Martin Hodula

Acting Director of Research Division

Research and Statistics Department

Fields: financial stability,
macro-financial modelling,
macroprudential policy,
non-bank financial intermediation

Education: Habilitation (economics) in 2020, Ph.D. (economics) in 2017, Faculty of Economics, VSB – Technical University of Ostrava

E-mail: martin.hodula@cnb.cz

RePEc: https://ideas.repec.org/f/pho526.html

Personal webpage: https://sites.google.com/site/martinhodula/home

Biography

Martin Hodula (b. 1988 in Ostrava) received his PhD in Economics from the Faculty of Economics, VSB - Technical University of Ostrava, where he also obtained his associate professorship in economics in 2020. He joined the Czech National Bank in 2018 and was appointed as Director of the Research Division in the Research and Statistics Department in February 2025. His research focuses mainly on the effects of macroprudential policy tools on the credit market, the interaction between monetary and macroprudential policies, and the non-bank financial intermediaries sector.

Work in Progress

Monetary and Macroprudential Policy Tightening: What Binds?
Geopolitical Risks and Financial Stability: Does the Proximity to Conflict Matter?
Mutual Fund Flows in Face of Domestic and Foreign Monetary Policy Shocks: Evidence from Supervisory Data
The Anatomy of Mortgage Loan Probability of Default

Recent CNB Publications

Payment Holidays, Credit Risk, and Borrower-Based Limits: Insights from the Czech Mortgage Market, CNB Working Paper 1/2025 (with L. Pfeifer)
Geopolitical Risks and Their Impact on Global Macro-Financial Stability: Literature and Measurements, CNB Working Paper 8/2024 (with J. Janků, S. Malovaná and N. A. Ngo)
Easing of Borrower-Based Measures: Evidence from Czech Loan-Level Data, CNB Working Paper 18/2023 (with L. Pfeifer and N. A. Ngo)
Macroprudential Policy and Income Inequality: The Trade-off Between Crisis Prevention and Credit Redistribution, CNB Working Paper 3/2023 (with S. Malovaná and J. Janků)

Selected Publications in Refereed Journals

Borrower-Based Macroprudential Measures and Credit Growth: How Biased is the Existing Literature? Journal of Economic Surveys, 2025, 39(1), 66-102 (with S. Malovaná, Z. Gric and J. Bajzík)
Bank Capital, Lending and Regulation: A Meta-Analysis, Journal of Economic Surveys, 2024, 38(3), 823-851 (with S. Malovaná, Z. Rakovská and J. Bajzík)
Researching the Research: A Central Banking Edition (pdf, 6.1 MB). International Journal of Central Banking, 2024, 20(1), 263-323 (with S. Malovaná and Z. Gric).
Retail Fund Flows and Performance: Insights from Supervisory Data, Emerging Markets Review, 2024, 59 (with M. Szabo and J. Bajzík)
Does Macroprudential Policy Leak? Evidence from Shadow Bank Lending in EU Countries, Economic Modelling, 2024, 132 (with N. A. Ngo)
Macro-prudential Policies to Contain the Effect of Structural Risks on Financial Downturns, Journal of Policy Modeling, 2023, 45(6), 1204-1222 (with L. Pfeifer and J. Janků)
Cooling Down the Mortgage Loan Market: The Effect of Borrower-Based Limits on New Mortgage Lending. International Journal of Money and Finance, 2023, 132 (with M. Melecký, M. Szabo and L. Pfeifer)
Monetary Policy Spillover to Small Open Economies: Is the Transmission Different under Low Interest Rates? Journal of Financial Stability, 2023, 65 (with J. Cao et al)
Macroprudential Policy in Central Banks: Integrated or Separate? Survey Among Academics and Central Bankers. Journal of Financial Stability, 2023, 65 (with S. Malovaná, Z. Gric and J. Bajzík).
The Power of Sentiment: Irrational Beliefs of Households and Bank Lending, Journal of Financial Stability, 2022, 59 (with D. Ehrenbergerová and Z. Gric)

Other information

Awards:

Czech National Bank Economic Research Award for the Best Working Paper in 2024
Czech National Bank Economic Research Award for the Best Working Paper in 2023
Czech National Bank Economic Research Award for the Best Working Paper in 2018
Vencovsky Award 2017
Young Economist of the Year 2017 Award – 3rd place

Refereeing:

The British Accounting Review; Journal of International Money and Finance; Finance Research Letters; Economic Notes; Economic Modelling, Journal of Financial Stability, Journal of Financial Services Research, etc.

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