The second attempt – the picnic at Ladronka, come with your family!

25/05/2014   |   Mgr. Eliška Šerhantová

The next informal meeting of IES Alumni will be held at Ladronka on the 31th of May 2014 from 3:00 PM. We hope that the weather will be more pleasant than the last time. We are looking forward to seeing you somewhere near the meeting point at the map enclosed. Feel free to take your partners and children, and bring with you your sport equipment, picnic baskets and a good cheer. We would be glad if you catch an opportunity to work out together, chat and enjoy nice afternoon with former IES students. All of the sport activities will not be organized, and it is completely up to you if you bring running shoes, in-line skates or just a bottle of wine and a blanket. There will be prepared some activities for children, so that they would not get bored. We hope that it will pass without any complications and without rain.

Award for best CNB research papers

18/05/2014   |   Ing. Petra Dědková

The Czech National Bank has granted this year’s Economic Research Award to two articles. The announcement of the Award formed part of the Czech National Bank’s 10th Research Open Day.

The first article, entitled “Transmission Lags of Monetary Policy: A Meta-Analysis”, was written by Tomáš Havránek and Marek Rusnák

The second, entitled “Are Bayesian Fan Charts Useful for Central Banks? Uncertainty, Forecasting, and Financial Stability Stress Tests”, was written by Michal Franta, Jozef BaruníkRoman Horváth and Kateřina Šmídková. Kateřina Šmídková had originally given up the award, but the CNB decided to bestow it on her in memoriam.

The two research papers that share this year’s Economic Research Award are both highly relevant to the CNB and were published in the prestigious and highly selective International Journal of Central Banking.

Best Undergraduate Paper Competition

16/05/2014   |   Mgr. Eliška Šerhantová

The International Atlantic Economic Society is pleased to announce Best Undergraduate Paper Competition. Submission Deadline: June 15, 2014. The winner of the student competition will receive a $500 check. The paper must conform to AEJ manuscript style instructions, be 10 - 20 pages in length including tables, and be submitted in MS Word format. For details please contact Eliška Šerhantová.

Jozef Baruník, Roman Horváth and Kateřina Šmídková have published an article in the IJCB

14/05/2014   |   Ing. Petra Dědková

We congratulate our faculty members Jozef Baruník, Roman Horváth and Kateřina Šmídková (in memoriam) for their work to be published in the International Journal of Central Banking. The article „Are Bayesian Fan Charts Useful? The  Effect of Zero Lower Bound and Evaluation of Financial Stability Stress Tests“ is a joint work with Michal Franta (Czech National Bank).

The journal ranks among top 50 journals in the field of Economics in the world according to the recursive impact factor of the RePEc Database.

Postoned until 31. 5.!!! - “IES Alumni picnic” at Ladronka, come with your family!

12/05/2014   |   Mgr. Eliška Šerhantová

The next informal meeting of IES Alumni will be held at Ladronka on the 31th of May 2014 from 3:00 PM. We are looking forward to seeing you somewhere near the meeting point at the map below. Feel free to take your partners and children, and bring with you your sport equipment, picnic baskets and a good cheer. We would be glad if you catch an opportunity to work out together, chat and enjoy nice afternoon with former IES students. All of the sport activities will not be organized, and it is completely up to you if you bring running shoes, in-line skates or just a bottle of wine and a blanket. There will be prepared some activities for children, so that they would not get bored. In the case of rain the event would be postponed. 

Deadline for Master Thesis Proposals is June 20, 2014

08/05/2014   |   PhDr. Tomáš Havránek Ph.D.

If you want to defend your thesis next year in the summer semester, your topic must be confirmed by your supervisor in the Student Information System by June 20, 2014 (use the "Thesis" module).
Then by July 31, 2014, you must send the detailed thesis proposal, conforming to the template and approved by your supervisor, to ,, and Note that this version of the proposal should not be signed; you and your supervisor will only sign the final version later on.
You can choose from a list of topics in the SIS or come up with your own topic. In any case, you must find a suitable advisor willing to work with you.

Roman Horváth elected President of the Czech Economics Society

07/05/2014   |   PhDr. Martin Gregor Ph.D.

Czech Economics Society (CES) is a scientific association, with membership open to all persons involved or interested in economics. The main mission of the Society is to enhance the development and knowledge of economics in the Czech Republic.

The Society organizes lectures, seminars, and competitions for young economists. Every two years, it organizes a large conference for professional economists.

