Jaroslav Horvath

Jaroslav Horvath

Phone: (603) 862-0867
Office: Economics, Paul College Rm 341, Durham, NH 03824

Jay (Jaroslav) Horvath is an Associate Professor of Economics at the University of New Hampshire. His work focuses on investigating the impact of international shocks, which often originate in the U.S., on business cycle and asset price fluctuations in emerging market economies. In addition, his research examines asset pricing under disaster risk characterized by low probability events with catastrophic consequences such as wars, financial crises, and pandemics.

Courses Taught

  • ECON 611: Inter Macroeconomic Analysis
  • ECON 635: Money and Banking
  • ECON 972: Macroeconomics I Lab
  • ECON 988: Graduate Economics Seminar


  • Ph.D., Economics, Ohio State University
  • M.A., Economics, Ohio State University
  • M.S., Economics, East Carolina University
  • B.S., Economics, East Carolina University

Research Interests

  • Business Cycles/Crises
  • International Economics
  • Macroeconomics
  • Open Economy Macroeconomics

Selected Publications

  • Horvath, J., & Yang, G. (n.d.). Global Financial Risk, Equity Returns and Economic Activity in Emerging Countries. Oxford Bulletin of Economics and Statistics. doi:10.1111/obes.12595

  • Germaschewski, Y., Horvath, J., & Zhong, J. (2022). Oral interventions in the foreign exchange market: evidence from Australia. EMPIRICAL ECONOMICS, 62(6), 2713-2737. doi:10.1007/s00181-021-02112-5

  • Horvath, J., & Yang, G. (2022). Unemployment dynamics and informality in small open economies. EUROPEAN ECONOMIC REVIEW, 141. doi:10.1016/j.euroecorev.2021.103949

  • Horvath, J., & Rothman, P. (2021). Mortgage spreads, asset prices, and business cycles in emerging countries q. JOURNAL OF INTERNATIONAL MONEY AND FINANCE, 115. doi:10.1016/j.jimonfin.2021.102370

  • Germaschewski, Y., Horvath, J., & Rubini, L. (2021). Property rights, expropriations, and business cycles in China. JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 125. doi:10.1016/j.jedc.2021.104100

  • Horvath, J. (2020). Macroeconomic disasters and the equity premium puzzle: Are emerging countries riskier?. JOURNAL OF ECONOMIC DYNAMICS & CONTROL, 112. doi:10.1016/j.jedc.2020.103852

  • Horvath, J. (2019). Isolating the disaster risk premium with equity options. JOURNAL OF EMPIRICAL FINANCE, 51, 138-148. doi:10.1016/j.jempfin.2019.02.005

  • Horvath, J., & Zhong, J. (2019). Unemployment dynamics in emerging countries: Monetary policy and external shocks. Economic Modelling, 76, 31-49. doi:10.1016/j.econmod.2018.07.017

  • Horvath, J. (2018). Business cycles, informal economy, and interest rates in emerging countries. JOURNAL OF MACROECONOMICS, 55, 96-116. doi:10.1016/j.jmacro.2017.10.002

  • Most Cited Publications