The article "Scapegoating of ethnic minorities: experimental evidence", which summarizes CEPR Discussion Paper 16453 on the topic of discrimination against ethnic minorities and its triggers, co-authored by our colleagues and CEPR members Michal Bauer and Julie Chytilová, was published at VoxEU.
Scapegoating refers to a social phenomenon whereby members of an aggrieved majority group retaliate against innocent third parties, usually members of vulnerable minority groups. The article describes an experiment that took place between May and September 2017 in eastern Slovakia, where a large Roma minority regularly suffers discrimination. Our colleagues measured how an injustice that affects a member of one's own group shapes the punishment of an unrelated bystander (or scapegoat). The participants of this experiment were 337 young Slovak students from the last two years of high school and from a local university, along with 484 young adults of the Roma minority from the same regions. The experiment shows that members of the majority group will systematically transfer punishment onto innocent members of an ethnic minority.
This research was also mentioned by Michal Bauer as one of the keynote speakers at the ESA Global Online Around-the-Clock Meeting 2021, the most important conference of experimental economists, in the overview lecture "Triggers of Inter-group Hostility" - the recording is available here.
12/10/2021 - Public Economics Seminar starting October 13
All students and researchers interested in public finance and public economics are warmly invited to a first Public Economics Seminar this Wednesday between 12:30 and 13:50 in room 105 at IES.
This week we will have presentations by Daniel Kolář on "Correcting wealth surveys with income tax data" and by Miroslav Palanský on "Indicators of tax havens".
The informal research seminar will take place every other Wednesday.
Together with other details, the programme is available here and will be continually updated.
Please write to Petr Janský or Miroslav Palanský if you would like to present or discuss somebody's presentation.
Undergraduate as well as graduate students are, of course, welcome and they can, for example, learn about potential topics for their theses and get to know their potential thesis supervisors.
We are looking forward to seeing you!
12/10/2021 - Grant Agency has announced the competition for 2022
The Charles University Grant Agency has announced a new round of applications with commencement in 2022. Students of Master’s and Ph.D. programs studying in their standard study period can submit their grant proposals. The duration of projects is 1-3 years.
Faculty deadline for proposal submission: October 25, 2021.
Our colleague Jozef Baruník and his colleagues from The Academy of Sciences of the Czech Republic, Faculty of Mathematics and Physics and Humboldt University, co-organized the "Statistics of Machine Learning" conference, which took place in Prague from October 7 to October 8, 2021. Among the speakers from the Institute of Economic Studies, there were Jozef Baruník, František Čech, Martin Hronec, Josef Kurka, Matěj Nevrla, Lenka Nechvátalová. You can find the complete list of presenters and their topics here.
29/09/2021 - Opening hours in Opletalova
For the time being, the IES building in Opletalova remains open every working day (Mon - Fri) from 7 am to 8 pm.
Our library is open as follows:
25/09/2021 - Call for papers: Young Economist of the Year Award
The Czech Economic Society calls for applications for the 28th Young Economist of the Year Award.
The competition is open to Czech citizens as well as to citizens of other countries who are living, working or studying in the Czech Republic, aged 30 years or under (these conditions also apply to potential co-authors). Each applicant may send only one scientific paper of their own work, which should be no longer than 30 pages (a maximum of 54,000 characters including spaces), and must include an abstract, keywords and JEL classification.
The paper (without the author’s name) should be sent along with an application form and a short nontechnical summary of up to 100 words by e-mail to firstname.lastname@example.org. Deadline: October 10, 2021.
Each award winner is obliged to present their paper briefly on the occasion of the announcement of the award during the General Assembly of the Czech Economic Society at the Institute of Economic Studies, Faculty of Social Sciences, Charles University on November 25, 2021.
The application form and the award regulations are available here.
The award winners will receive 30,000 CZK for the first place, 20,000 CZK for the second place and 10,000 CZK for the third place. The President of the Czech Economic Society (CES) may also award the “Karel Engliš Prize” for the best paper on Czech economic policy. “Honourable Recognition by the President of the CES for an Excellent Paper” may also be awarded to an author aged 25 years or younger who has not previously received an award from the CES.
Any questions about the award or application procedure should be sent to email@example.com.
The award is supported by the Council of Scientific Societies of the Czech Republic. The award also benefits from media partnership with Roklen24.cz and magazine Bankovnictví.