IES-CSOB Awards for the Best Thesis

05/05/2014   |   PhDr. Martin Gregor Ph.D.

The results of the IES-CSOB Best Thesis Competition on "Banking, confidence, and finance" were announced on April 30 in the Era World premises.

The overall winner is Tomáš Havlíček (see on the right). Adam Klečka (currently at University of St. Gallen, Switzerland) took the 2nd place and Tomáš Jelínek (see on the left) scored the 3rd place. At the ceremony, the students briefly introduced their work to the audience.

Congratulations to the winners!

Czech National Bank Research Open Day 2014

17/04/2014   |   PhDr. Tomáš Havránek Ph.D.

We invite all students and faculty members to the tenth CNB Research Open Day, which will be held in the Czech National Bank’s Commodity Exchange (Plodinová burza) building on Monday, 12 May 2014.

This event will provide an opportunity to see some of the best of the CNB’s current research work, to learn about the CNB Call for Research Projects 2015, and to meet CNB researchers informally.

Please note that places will be subject to availability owing to the limited capacity of the conference room. Registration is required:

The CNB has just released a new issue of research bulletin with Roman Horvath as its guest editor

16/04/2014   |   PhDr. Martin Gregor Ph.D.


Roman Horvath, deputy director of the IES, is a guest editor of a new issue of the Economic research bulletin on the methodology of stress tests. The bulletin is regularly published by the Czech National Bank. Several other researchers affiliated with the IES contributed to this issue as well.

Lecture of Miroslav Singer, CNB Governor, called "The Exchange Rate as a Monetary Policy Instrument"

15/04/2014   |   Ing. Petra Dědková

will be held in room 109 on April 17th, 2014 at 17h. Lecture will be in English, followed by discussion about his work in Czech.

Invitation to a talk of Prof. Rita D'Ecclesia

13/04/2014   |   PhDr. Ladislav Krištoufek Ph.D.

Prof. Rita D'Ecclesia of University of Rome "La Sapienza", a current Chair of The European Working Group for Commodities and Financial Modelling, is giving a lecture on "Understading recent crude oil dynamics" as a part of the doctoral seminar Nonlinear Dynamic Economic Systems: Theory and Applications (NDES) at UTIA (, room #3 on Thursday 17.4.2014 starting from 4PM. All Ph.D. students as well as other interested students or faculty members are sincerely invited.

Martin Burda has published an article in the Journal of Multivariate Analysis

11/04/2014   |   Ing. Petra Dědková

We congratulate our research fellow Martin Burda (University of Toronto and the IES) for his work to be published in the Journal of Multivariate Analysis. The article Copula Based Factorization in Bayesian Multivariate Infinite Mixture Models is a joint work with Artem Prokhorov (University of Sydney).

The journal ranks among top 50 journals in the field of Statistics in the world (according to the Article Influence Score from the Web of Science).

Invitation to a lecture by Prof . Rita L. D' Ecclesia (University of Rome " La Sapienza")

10/04/2014   |   Ing. Dagmar Schnellerová

on " Time varying correlation: a Crucial measure in financial modeling". Prof. Rita Laura D' Ecclesia works at Birkbeck University of London and is Chair holder of the Euro Working Group for Commodities and Financial Modelling - EWGCFM . The lecture will be held at 9:00 pm on April 17th, 2014 in KPMS seminar room (1st floor), the building of Mathematics and Physics at Charles University in Prague, Sokolov 83, Prague 8.

Job positions open for 6 Ph.D. students at the Center for doctoral studies at the IES

10/04/2014   |   PhDr. Jan Soudek

We recommend that the applicants as well as the current first-year Ph.D. students consider applying for one of the six positions (0.1 part-time) now open in the Centre for doctoral studies of the IES with the beginning of September 2014. One of the requirements is to be a full-time Ph.D. student during the 2014/2015 academic year. The applications together with CV, personal form, verified copies of the education attained, a list of academic publications and at least one academic recommendation should be sent by May 24 to HR office at FSV UK, Smetanovo nábř. 6, 110 01 Praha 1. more information at the bottom of this Ph.D. webpage.

The best courses of Fall 2013

02/04/2014   |   Ing. Dagmar Schnellerová

We are pleased to announce the best courses of the previous semester (Fall 2013/2014). The score of a course is defined as a geometric mean of course quality (overall mark) and course difficulty as assigned by the students in the course evaluation.

