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Marie Hoerova

Research

Division

Monetary Policy Research

Current Position

Adviser

Fields of interest

Financial Economics, Macroeconomics and Monetary Economics

Email

marie.hoerova@ecb.europa.eu

Biography

Other current responsibilities
2015-

CEPR Research Fellow, Financial Economics Programme

2015-

Editorial Board Member, ECB Working Paper Series

2013-

Associate Editor, Journal of Financial Intermediation

Education
2001-2006

PhD in Economics, Cornell University, Ithaca, United States

1997-2000

BA in Economics, Charles University, Prague, Czech Republic

Professional experience
2019-

Adviser - Monetary Policy Research Division, Directorate General Research, European Central Bank

2017-2019

Principal Economist - Financial Research Division, Directorate General Research, European Central Bank

2015-2017

Senior Economist - Financial Research Division, Directorate General Research, European Central Bank

2006-2014

Economist - Financial Research Division, Directorate General Research, European Central Bank

Awards
2017

Best paper prize of the Europlace Institute of Finance (for "Risk-sharing or risk-taking? Counterparty risk, incentives and margins")

2016

Best paper award of the Journal of Financial Intermediation (for "Lending-of-last-resort is as lending-of-last-resort does: Central bank liquidity provision and interbank market functioning in the euro area")

2013

Visiting scholar, Research Division, Federal Reserve Bank of St. Louis, United States

2009

Marjolin prize of the European Money & Finance Forum (for "Liquidity hoarding and interbank market spreads")

2009

Best paper prize of the Bocconi University conference "Business Models in Banking" (for "Liquidity hoarding and interbank market spreads")

2003

Outstanding teaching award, Louis Walinsky Fund in Economics, Cornell University, Ithaca, United States

2001

Fulbright fellowship to study in the United States (2001-2006)

2000

Socrates fellowship to study at the Université Catholique de Louvain, Louvain-la-Neuve, Belgium

Teaching experience
2011-2014

Financial Intermediation Theory (graduate level) - Instructor, Charles University, Prague, Czech Republic

2005

International Economics (graduate level) - Teaching assistant, Cornell University, Ithaca, United States

2003

Econometrics (undergraduate level) - Teaching assistant, Cornell University, Ithaca, United States

2002

Probability and Statistics (undergraduate level) - Teaching assistant, Cornell University, Ithaca, United States

ECB publications
18 March 2021
21 October 2020
30 April 2019
13 February 2019
30 October 2018
13 July 2018
7 November 2017
19 February 2016
14 May 2014
17 March 2014
9 July 2013
1 October 2012
10 January 2012
11 December 2009
11 November 2009
30 September 2009
31 March 2009
20 December 2007
External publications
2020
Review of Economic Studies, forthcoming
Variation margins, fire sales, and information-constrained optimum
  • Biais
  • B.
  • Heider
  • F. and Hoerova
  • M.
2016
Journal of Financial Intermediation, Vol. 28, No C, pp. 32-47
Lending-of-last-resort is as lending-of-last-resort does: central bank liquidity provision and interbank market functioning in the euro area
  • Garcia
  • C.
  • Heider
  • F.
  • Hoerova
  • M. and Manganelli
  • S.
2016
Journal of Finance, Vol. 71, No 4, pp. 1669-1698
Risk-sharing or risk-taking? Counterparty risk, incentives and margins
  • Biais
  • B.
  • Heider
  • F. and Hoerova
  • M.
2016
Journal of Banking and Finance, Vol. 67, pp. 103-118
What do asset prices have to say about risk and uncertainty?
  • Bekaert
  • G. and Hoerova
  • M.
2015
Journal of Financial Economics, Vol. 118, pp. 336-354
Liquidity hoarding and interbank market rates: the role of counterparty risk
  • Heider
  • F.
  • Hoerova
  • M. and Holthausen
  • C.
2015
Journal of Banking and Finance, Vol. 54, pp. 266-280
Commonality in hedge fund returns: driving factors and implications
  • Bussière
  • M.
  • Hoerova
  • M. and Klaus
  • B.
2014
Journal of Econometrics, Vol. 183, pp. 181-192
The VIX, the variance premium and stock market volatility
  • Bekaert
  • G. and Hoerova
  • M.
2013
Journal of Monetary Economics, Vol. 60, No 7, pp. 771-788
Risk, uncertainty and monetary policy
  • Bekaert
  • G.
  • Hoerova
  • M. and Lo Duca
  • M.
2012
IMF Economic Review, Vol. 60, pp. 193-222
Clearing, counterparty risk and aggregate risk
  • Biais
  • B.
  • Heider
  • F. and Hoerova
  • M.
2012
Economics Letters, Vol. 116, pp. 617-621
Money talks
  • Hoerova
  • M.
  • Monnet
  • C. and Temzelides
  • T.
2009
International Journal of Central Banking, Vol. 5, pp. 1-39
Interbank lending, credit risk premia and collateral
  • Heider
  • F. and Hoerova
  • M.
2017
Achieving Financial Stability Challenges to Prudential Regulation, Eds. Evanoff, D., Kaufman, G., Leonello, A. and Manganelli, S., World Scientific Books, No. 10529
Liquidity and capital: Substitutes or complements?
  • Hoerova
  • M.
2013
Banque de France Financial Stability Review No. 17
Incentive-compatible centralized clearing
  • Biais
  • B.
  • Heider
  • F. and Hoerova
  • M.
2010
ECB Research Bulletin No. 10
Risk, uncertainty and monetary policy
  • Bekaert
  • G. and Hoerova
  • M.