Welcome to my web page!

I am a Senior Adviser in the Directorate General Research of the European Central Bank and a Research Fellow of the Centre for Economic Policy Research. My research is primarily in the areas of 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: marie.hoerova@ecb.europa.eu

Variation Margins, Fire Sales, and Information-constrained Optimum” with Bruno Biais (HEC Paris) and Florian Heider (ECB), 2021, Review of Economic Studies, Vol. 88, Issue 6, pp. 2654 - 2686.
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), 2016, Journal of Financial Intermediation, Vol. 28, pp. 32 - 47.
  • winner of the Journal of Financial Intermediation best paper award
    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.
  • winner of the 2017 best paper prize of the Europlace Institute of Finance
  • featured in Financial Times Alphaville (11.1.2012)
    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.
  • winner of the best paper prize of the Bocconi conference “Business Models in Banking”
  • winner of the Marjolin prize of the European Money & Finance Forum
    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.
  • link to the daily Conditional variance and Variance premium series -UPDATED-
    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
  • among the most downloaded Journal of Monetary Economics articles since 2014
  • link to the monthly Risk aversion and Uncertainty series -UPDATED-
    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.
    Do Non-Banks Need Access to the Lender of Last Resort? Evidence from Fund Runs,” with Johannes Breckenfelder (ECB), November 2020, updated February 2023. R&R at the Review of Financial Studies.   -UPDATED-
    Money Markets, Collateral and Monetary Policy,” with Fiorella de Fiore (BIS) and Harald Uhlig (University of Chicago), November 2019, updated December 2022. R&R at the Review of Economic Studies.
  • summary in this VoxEU article
    Fund Fragility: The Role of Investor Base” with Nolwenn Allaire (ECB) and Johannes Breckenfelder (ECB), November 2022.
  • featured in Bloomberg News (4.12.2023)
    Risk, Monetary Policy and Asset Prices in a Global World,” with Geert Bekaert (Columbia GSB) and Nancy Xu (Boston College), October 2019, updated November 2022.
    Money Market Discipline and Central Bank Lending,” with Cyril Monnet (University of Bern), May 2016.
    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.
    “Investing in Safety,” with Johannes Breckenfelder (ECB) and Veronica De Falco (Harvard), November 2023.
    “Investors and Inflation,” December 2023.
    Money Markets, Central Bank Balance Sheet and Regulation,” with Stefano Corradin (ECB), Jens Eisenschmidt (ECB), Tobias Linzert (ECB), Glenn Schepens (ECB) and Jean-David Sigaux (ECB), ECB Discussion Paper, October 2020.
  • summary in this VoxEU article
    What is the Macroeconomic Impact of Changing Money Market Conditions?,” with Fiorella de Fiore (BIS) and Harald Uhlig (University of Chicago), ECB Research Bulletin, April 2019.
    Benefits and Costs of Liquidity Regulation: Empirical Evidence and Quantitative Evaluation,” with Caterina Mendicino (ECB), Kalin Nikolov (ECB), Glenn Schepens (ECB) and Skander Van den Heuvel (Federal Reserve Board), ECB Discussion Paper, July 2018.
    On Collateral: Implications for Financial Stability and Monetary Policy,” with Stefano Corradin (ECB) and Florian Heider (ECB), ECB Discussion Paper, November 2017.
  • featured in Eurointelligence - Eurozone Blog (8.11.2017)
    “Liquidity and Capital: Substitutes or Complements?” in “Achieving Financial Stability: Challenges to Prudential Regulation,” Douglas Evanoff, George Kaufman, Agnese Leonello, and Simone Manganelli (eds.), World Scientific Books, No. 10529, April 2017.
    Incentive-compatible Centralized Clearing,” with Bruno Biais (Toulouse School of Economics) and Florian Heider (ECB), Banque de France Financial Stability Review No. 17, April 2013.
    Liquidity Regulation as a Prudential Tool: A Research Perspective,” with Natalia Mas Guix (ECB), ECB Financial Stability Review, Special Feature, June 2012.
    Risk, Uncertainty and Monetary Policy,” with Geert Bekaert (Columbia Business School), ECB Research Bulletin, June 2010.
    Liquidity Hoarding and Interbank Market Spreads,” with Florian Heider (ECB), ECB Financial Stability Review, Special Feature, June 2009.