  • Bachelors: Matematika III (Bárta), International Trade (Benáček, Semerák), Game Theory and Political Economy (Gregor)
  • Masters: Business Cycles Theories (Baxa, Vácha, Adam), Advanced Macroeconomics (Baxa, Hromádková), Advanced Econometrics (Baruník) 

We also take this opportunity to ask students to actively participate in the evaluation. Voicing both your satisfaction or suggestions for improvement is essential for further development of our school. Please submit your feedback for all courses where you take part.

Internships for Bachelor students

02/04/2014   |   Mgr. Eliška Šerhantová

From the upcoming Winter term, Bachelor students will be entitled to earn 3 ECTS credits for an internship. The internship could be organized either by students themselves or by the newly established Career Coordinator who will be keen to help with the search. Career Coordinator will have a list of available internships which are suitable for our Bachelor students. Some of the internships will be for non-Czech speaking students in particular. Career Coordinator will be happy to help you with the decision-making process and recommend you several suitable slots. At the moment, we are in the course of preparing the list. If you have already applied (or you are applying now) for some internship that starts lately this year, you may also qualify for credits for that internship.

The rules are below:

  • The internship must be a professional internship in the fields of economics and finance.
  • The internship has to be approved by the IES in advance.
  • Students should have finished their second year study obligations before their internship starts.
  • The duration is at least 200 working hours (e.g. 10 weeks/20 hours per week)
  • The IES will check the agreements and approves the credits after finishing the internship.
  • In Winter 2014/2015, you have to enroll into the Bachelor course "Internship".

 In the case of interest please contact Career Coordinator Ms. Eliska Serhantova.

Reuters Wealth Manager

01/04/2014   |   Mgr. Eliška Šerhantová

11 free access to the Reuters Wealth Manager is available for students of IES . Those interested can register at the secretariat IES . 

Dissertation Pre-defense of Petr Gapko

01/04/2014   |   Mgr. Michal Paulus

Dissertation Pre-defense of Petr Gapko will take place on Wednesday, April 16th, 2014 at 5:00 pm in room 109. The topic is "Three Essays on Credit Risk Quantification". All scholars and students are invited.

A new BLUENOMICS database

31/03/2014   |   Ing. Dagmar Schnellerová

A comprehensive database of the economic data BLUENOMICS has been released in March 2014. You may find data from various official sources, such as Eurostat, OECD, and World Bank. BLUENOMICS draws from 150 million time series and provides a global view on macroeconomic data, foreign trade, environment, financial markets, demographics, education, energy, business or labor market. The database allows to directly export the charts. For students and academic staff, an academic account is available (registration with university e-mail address according to agreement with consultant of your Bachelor and Master thesis), through which they can download data free of charge. The database may be a valuable source of data mainly for your seminar works.

The new issue (2/14) of the Czech Journal of Economics and Finance

31/03/2014   |   Mgr. Eliška Šerhantová

 The new issue (2/14) of the Czech Journal of Economics and Finance has been released and brings the following papers

The journal is published by Faculty of Social Sciences, Charles University and is currently edited by Roman Horváth (Editor-in-Chief), Ondřej Schneider (Deputy Editor-in-Chief; IES, IIF), and Senior editors: Jarko Fidrmuc (Zeppelin University, Friedrichshafen), Martin Fukač (New Zealand Treasury), Tomáš Tichý (VSB-TU) and Laurent Weill (University of Strasbourg).

2014 IES Economic Meeting

30/03/2014   |   Mgr. Ondřej Daniel Ph.D.

Institute of Economic Studies (IES), Faculty of Social Sciences, Charles University in Prague and the International Network for Economic Research (INFER) are organizing a joint meeting on the current challenges on banking in Europe. This one-day workshop will take place at the Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague on 26th September.

Preliminary programme


NEW! Selected papers


Financial Stress Indexes and Financial Crises

Jakob de Haan (De Nederlandsche Bank, University Groningen), Robert Vermeulen (De Nederlandsche Bank), Marco Hoeberichts (De Nederlandsche Bank), Bořek Vašíček (Czech National Bank), Dana Hájková (Czech National Bank), Kateřina Šmídková (Czech National Bank)

      Discussant: Koen Schoors

Deposit insurance, moral hazard and risk, a tale of two crises

Koen Schoors (Ghent University)

      Discussant: Zuzana Fungáčová

Après, le deluge? Policies, Institutions, and Bank Profitability after the Global Financial Crisis

Christopher Hartwell (Center for Social and Economic Research, Warsaw)

      Discussant: Roman Horváth

Does Bank Liquidity Creation Contribute to Economic Growth?