Photo: CES archive, IES students receiving the 2020 Prize
Attention Bachelors and soon-to-be-Bachelors interested in economics, finance and/or data analytics!
Do you wish to spend your Master studies in a friendly and thought-provoking environment, in the company of bright, inspiring and experienced colleagues in the beautiful city of Prague at the prestigious Charles University, regularly ranking amongst the best 150 universities in economics in the world? Then you have probably already considered applying for our Master of Economics and Finance (MEF) or Master in Economics and Data Analytics (MFDA) Program at the Institute of Economic Studies in 2022/23.
Are you worried about the tuition costs? If you are coming from:
- Bosnia and Herzegovina
we have some great news for you - you can now apply for a full scholarship to cover your future studies in the Czech Republic!
These so-called Government Scholarships are designed to cover several types of studies in the Czech Republic, in our case, the standard length of study in Follow-up Master study programmes with instruction in the English language.
The online application form is available HERE. Please, read the detalied guidelines and FAQ.
DEADLINE: September 30, 2021.
Not eligible for this particular scholarship? No worries, we will be informing about other scholarship opportunities regularly.
Our colleague Petr Janský will be among the speakers at the international online conference "The fiscal and distributional consequences of global tax avoidance and tax evasion", co-organised by the European Commission from September 27 to September 29, 2021.
His presentation "Profit Shifting by Multinational Corporations Worldwide: Evidence from Country-by-Country Reporting", based on the research (full working paper here), co-authored by his colleague Javier Garcia-Bernardo from the CORPTAX project,
will take place on Tuesday, September 28 at 4:00 pm.
You can access the online conference for free after a registration here.
The full programme and names of other speakers can be found here.
Photo: Milan Jaroš
Starting Monday, September 6, 2021, the faculty libraries will re-open in fiull regime - you can find the opening hours here.
Library Opletalova will be open as follows:
The following security measures apply in the library:
The number of users present in the library will be limited in order to keep the limit of one person per 15 m². Users are required to cover their mouths and noses with the FFP2 respirator, disinfect their hands at the entrance and keep a two-metre distance.
The libraries of Charles University started operating in the new library platform Alma. It also includes a new form of the discovery service UKAŽ (ukaz.cuni.cz/en), which replaces and unifies the functions of the original library catalogue (CKIS), the SFX link server and the Ebsco Discovery Service.
The new form of the discovery service, in addition to searching printed, electronic and digital information sources from the collections of Charles University, also allows direct management of your user account. everything is available in one place, under a single account, via one online registration.
You can find more information and instructions for using the search engine on a separate page.
On August 30, 2021, the Deloitte Outstanding Thesis Award (DOT Award) was presented at Deloitte headquarters in Prague.
The DOT Award was established in 2018 thanks to the long-term partnership between IES and Deloitte, which has been in place since 2014. With its name, the DOT Award not only refers to the Deloitte logo, but also represents a symbolic closure of the challenging study at IES FSV UK.The examination committees nominate approximately top 10% of the best graduate theses. Later, the program directors evaluate the nominations based on the IES thesis grading criteria. The winning papers are finally presented to Deloitte representatives.
The presentations, followed by the awarding of diplomas and prizes, and a networking reception were attended by the representatives of Deloitte Marek Romancov, Roman Lux and Petr Čihák, Deloitte Corporate Chair and coordinator of the cooperation at IES Jiří Novák, Alumni Association Coordinator and Career Advisor Eliška Krohová and the 2021 DOT award winners Kateřina Kroupová, Marie Ptáčníková, Lukáš Janásek, Petr Čala and Katarína Gömöryová. The opportunity to receive the diplomas in person to talk with the company representatives and fellow alumni in a pleasant atmosphere was also taken used by some of the 2020 students whose presentation had to be held online due to the pandemic situation.
Marek Romancov, partner in the tax department of Deloitte, appreciated in his opening speech that the graduation theses of our students, in addition to their excellent quality, often have a significant sociological overlap or use modern research methods. He also mentioned that IES FSV UK graduates who decided to connect their future career with Deloitte are a great contribution to the team.
Jiří Novák also highlighted the courage of the authors of the theses to approach interesting issues and use challenging methods as well as the courage of the Deloitte representatives, who do not require any specific mandatory topics for this competition, but support the diversity of topics that the IES students are really interested in.
