Welcome to my web page!

I am a Senior Economist in the Financial Research Division of the European Central Bank. My research is primarily in the areas of Banking, Financial Economics, and Monetary Economics.

This is my private site and the views expressed do not necessarily reflect those of the European Central Bank.






European Central Bank
Financial Research Division
Sonnemannstrasse 20
D-60314 Frankfurt am Main

Office phone: (+49) 69 1344 8710
Fax number:  (+49) 69 1344 8552
Email contact: marie.hoerova@ecb.int

Lending-of-last-resort Is as Lending-of-last-resort Does: Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area,” with Carlos Garcia-de-Andoain (ECB), Florian Heider (ECB) and Simone Manganelli (ECB), Journal of Financial Intermediation, forthcoming.
Risk-sharing or Risk-taking? Counterparty Risk, Incentives and Margins,” with Bruno Biais (Toulouse School of Economics) and Florian Heider (ECB), 2016, Journal of Finance, Vol. 71, No. 4, pp. 1669-1698.
What Do Asset Prices Have to Say About Risk and Uncertainty?” with Geert Bekaert (Columbia GSB), 2016, Journal of Banking and Finance, Vol. 67, pp. 103-118.
Liquidity Hoarding and Interbank Market Rates: The Role of Counterparty Risk,” with Florian Heider (ECB) and Cornelia Holthausen (ECB), 2015, Journal of Financial Economics, Vol. 118, pp. 336-354.
Commonality in Hedge Fund Returns: Driving Factors and Implications,” with Matthieu Bussiere (Banque de France) and Benjamin Klaus (ECB), 2015, Journal of Banking and Finance, Vol. 54, pp. 266-280.
The VIX, the Variance Premium and Stock Market Volatility,” with Geert Bekaert (Columbia GSB), 2014, Journal of Econometrics, Vol. 183, No. 2, pp. 181-192.
Risk, Uncertainty and Monetary Policy,” with Geert Bekaert (Columbia GSB) and Marco Lo Duca (ECB), 2013, Journal of Monetary Economics, Vol. 60, Vol. 7, pp. 771-788. Link to the Online Appendix. Link to the Risk aversion and Uncertainty series.
Clearing, Counterparty Risk and Aggregate Risk,” with Bruno Biais (Toulouse School of Economics) and Florian Heider (ECB), 2012, IMF Economic Review, Vol. 60, No. 2, pp. 193-222.
Money Talks,” with Cyril Monnet (University of Bern) and Ted Temzelides (Rice University), 2012, Economics Letters, Vol. 116, No. 3, pp. 617-621.
Interbank Lending, Credit Risk Premia and Collateral,” with Florian Heider (ECB), 2009, International Journal of Central Banking, Vol. 5, No. 4, pp. 1-39.
Optimal Margins and Equilibrium Prices,” with Bruno Biais (Toulouse School of Economics) and Florian Heider (ECB), September 2015. Link to the Supplementary Appendix. -UPDATED-
A Theory of Bank Liquidity Requirements,” with Charles Calomiris (Columbia GSB) and Florian Heider (ECB), April 2015.
Run-prone Banking and Asset Markets,” December 2007, ECB Working Paper No. 845. An earlier version: “Financial Deepening and Bank Runs,” Working Paper 05-07, Center for Analytic Economics, Cornell University, Ithaca, May 2005.
“Money Market Discipline and Central Bank Lending,” with Cyril Monnet (University of Bern).
“The Macroeconomic Impact of Money Market Freezes,” with Fiorella de Fiore (ECB) and Harald Uhlig (University of Chicago).