Laurent Weill (EM Strasbourg Business School)

      Discussant: Adrian Babin

The Transmission of Bank Funding to Corporate Loans: Deleveraging and Industry Specific Access to Loans in Germany

Jarko Fidrmuc (Zeppelin University), Philipp Schreiber (Mannheim University), 
Martin Siddiqui (Zeppelin University)

      Discussant: Jakob de Haan

Monetary Conditions and Banks´ Behavior in the Czech Republic

Petr Jakubík (EIOPA and IES, Charles University), Adam Geršl (IMF and IES, Charles University), Dorota Kowalczyk (CERGE-EI), Steven Ongena (University of Zurich), José-Luis Peydró (Universitat Pompeu-Fabra)

      Discussant: Monika Bucher

Frictions in the Interbank Market and Uncertain Liquidity Needs: Implications for Monetary Policy Implementation

Monika Bucher (University of Düsseldorf), Achim Hauck (University of Portsmouth, 
Ulrike Neyer (University of Düsseldorf)

      Discussant: Petr Jakubík

Securitization, Financial Stability and Macroeconomy: Evidence from an international panel

Di Gong (Tilburg University), Ata Can Bertay (Tilburg University)

      Discussant: Christopher Hartwell

Home-host banking issues and financial stability: Evidence from Central and Eastern Europe

Adrian Babin (European Investment Bank and IES, Charles University)

      Discussant: Di Gong

Non-Performing Loans: What Matters in Addition to the Economic Cycle?

Petr Jakubík (EIOPA and IES, Charles University), Roland Beck (European Central Bank), Annamaria Piloiu (Goethe University)

      Discussant: Jarko Fidrmuc

Invitation for the information meeting about the PhD. in Economics at the IES

27/03/2014   |   PhDr. Jan Soudek

Dear colleagues,

let me invite you:
1. to apply for Ph.D. in Economics (deadline April 30, entrance exams June 18 or July 2)
2. for an optional information meeting for applicants on 3rd April 2014, 16:00, room no. 601, IES, Opletalova 26, Prague. This is a meeting with the Director of graduate studies, where applicants will have the opportunity to ask any questions regarding the Program and its admission process.

Please check the web page for applicants If you still have questions, you can ask me at the information meeting or via email. 

Compact Course - Selected Topics in Financial Intermediation

24/03/2014   |   PhDr. Martin Gregor Ph.D.

Use the opportunity to enrol in the compact course Selected Topics in Financial Intermediation taught by Dr. Marie Hoerová, from April 8 (Monday) to April 11 (Friday) with a written exam on Monday, April 14.

Marie Hoerová is IES alumni, Ph.D. at Cornell and she works in the Research Department of the ECB. Dr. Hoerová has published in prestigious journals such as Journal of Monetary Economics, Journal of Banking and Finance and others. For more information and a syllabus of the course, please see: Selected Topics in Financial Intermediation.

Policy research seminar

24/03/2014   |   PhDr. Martin Gregor Ph.D.

We invite students to voluntary seminar on applied policy research. First topic "The role of State-owned enterprises in Czech economy and their political bias" will be presented by Jiří Skuhrovec on Thursday 27.3. We hope to get lively discussion and encourage students to present their bachellor and diploma theses to get relevant feedback.  

Seminar will take place every second Thursday, more details on  seminar page.

Collection of papers from the IES Economic Meeting 2012 just released

14/03/2014   |   PhDr. Martin Gregor Ph.D.

Economic Systems, an Elsevier journal, has just released a special issue "Challenges to Financial Stability in Central and Eastern Europe". The special issue has been edited by Roman Horvath and Laurent Weill as guest editors.

The issue contains papers presented and discussed at the IES Economic Meeting we organized at the Institute in the year 2012. The papers are written by scholars from the universities from Austria, Czech Republic, France, Germany, and the United States.


DAAD Scholarships for CR

10/03/2014   |   Ing. Dagmar Schnellerová

DAAD - Information Center Prague offers studies and research in Germany: Scholarships for participating in a summer course , internship positions for foreign students of natural science and engineering, agriculture and forestry , study and concert trips and study practice group of foreign students in Germany, summer academy, research scholarships for PhD students and young researchers, and more. More information here. Deadline for applications see click.

