10/2019+: Director of Financial Research Division, Financial Stability Department, Czech National Bank
2023+: Participation in the “Challenges for Monetary Policy Transmission in a Changing World” (ChaMP) ESCB Research Network
2021+: Participation in the International Banking Research Network (IBRN)
2020-2021: Coordinator of the ESCB Research Cluster 3 on Financial Stability, Macroprudential Regulation and Microprudential Supervision
1/2017-9/2019: Head of Financial Research Unit, Financial Stability Department, Czech National Bank
10/2014-12/2016: Economist, Financial Stability Department, Czech National Bank
2019: Ph.D. in Economics, Institute of Economic Studies, Charles University in Prague
2014: PhDr. (M.Phil. equivalent) in Economics, Institute of Economic Studies, Charles University in Prague
I received my doctorate in theoretical economics from the Institute of Economic Studies at Charles University in Prague. I have received several awards, including the Karel Engliš Prize, presented by the Czech Economic Society for the best paper on Czech economic policy, and the František Vencovský Prize, presented by the University of Finance and Administration to young researchers below the age of 35. My research work was also twice awarded by the Czech National Bank as the best research paper (2018 and 2021).
I joined the Czech National Bank in 2014 and have served as Director of the Financial Research Division since October 2019. During my time at the CNB I have participated in numerous specialised and managerial training courses home and abroad.
Fields of interest: financial stability, macroprudential and monetary policy, economic modeling, climate finance, and distributional effects of central bank policies
Conferences & Workshops
2024
— 2nd Workshop of the ESCB Research Network “Challenges for Monetary Policy Transmission in a Changing World” (ChaMP): Workstream 1 (European Central Bank, Frankfurt, Germany). Presented paper: Corporate lending in face of domestic and foreign monetary policy: Insights from AnaCredit
— Research Café (Department of Economics, VSB-Technical University of Ostrava, Czechia). Presented paper: How Do Climate Policies Affect Holdings of Green and Brown Firms’ Securities?
2023
— IBRN Winter 2023 Workshop (IBRN & BIS, Basel, Switzerland ). Presented papers: “Mutual Funds Facing Domestic and Foreign Monetary Policy” and “New Cross-country Metric on Climate Transition Risk”
— 7th Annual Workshop of the ESCB Research Cluster 3 on “Financial Stability, Macroprudential Regulation and Microprudential Supervision” (Bank of Finland & Banco de Portugal, Saariselkä, Finland).
– Discussed paper: “Same Same but Different – Credit Risk Provisioning under IFRS 9” by Markus Behn and Cyril Couaillier
– Presented paper: Macroprudential Policy and Income Inequality: Trade-off Between Crisis Prevention and Credit Redistribution (*presented by co-author)
— 2nd Annual Workshop of the ESCB Research Cluster 4 on “Climate Change” (ECB, Frankfurt am Main, Germany). Discussed paper: “Carbon Home Bias of European Investors” by Martijn Boermans and Rients Galema
— 1st Workshop of the ESCB Research Network “Challenges for Monetary Policy Transmission in a Changing World” (ChaMP): Workstream 1 (Banco de Portugal, Lisbon, Portugal). Discussed paper: “Low Interest Rates and the Distribution of Household Debt” by Emiris Marina and François Koulischer
— Seminar of the ESCB Research Cluster 4 on “Climate Change” (online). Paper: How Do Climate Policies Affect Securities Holdings of Green and Brown Firms?
— 2023 Annual Meeting of the Central Bank Research Association (New York City, USA). Discussed paper: “Effects of Bank Capital Requirements on Lending by Banks and Non-Bank Financial Institutions” by Peter Bednarek, Olga Briukhova, Steven Ongena, and Natalja von Westernhagen
— 12th International Conference of the Financial Engineering and Banking Society (Chania, Greece). Paper: What Do Economists Think About the Green Transition? Exploring the Impact of Environmental Awareness
— CCBS Macro-finance workshop 2023 (Bank of England, London, United Kingdom). Paper: Monetary policy spillover to small open economies: Is the transmission different under low interest rates?
