Jaroslav Horvath

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

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.


  • 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

Courses Taught

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

Selected Publications

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