Internships offer and summer placements for students within 25 years from EIB

10/03/2014   |   Ing. Dagmar Schnellerová

The European Investment Bank informs about the internships offer and summer internships for students up to 25 years. Detailed information here. Applications should be submitted to the authority from 3rd till 16th March 2014.

Erasmus+ Interviews March 13

10/03/2014   |   PhDr. Pavel Vacek Ph.D.

Everybody who applied for Erasmus+ program should have received an invitation for an interview  by email last week. If there is somebody who applied and did not receive the invitation email, please check your spam folder and, in any case, please come for your interview on March 13 at 8 am.

The results from course evaluation are published

07/03/2014   |   Ing. Šárka Bokočová

Dear colleagues, dear students. The results of the evaluation (courses from winter semester) are available at the web page: Thanks all for their help. Petr Soukup

ECB Traineeships

05/03/2014   |   PhDr. Martin Gregor Ph.D.

Economics department of the ECB seeks applicants for two traineeships. One position is for PhD students who have been 2 years in their PhD studies, and one position is for Master students. Both are for a minimum of 3 months, extendable to 12. The deadline is very tight: 6 March. Only students with a EU passport are eligible.

Erasmus+ Interviews March 13

27/02/2014   |   PhDr. Pavel Vacek Ph.D.

If you applied for Erasmus+ program, reserve yourself March 13 (Thursday) from 8 am to 5 pm for Interviews. All applicants will receive an email with more information in the first week of March (invitation for an interview and more precise timing of the interview).

A compact course: JEM140 - Quantitative Multivariate Finance

25/02/2014   |   Ing. Dagmar Schnellerová

will be taught by Martin Burda M.A., Ph.D. The course is targeted for the 3rd year bachelor students and for all master students. It is a 3 credit, optional course (alternative A). The course runs from Monday May 19 to Friday May 23rd from 9:00 am to 12:00 pm in room 109. Please see syllabus for more information.

Research Seminar - Vasiliki Athanasakou (LSE)

24/02/2014   |   Jiří Novák M.Sc., Ph.D., Deloitte Corporate Chair

We cordially invite you to a research seminar “Investor Attention to Salient Features of Analyst Forecasts” by Vasiliki Athanasakou from the London School of Economics and Political Science.

“Do investors focus on salient and easy-to-process features in responding to analyst forecasts?We find that while rounding in earnings-per-share forecasts is only marginally associated with forecast accuracy, investors attribute to it undue significance.”

Download the paper at:

When: 26 February 2014 at 5:00 p.m. Where: Opletalova 26, room 109.


19/02/2014   |   PhDr. Pavel Vacek Ph.D.

The IES got 54 Erasmus+ slots with guaranteed financing and additional 20 slots for substitutes (substitutes can leave abroad only for the summer term). Use this information together with our internal Ranking of Universities to predict your chance to get finances for your stay.

Study Abroad in China

19/02/2014   |   PhDr. Pavel Vacek Ph.D.

The International Office would like to inform about an opportunity for FSS students to study abroad in China at Peking University HSBC Business School in Shenzhen. This exchange is open to the students of the Institute of Economic Studies Master level programs only (MEF, IEPS and CFS). The deadline for applications is on 12 March 2014. For more information please visit the Study Abroad section of the Faculty's intranet:


18/02/2014   |   Ing. Dagmar Schnellerová

AMO in cooperation with the Friedrich Naumann Foundation for Freedom invites you to the international conference entitled "ENLARGEMENT TEN YEARS ON: NEW EUROPE’S CONTRIBUTION TO SINGLE MARKET" dedicated to the development of Internal market of the European Union in last ten years and its future prospects. The event takes place in the CERGE-EI, Prague on Thursday, February 27, 2014, 9:00 - 15:30. For more information and registration, please look at

Workshop on ISI Emerging Markets Database: for students, teachers, staff...

17/02/2014   |   doc. Ing. Tomáš Cahlík CSc.

JEM138 - Selected Topics in Financial Intermediation

17/02/2014   |   PhDr. Pavel Vacek Ph.D.

Compact course - JEM138 - Selected Topics in Financial Intermediation will be taught by Dr. Marie Hoerová from the ECB in April. If interested, register now in the SIS. Precise time schedule will be published during March 2014.


16/02/2014   |   PhDr. Pavel Vacek Ph.D.

Apply for Erasmus+ student exchange, see the Faculty Announcement for all information. Deadline: Feb 27, at 3 pm!

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