Martin Hodula

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 on the intersection of household finance, credit markets, and the regulation of financial institutions.

• Flight from the Front Line: Geopolitical Risk, Distance, and Capital Flow Dynamics
• Safe for Whom? Government Bond Demand in Small Open Economies
• The Anatomy of Mortgage Loan Probability of Default
• House Prices in Czechia
• Energy Price Shocks and Household Inflation Expectations
• Economic and Financial Effects of Rising Defense Spending in Europe

• Flight from the Front Line: Geopolitical Risk, Distance, and Capital Flow Dynamics, CNB Research Brief 1/2026 (with J. Janků and S. Malovaná)
• When Monetary and Macroprudential Policies Tighten Together: Evidence from the Czech Mortgage Market, CNB Working Paper 2/2026 (with L. Pfeifer and S. Malovaná)
• When Foreign Rates Matter More: Domestic Investor Responses in a Small Open Economy, CNB Working Paper 11/2025 (with S. Malovaná)
• 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)

• Payment Holidays, Credit Risk, and Borrower-based Limits: Insights from the Czech Mortgage Market. Emerging Markets Review, 2026, 72 (with L. Pfeifer)
• Macroprudential Policy and Income Inequality: The Trade-off Between Crisis Prevention and Credit Redistribution. International Journal of Central Banking, 2025, 21(4), 249-349 (with. S. Malovaná and J. Janků)
• Easing of Borrower-Based Measures: Evidence from Czech Loan-Level Data. Journal of Banking & Finance, 2025, 178 (with L. Pfeifer and N. A. Ngo)
• 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)

Professional service

• Co-editor, Czech Journal of Economics and Finance
• Member of Evaluation Panel P402, Czech Science Foundation
• Member, International Banking Research Network

Selected Invited Talks and Conferences

• Invited presentations at policy institutions including European Central Bank (DGMF External Seminars, Joint Expert Group on Shadow Banking, etc.), ESRB Analysis Working Group, Banco Central de Chile, Banca d’Italia (SUERF–ECB–EIB conference), Slovak National Bank, and others