I am currently a Head of Research Unit and Adviser to the Board at the Czech
National Bank and the Lecturer at the Charles University, Prague. My research focuses on
various aspects of monetary policy. I am currently working on the research projects in
two areas. (1) Monetary policy transparency, uncertainty and credibility. (2) Financial
sector and monetary policy transmission. My prior research on monetary policy has
appeared in several well-established journals such as Economic Modelling, Economic
Systems, Empirica or Global Economy Journal.

Articles in refereed journals

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Central Bank Communication and Exchange Rate Volatility: A GARCH Analysis (with Radovan Fiser), Macroeconomics and Finance in Emerging Market Economies, forthcoming (2010)
We examine the effects of the Czech National Bank communication, macroeconomic news and interest rate...
 

Corporate Interest Rates and the Financial Accelerator in the Czech Republic (with Jarko Fidrmuc and Eva Horvathova), Emerging Markets Finance and Trade, forthcoming (2010)
We analyze the determinants of the corporate interest rates and the financial accelerator in the...
 

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How Are Inflation Targets Set? (with Jakub Mateju), International Finance, revise-resubmit (2010)
This paper aims to contribute to better understanding on how inflation targets are set. For...
 

Price Setting and Market Structure: An Empirical Analysis of Micro Data in Slovakia (with Fabrizio Coricelli), Managerial and Decision Economics, forthcoming (2010)
Most empirical studies on price setting that use micro data focus on advanced industrial countries....
 

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Reform Redux: Measurement, Determinants and Growth Implications (with Nauro Campos), submited (2010)
The effects of structural reforms have come under intense scrutiny lately. One important reason is...
 

Articles in refereed journals in the Czech Republic

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Assessing Inflation Persistence: Micro Evidence on an Inflation Targeting Economy (with Jan Babecky and Fabrizio Coricelli), Czech Journal of Economics and Finance (2009)
The paper provides an empirical analysis of inflation persistence in one of the inflation targeting...
 

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Monetary Policy Strategies before Euro Adoption: The Art of Chasing Many Rabbits (with Juraj Antal, Jan Filacek, Jan Frait, Viktor Kotlan, and Michal Skorepa), Czech Economic Review (2009)
This policy paper deals with the main strategic issues for monetary policy in new EU...
 

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The Determinants of Interest Rate Margins of the Czech Banks, Czech Journal of Economics and Finance (2009)
The author examines the determinants of the interest rate margins of Czech banks by employing...
 

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Asymmetric Monetary Policy in the Czech Republic?, Czech Journal of Economics and Finance (2008)
This paper analyses the hypothesis of whether asymmetric monetary policy could have contributed to the...
 

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Do Central Bank Forecast Errors Contribute to Missing of Inflation Targets? The Case of Czech Republic (with Juraj Antal and Michal Hlavacek), Czech Journal of Economics and Finance (2008)
This paper is primarily concerned with assessing the bias of the CNB’s predictions in relation...
 

Book chapters

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Monetary Policy before Euro Adoption: Challenges for EU New Members (with Jan Filacek and Michal Skorepa), Economic Performance of European Union: Issues, Trends and Policies (2008)
 

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Exchange Rate Dynamics in Selected EU New Member States (with Jarko Fidrmuc), Financial Sector in Enlarging Europe (2006)
 

Recent presentations

Modelling Czech and Slovak Monetary Transmission, National Bank of Slovakia, invited lecture (2009)
 

Price Setting and Market Structure: An Empirical Analysis of Micro Data, Econometric Society - European Meeting (2008)
 

The Time-Varying Policy Neutral Rate in Real-Time: A Predictor for Future Inflation?, The Econometric Society - European Meeting (2007)
 

Recent working papers

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Assessing Inflation Persistence: Micro Evidence on an Inflation Targeting Economy (with Jan Babecky and Fabrizio Coricelli), CEPR Discussion Papers, No. 7268 (2009)
 

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Assessing Inflation Persistence: Micro Evidence on an Inflation Targeting Economy (with Jan Babecky and Fabrizio Coricelli), CERGE-EI working paper No. 353 (2008)
 

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Corporate Interest Rates and the Financial Accelerator in the Czech Republic (with Jarko Fidrmuc and Eva Horvathova), University of Munich Department of Economics Discussion Paper, No. 23/2008 (2008)
 

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Price Setting Behavior: Micro Evidence on Slovakia (with Fabrizio Coricelli), CEPR Discussion Papers, No. 5445 (2006)
 

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Reform Redux: Measurement, Determinants and Reversals (with Nauro Campos), CEPR Discussion Papers, No. 5673 (2006)
 

Work in progress

Central Banks' Voting Records and Future Policy (with Katerina Smidkova and Jan Zapal) (2009)
We assess whether the publicly available voting record of the Board members is a good...
 

Does Money Help Predict Inflation? Central European Evidence (with Lubos Komarek and Filip Rozsypal) (2009)
This paper investigates the predictive ability of money for future inflation in the Czech Republic,...
 

Do Financial Variables Help Predict Macroeconomic Environment? The Case of Czech Republic (with Tomas Havranek and Jakub Mateju) (2009)
In this paper, we estimate the block-restriction vector autoregression model consisting of Czech macroeconomic and...
 

Economic Growth and Structural Reforms: New Measures, Better Results? (with Nauro Campos) (2009)
We provide a new dataset of economic reforms in transition countries and investigate the role...
 

Heterogeneity in Bank Pricing Policies: The Czech Evidence (with Anca Podpiera) (2009)
In this paper, we estimate interest rate pass-through from money market to bank interest rates...