And what did the laureates themselves say?
All the authors of the award-winning papers agreed that they had received exceptional support at IES in the form of excellent guidance, frequent and helpful consultations, and valuable advice concerning their research. According to the presenters, the supervisors Jozef Baruník, Barbara Pertold-Gebicka, Zuzana Havránková, Tomáš Havránek and Jana Votápková had all have a significant impact on the final quality of the awarded papers. We hope that this friendly and at the same time effective cooperation between teachers and students, as well as good relations between our alumni will always be something that we can be proud of.
The awarded theses' details, including abstracts and reviews, can be found at the links below:
Bc. Petr Čala
Do Money Rewards Motivate People? A Meta-Analysis
Mgr. Kateřina Kroupová:
The Impact of Student Employment on Educational Outcomes: A Meta-Analysis
Mgr. Lukáš Janásek:
Acquisition of Costly Information in Data-Driven Decision Making
Congratulations once again and thank you for the exceptional effort you put into the selection of the topic and the exceptional quality of your graduate theses!
30/08/2021 - Our students won the fourth place at the RETC 2021
Our students Martin Bosák, Diana Bosáková, Filip Jonáš and Tereza Tížková assembled a team with the support of Associate Professor Jozef Baruník and represented the IES as well as the Czech Republic at the Rotman European Trading Competition.
In the competition of 31 teams from European universities, they won the fourth place. Congratulations!
Despite the fact that the competition was held online, the participants consider the experience very beneficial and can recommend taking this opportunity to all courageous IES students in the future.
Detailed results and info can be found here.
The article Psychological Effects of Poverty on Time Preferences, co-authored by our colleagues Julie Chytilová, Michal Bauer and Vojtěch Bartoš and Ian Levely, was published in the August issue of The Economic Journal, a prestigious journal that focuses on publishing high-quality and innovative economic research.
Motivated by research in behavioural economics, which highlights that delaying gratification and exercising self-control can be seen as costly mental processes, the authors tested the idea that the cognitive or emotional burdens associated with living in chronic poverty may tax self-control, and thus directly affect time preferences.
The experiments took place among farmers in Uganda: they were led to thinking about financial pre-occupations and subsequently, their intertemporal choices in an entertainment discounting task were measured. The results show that concerns about poverty-related problems increase individual preferences for earlier consumption of entertainment and the tendency to postpone unpleasant activities.
This phenomenon may contribute to the long-term nature of poverty.
We test whether an environment of poverty affects time preferences through purely psychological channels. We measured discount rates among farmers in Uganda who made decisions about when to enjoy entertainment instead of working. To circumvent the role of economic constraints, we experimentally induced thoughts about poverty-related problems, using priming techniques. We find that thinking about poverty increases the preference to consume entertainment early and to delay work. Using monitoring tools similar to eye tracking, a novel feature for this subject pool, we show that this effect is unlikely to be driven by less careful decision-making processes.
Congratulations on the publication!
02/08/2021 - Libraries: summer opening hours
Please note that from July 1 to August 11, 2021, our libraries will have limited opening hours only.
From August 12 to August 31, 2021, the library will be transitioning to a new library platform.
The old library system will be down. It will therefore not be possible to borrow books. Only the study room will be open.
Books borrowed from June 1, 2021 have an extended loan period until September 6, 2021.
Opening hours from July 1 to August 11, 2021:
Opening hours from August 12 to August 31, 2021:
Thank you for your understanding.
The Institute of Economic Studies of the Faculty of Social Sciences at Charles University (IES) and Deloitte regularly grant the Deloitte Outstanding Thesis Award (DOT Award) to the best Bachelor’s and Master’s Theses defended at IES.
For 2021, the following theses have been nominated by the IES examination committees and are considered for the award:
- Bc. Petr Čala
Do Money Rewards Motivate People? A Meta-Analysis
- Bc. Katarína Gömöryová
Payoff of having children - Do elderly parents of more children live in a nursing home less often?
- Mgr. Kateřina Kroupová:
The Impact of Student Employment on Educational Outcomes: A Meta-Analysis
- Mgr. Marie Ptáčníková, MSc:
Investigation of cross-country differences in student performance in standardized tests: the role of modern and traditional teaching methods
- Mgr. Lukáš Janásek:
Acquisition of Costly Information in Data-Driven Decision Making
The DOT Award was established in 2018 thanks to the long-term partnership between IES and Deloitte, which has been in place since 2014. Examination committees nominate approximately top 10% of the best graduate theses for nomination. Later, the program directors decide on the nominations based on the IES thesis grading criteria. The winners are finally selected by Deloitte representatives.