— CNB Research Open Day 2023 (Czech National Bank, Prague, Czechia). Keynote speech: Research at the CNB: Evolution, Current Challenges, and Future Directions
2022
— 12th Biennial Conference of the Czech Economic Society (Prague, Czech Republic). Paper: Macroprudential Policy and Income Inequality: Trade-off Between Crisis Prevention and Credit Redistribution
— XXVII Meeting of the Central Bank Researchers Network (CEMLA, Mexico City, Mexico). Paper: Borrower-Based Macroprudential Measures and Credit Growth: How Biased is the Existing Literature?
— Joint ECB & Central Bank of Malta Macroprudential Policy Group (MPPG) research workshop on Macroprudential policy and real estate markets: objectives, effectiveness and new challenges (Central Bank of Malta, Valletta, Malta). Paper: Borrower-Based Macroprudential Measures and Credit Growth: How Biased is the Existing Literature?
— MAER-Net Colloquium 2022 (Kyoto, Japan). Paper: Borrower-Based Macroprudential Measures and Credit Growth: How Biased is the Existing Literature?
— ESHS Brussels 2022 conference (Brussels, Belgium). Paper: Researching the Research: A Central Banking Edition. Symposium on The Scientization of Central Banks
— EEA-ESEM 2022 (Bocconi University, Milan, Italy). Paper: A Tale of Different Capital Ratios: How to Correctly Assess the Impact of Capital Regulation on Lending. Session on Bank Capital Regulation
2021 and earlier
— IFABS 2021 Oxford Conference (2021, online). Paper: A Prolonged Period of Low Interest Rates in Europe: Unintended Consequences
— 17th Annual NBP-SNB Joint Seminar: Modelling of the financial system for systemic risk assessmen (2021 online). Paper: Introducing Macro-Financial Variables into Semi-Structural Model
— Joint ECB & Banca d'Italia Macroprudential Policy Group (MPPG) research workshop on Macroprudential policy: effectiveness, interactions and spillovers (2019, Rome, Italy). Paper: The Effect of Higher Capital Requirements on Bank Lending: The Capital Surplus Matters
— The 13th Edition of the Seminar on Financial Stability Issues, National Bank of Romania and IMF (2019, Bucharest, Romania). Paper: The Effect of Higher Capital Requirements on Bank Lending: The Capital Surplus Matters
— CNB Research Open Day (2018, Prague, Czech Republic). Paper: Banks’ Capital Surplus and the Impact of Additional Capital Requirements
— 3rd HenU / INFER Workshop on Applied Macroeconomics (2017, Kaifeng, Henan, China). Paper: Monetary Policy and Macroprudential Policy: Rivals or Teammates?
— Royal Economic Society PhD Meeting (2017, London, UK). Paper: Monetary Policy and Macroprudential Policy: Rivals or Teammates?
— Third Research Workshop of the Task Force on Banking Analysis for Monetary Policy of the MPC (2016, Lisbon, Portugal). Paper: The Interaction of Monetary and Macroprudential Policies in the Pursuit of the Central Bank’s Primary Objectives
— The 8th Biennial Conference of the Czech Economic Society (2014, Prague, Czech Republic). Paper: Foreign Exchange Interventions at the Zero Lower Bound in the Czech Economy: A DSGE Approach
I also co-organized several workshops and conferences.
— 5th Annual Workshop of the ESCB Research Cluster 3 on “Financial Stability, Macroprudential Regulation and Microprudential Supervision” (November 2021, joint workshop of the Czech National Bank and Bank of England)
— 4th Annual Workshop of the ESCB Research Cluster 3 on “Financial Stability, Macroprudential Regulation and Microprudential Supervision” (October 2020, joint workshop of the Czech National Bank and Banco de Espana)