Havránek T., Horváth R., Iršová Z., & Rusnák M. (2015). Cross-country heterogeneity in intertemporal substitution. Journal of International Economics, 96(1), 100-118. UT-WOS link
- Hájek J., & Horváth R. (2016). The Spillover Effect of Euro Area on Central and Southeastern European Economies: A Global VAR Approach. Open Economies Review, 27(2), 359-385. UT-WOS link
- Malega J., & Horváth R. (2017). Financial stress in the Czech Republic: Measurement and effects on the real economy. Prague Economic Papers, 26(3), 257-268. UT-WOS link
- Hájek J., & Horváth R. (2016). Exchange Rate Pass-Through in an Emerging Market: The Case of the Czech Republic. Emerging Markets Finance and Trade, 52(11), 2624-2635. UT-WOS link
- Cazachevici A., Havránek T., & Horváth R. (2020). Remittances and economic growth: A meta-analysis. World Development, 134(October), 1-17. UT-WOS link
- Valíčková P., Havránek T., & Horváth R. (2015). Financial Development and Economic Growth: a Meta-Analysis. Journal of Economic Surveys, 29(3), 506-526. UT-WOS link
- Elminejad Anjileh M., Havránek T., Horváth R., & Iršová Z. (2023). Intertemporal substitution in labor supply: A meta-analysis. Review of Economic Dynamics, 51(December), 1095-1113. UT-WOS link
- Seidler J., Jakubík P., & Horváth R. (2009). Estimating expected loss given default in an emerging economy : the case of Czech Republic. Journal of Financial Transformation, 2009(27), 103-107.
- Rusnák M., Havránek T., & Horváth R. (2011). How to Solve the Price Puzzle? A Meta-Analysis. Working Paper Series, Neuveden(446), 1-37.
- Antal J., Hlaváček M., & Horváth R. (2008). Do Central bank forecast errors contribute to missing inflation targets? : the case of Czech Republic. Finance a úvěr, 58(9-10), 434-453. UT-WOS link
- Rusnák M., Havránek T., & Horváth R. (2013). How to Solve the Price Puzzle? A Meta-Analysis. Journal of Money, Credit and Banking, 45(1), 37-70. UT-WOS link
- Franta M., Baruník J., Horváth R., & Šmídková K. (2014). Are Bayesian Fan Charts Useful? The Effect of Zero Lower Bound and Evaluation of Financial Stability Stress Tests. International Journal of Central Banking, 10(1), 159-187. UT-WOS link
- Babecký J., Coricelli F., & Horváth R. (2009). Assessing inflation persistence : micro evidence on an inflation targeting economy. Finance a úvěr, 59(2), 102-127. UT-WOS link
- Antal J., Filáček J., Frait J., Horváth R., Kotlán V., & Skořepa M. (2009). Monetary policy strategies before Euro adoption : the art of chasing many rabbits. Acta Universitatis Carolinae. Oeconomica, Czech Economic Review, 3(2), 176-198.
- Bennani H., Fanta N., Gertler P., & Horváth R. (2020). Does central bank communication signal future monetary policy in a (post)-crisis era? The case of the ECB. Journal of International Money and Finance, 104(June), 1-17. UT-WOS link
Contributions in the conference proceedings
2010 European Association of Comparative Economic Studies Dissertation Award
2007-2010 Czech National Bank Economic Research Award (2007, 2009, 2010)
2006 Karel Englis Prize (Czech Economic Society)
2006 Young Economist (Czech Economic Society), 2nd prize
2004 Young Economist (Czech Economic Society), 3rd prize
2003 Central European University, Full University Fellowship
2003 IES Alumni Award
2002 Young Economist (Czech Economic Society), 3rd prize
JEM116 - Applied Econometrics
JEM177 - Intermediate Macroeconomics I
JEB114 - Macroeconomics I
JEB115 - Macroeconomics II
JED414 - Quantitative Methods in Macroeconomics and Finance I
JED415 - Quantitative Methods in Macroeconomics and Finance II
Bachelor theses
See the topics for M.A. theses below.
Master theses
Empirical investigations in the following broadly defined areas are welcomed.
1) Central banking
2) Financial stability
3) Financial development
4) Natural resource curse
5) Wealth inequality
More specific suggestions I am willing to supervise are listed below:
What determines financial inclusion around the globe?
Does financial development promote growth only in countries with high quality institutions?
Can macroprudential policies curb house price booms? International evidence
Financial development and wealth inequality: Panel data evidence
Natural catastrophes and access to finance
2019–21 Czech Science Foundation (GACR) “Central Bank Governance: Transparency and Communication after the Crisis”, Principal Investigator
2012–14 Czech Science Foundation (GACR) “Quantitative Modelling of Monetary and Fiscal Policies after the Crisis”, Principal Investigator
2011–13 Czech Science Foundation (GACR) “Monetary Policy, Financial Stability and Financial Crisis”, Principal Investigator
2010–11 Czech Science Foundation (GACR) “The Effects of Monetary Policy Transparency”, Principal Investigator
2007 Global Development Network RSS – World Bank, Principal Investigator
Monetary Policy, Political Economy, Financial Institutions