This year's award ceremony will take place at the end of August in Prague. On this occasion, the 2020 award winners will also receive the prize, as due to the epidemiological situation, they have so far only been announced online.
Theses that are to be defended in September 2021 will be included in the nominations for spring 2022.
We would like to thank all nominees for the exceptional effort they have put into selecting their topic and the quality of their graduate theses.
Photo: Deloitte archive, presentation of the DOT Award to IES graduates
A key selling point of the 2017 Tax Cuts and Jobs Act (TCJA) in the U.S. was that it would discourage multinational corporations from funneling billions in profits to offshore tax havens, bringing that money back to the U.S. where it could create jobs and boost economic growth.
Nevertheless, a recent study, co-authored by Petr Janský and Javier Garcia-Bernardo (Charles University, Prague) and Gabriel Zucman (University of California, Berkeley), concludes that the TCJA has failed to stop the outflow of corporate profits abroad and has had little impact on the share of foreign earnings that U.S. companies have taxed in tax havens such as Bermuda and Ireland.
From 2015 to 2020 — the years before and after the law took effect — that share held steady at about 50%.
You can find more details in an article by CBS News.
07/07/2021 - Summer semester courses evaluation ends July 9, 2021
Have you already evaluated the summer semester courses?
Let us kindly remind you that July 9 is the deadline for you to share your experience with the summer semester 2020/21 courses at http://hodnocenifsv.ff.cuni.cz.
Use your usual CAS login. Issues? Please, contact firstname.lastname@example.org.
Your feedback is extremely valuable to us.
It helps us a lot if you leave a few words in addition to your rating on the best-worst scale:
- Was there a specific content or format that was beneficial for you?
- Was there anything in particular we could have done better?
The opportunity to share your honest feedback and help improve future courses for everyone is here, now, today... please, do not miss it. Thank you!
06/07/2021 - Czech Journal of Economics and Finance
The first issue of Czech Journal of Economics and Finance in the year 2021 was published.
The list of published papers is available below.
Stepan JURAJDA a Pavla DOLEZELOVA:
Czech Kurzarbeit: Evidence from the 1st Pandemic Wave
Martin MANDEL, Jan VEJMELEK:
Testing the Properties of Financial Analysts’ Predictions of Future Spot Exchange Rates (Example of CZK/EUR)
Karen POGHOSYAN, Ruben POGHOSYAN:
On the Applicability of Dynamic Factor Models for Forecasting Real GDP Growth in Armenia
Tomas STOFA, Michal SOLTES:
Maximizing the Chances of Funding Success in Reward Crowdfunding
The journal is published by Faculty of Social Sciences, Charles University and is currently edited by Roman Horváth (Editor-in-Chief), and Senior editors: Jarko Fidrmuc (Zeppelin University, Friedrichshafen), Martin Fukač (New Zealand Treasury), Evžen Kočenda (Faculty of Social Sciences, Charles University, Prague), Ondřej Schneider (IES, IIF), Laurent Weill (University of Strasbourg) and Stefan Lyocsa (Institute of Economic Research, Slovak Academy of Sciences).
In the article "Will poorer countries benefit from international tax reform?", which discusses the broader context of the international tax reform and what makes it so complicated for the 139 countries in the forum led by OECD to reach a consensus, the current issue of the printed version of The Economist cites the research and refers to the estimates by our colleague Petr Janský and Javier Garcia-Bernardo of the Tax Justice Network:
"The current system for global tax dings poor countries in two ways. For a start, multinational companies shift their reported profits to low-tax havens, depriving them of revenue. Then the rules allocate taxing rights to countries that are home to company headquarters, which tend to be rich. Poor countries’ tax revenues are depressed by as much as 5% relative to an alternative system in which profits are taxed based on the current location of companies’ revenues, their employees and their wage bills ... By contrast, those in rich countries are only 1% lower. "
If you are interested in this topic and the future developments in the research of our colleagues, we also recommend following the CORPTAX project website as well as the newly launched EU TAX Observatory
We are looking for three new colleagues for the position of organisational and administrative staff members for CDS at the Institute of Economic Studies, Faculty of Social Sciences, Charles University.
