PhDr. Simona Malovaná, Ph.D.

I am the Director of the Financial Research Division at the Czech National Bank. My research focuses on banking, financial stability, the transmission of central bank policies, and their impact on various parts of the economy, the financial system, and society as a whole. Recently, I have also been intensively focusing on the area of climate risks and the impact of climate change on the economy and the financial sector. My work has been published, among others, in Journal of Financial Stability, International Journal of Central Banking, and Journal of Economic Surveys.

Positions:

10/2019+: Director of Financial Research Division, Financial Stability Department, Czech National Bank

1/2017-9/2019: Head of Financial Research Unit, Financial Stability Department, Czech National Bank

10/2014-12/2016: Economist, Financial Stability Department, Czech National Bank

Education: 

2019: Ph.D. in Economics, Institute of Economic Studies, Charles University in Prague

2014: PhDr. (M.Phil. equivalent) in Economics, Institute of Economic Studies, Charles University in Prague

Monographs

Chapters in monographs

Articles

• Malovaná S., Kolcunová D., & Brož V. (2019). Does monetary policy influence banks' risk weights under the internal ratings-based approach?. Economic Systems, 43(2), nestránkováno. UT-WOS link
• Malovaná S., & Frait J. (2017). Monetary policy and macroprudential policy: Rivals or teammates?. Journal of Financial Stability, 32(October), 1-16. UT-WOS link
• Malovaná S., Hlaváček M., & Galuščák K. (2018). Citlivost českých domácností na úrokový a příjmový šok. Aplikace na mikroúdajích. Politická ekonomie, 66(5), 531-549. UT-WOS link

Contributions in the conference proceedings

2021: Best Research Paper of the Czech National Bank
2019: František Vencovský Prize for Young Researchers Under the Age of 35 (University of Finance and Administration)
2018: Best Research Paper of the Czech National Bank
2014: Karel Engliš Prize for the Best Paper on Czech Economic Policy (Czech Economic Society)

I welcome empirical or theoretical investigations in the following areas. I have some background in theoretical modeling, but for most of my research, I work with data and try to drill down into causal inference from them. Hence, I am better suited to help you with empirical work and to draw effective policy recommendations from your findings.

General areas:

1. Central banking in general
2. Financial stability, systemic risk, and macroprudential policy
3. Interaction of policies (monetary, macroprudential, fiscal, etc.)
4. Climate change, climate finance, and climate risks
5. Distributional effects of different policies (i.e. impacts on inequality)
6. Geopolitical risks, their economic and financial effects

Specific topics (but I am open to any other suggestions within the areas above):

1. How has the evolution of the monetary policy toolkit influenced policy transmission across various economic sectors since the financial crisis?
2. What impacts do banking market competition and technology adoption have on the bank lending channel?
3. How have non-bank financial intermediaries changed traditional monetary policy transmission paths, and what are the potential long-term effects?
4. Can differences in the speed and strength of monetary policy transmission be linked to unique national economic structures or policy frameworks?
5. What new channels of monetary policy transmission have emerged in recent years, and how significant are they in the current economic climate?
6. How will firms and households be affected by the low-carbon transition (i.e., new regulations addressing climate change)? What are the specific transmission channels?
7. How will firms and households be affected by physical climate risks (i.e., the high frequency and severity of climate disasters)?
8. What is the role of the financial sector in mitigating the impacts of climate change?
9. Are green public subsidies effective in supporting the low-carbon transition?
10. How do public policies and awareness affect the flow of private money toward climate change mitigation and adaptation?
11. How do monetary and macroprudential policies affect income and wealth inequality? What are the specific transmission channels?

Recommendations:

• Write your thesis in English.
• Use LaTeX (an online version such as Overleaf is preferable).
• Use ChatGPT and other new technological advances, but always double-check the output!
• Think about the topic carefully. You will spend a significant amount of time with it. Ask yourself these questions:
  • Am I okay learning about this topic extensively?
  • Is this broadly in line with what I would like to pursue in the future?
  • Is there enough existing literature so that I can build upon it, but not too much so that I have some value added?
  • Do the data I need exist? Are there publicly available codes/packages I can use as a basis for estimation/modelling?
    • If not, can I create them (data and/or codes)?
  • Will my work have an impact?

2024-2026: Czech Science Foundation (GACR) “Central Bank Policies, Financial Sector, and Inequality” (24-12098S), Principal Investigator

Central banking, monetary policy, financial stability and systemic risk, low-carbon transition and climate risks, distributional effects of central bank policies