- Master's degree in a relevant field
- Native or perfect Czech is a must (proficiency in English and Czech language both written and verbal)
- student of the Czech form of full-time doctoral studies at the Institute of Economic Studies of the Faculty of Social Sciences of the Charles University in the academic year 2021/2022
- expected start date 1 October 2021
Interested applicants can send their CV and a motivation letter to the following email address: email@example.com until June 10, 2021.
Please, see the detailed info in Czech here: https://ies.fsv.cuni.cz/cs/news/4968
The article "Measuring capital-labor substitution: The importance of method choices and publication bias" by Tomáš Havránek, Zuzana Havránková and Dominika Ehrenbergerová from IES and Sebastian Gechert from IMK Düsseldorf was published in the May issue of the prestigious journal Review of Economic Dynamics.
The elasticity of substitution between capital and labor is a key parameter that reflects the extent to which one factor of production can be substituted for the other. Its empirical estimates vary considerably in the existing literature, with the average of all estimates being 0.9, which is assumed by the so-called Cobb-Douglas production function often used in macroeconomic models.
In their research paper, our colleagues use meta-analysis to show that the large elasticity of substitution between capital and labour to date can be explained by publication bias, but also by the choice of data and methods used in the estimations. Without these biases the mean elasticity falls to 0.3, showing that the commonly used version of the Cobb-Douglas production function is not a correct representation of economic relations.
The paper has been mentioned on Twitter by e.g. Vitor Constâncio (former Vice President of the ECB), Pol Antras (Professor of Economics at Harvard), and shared by Olivier Blanchard (MIT), Per Krusell (IIES) , Gianluce Violante (Princeton), Cristiano Cantore (Bank of England) among others.
The main points of the research are also summarised in the official abstract below:
We show that the large elasticity of substitution between capital and labor estimated in the literature on average, 0.9, can be explained by three issues: publication bias, use of cross-country variation, and omission of the first-order condition for capital. The mean elasticity conditional on the absence of these issues is 0.3. To obtain this result, we collect 3,186 estimates of the elasticity reported in 121 studies, codify 71 variables that reflect the context in which researchers produce their estimates, and address model uncertainty by Bayesian and frequentist model averaging. We employ nonlinear techniques to correct for publication bias, which is responsible for at least half of the overall reduction in the mean elasticity from 0.9 to 0.3. Our findings also suggest that a failure to normalize the production function leads to a substantial upward bias in the estimated elasticity. The weight of evidence accumulated in the empirical literature emphatically rejects the Cobb-Douglas specification.
Congratulations on the successful research and publication!
We are pleased to announce that our colleague and CEPR member, Tomáš Havránek, was appointed to the Evaluation Panel for the European Research Council (ERC) Advanced Grants in 2020, becoming the first Czech representative in the field of economics and finance in this panel ever. He is also the youngest ever representative of the Czech Republic in the Advanced Grants category across all sciences.
ERC Advanced Grants, which may be awarded up to € 2.5 million for a period of 5 years, are the most prestigious research grants in Europe.
The evaluations take 6 months and the final decisions take two full weeks of panel meetings. Panel members are selected by the ERC from all around the world, based on their scientific reputation. The detailed selection criteria can be found here.
Apart from Tomáš Havránek, there were for example Professor Bo Honoré (Princeton), Professor Gianmarco Ottaviano (Bocconi) and Professor David Dorn (Zurich) among the internationally recognized scholars in the Evaluation Panel for Economics and Finance. The full list of panelists can be found here.
Congratulations on this prestigious role and a valuable experience!
01/06/2021 - Our researchers are active in the EU Tax Observatory
The EU Tax Observatory, an independent research laboratory hosted by the Paris School of Economics and supported by the European Commission, has been launched on June 1, 2021, with Sarah Godar, Petr Janský and Miroslav Palanský from IES as its active members:
Sarah Godar is a member of staff of the Observatory and has been working there since early 2021 as a research assistant.
Petr Janský is a member of the Advisory Board and Miroslav Palanský a Research Fellow.
The Observatory's website provides an overview of the current state of research on avoidance and tax evasion in Europe, including the recent papers by Petr Janský and his colleagues Javier Garcia-Bernardo, Miroslav Palanský or Alex Cobham:
- Profit Shifting of Multinational Corporations Worldwide
(2021, Javier Garcia-Bernardo a Petr Janský)
- Estimating the Scale of Profit Shifting and Tax Revenue Losses Related to Foreign Direct Investment
(2019, Petr Janský a Miroslav Palanský)
- Global distribution of revenue loss from tax avoidance: re-estimation and country results
(2018, Alex Cobham a Petr Janský)
We are delighted that in 2021, Charles University is ranked 151-200th in the world in Economics and Econometrics (which means a 50 place improvement in comparison to previous years). This ranking belongs among QS World University Rankings by Subject.
The QS World University Rankings is among the most recognized international rankings of universities. As the only international ranking, QS received official recognition from IREG - the Observatory on Academic Rankings and Excellence, an international association dedicated to evaluating and critically reviewing existing international rankings. In general, Charles University is now ranked 260th out of more than 1,000 ranked universities.
You can find out more about the CU's current position in prestigious world rankings and details about of their assessment methods here.
Last week (May 17-18, 2021), the 11th Annual Biennial Conference of the The Czech Economic Society took place.
It featured leading economists from the Central European region who presented more than 40 scientific studies from almost all fields of economics.
The conference also included a number of award ceremonies:
- Young Economist of the Year Awards 2020
Bruno Baránek, an alumnus of the IES undergraduate programme who is now studying for his PhD at Princeton University, received the main award for his paper "Quality of governance and design of public procurement".
The third prize in the same competition went to our student Marek Šedivý for his paper "Mortality shocks and household consumption: the case of Mexico".
- Karel Engliš Prize on Czech Economic Policy
was awarded to our students Dominika Ehrenbergerová and Josef Bajzik for their paper "The Effect of Monetary Policy on House Prices - How Strong is the Transmission?"
- Kateřina Šmídková Prize
honours Czech and foreign economists living in the Czech Republic for a long period and engaging in exceptionally high-quality publishing activities . This year's recipient is Marie Hoerová, Ph.D., an academic research advisor at the European Central Bank and CEPR. Today, she is (according to the international database IDEAS/RePEc) one of the 400 top-ranked economists in the world. She also started her economics career as a graduate of the IES undergraduate programme.
- CES Prize for Long-Term Contribution to the Development of Czech Economic Learning
was received by Professor Lubomír Mlčoch, Professor Emeritus of Economics at the IES FSV UK.
Congratulations to all the winners!
Reports and photo/video archive from the 11th Biennial Conference of the CSE (including the main photo) can be found here.
The prestigious and highly selective journal European Economic Review has published two articles written by our colleagues in the past few months.
The most recent volume (134, May 2021) contains an article "How puzzling is the forward premium puzzle? A meta-analysis", bringing the results of the research of our colleagues, Tomáš Havránek, Zuzana Havránková, Diana Žigraiová and Jiří Novák.
Their study uses meta-analysis to investigate why different papers report conflicting evidence on the forward premium puzzle and finds that the puzzle is much less prevalent than commonly thought.
You can access the full article here.
A key theoretical prediction in financial economics is that under risk neutrality and rational expectations a currency’s forward rates should form unbiased predictors of future spot rates. Yet scores of empirical studies report negative slope coefficients from regressions of spot rates on forward rates. We collect 3643 estimates from 91 research articles and using recently developed techniques investigate the effect of publication and misspecification biases on the reported results. Correcting for these biases yields slope coefficients in the intervals (0.23,0.45) and (0.95,1.16) for the currencies of developed and emerging countries respectively, which implies that empirical evidence is in line with the theoretical prediction for emerging economies and less puzzling than commonly thought for developed economies. Our results also suggest that the coefficients are systematically influenced by the choice of data, numeraire currency, and estimation method.
Volume 127 of the same journal brings an article from behavioural economics “Using Survey Questions to Measure Preferences: Lessons from an Experimental Validation in Kenya”, written by our colleagues Julie Chytilová, Michal Bauer and professor Edward Miguel.
The full article is available here.
Can a short survey instrument reliably measure a range of fundamental economic preferences across diverse settings? We focus on survey questions that systematically predict behavior in incentivized experimental tasks among German university students (Becker et al. 2016) and were implemented among representative samples across the globe (Falk et al. 2018). This paper presents results of an experimental validation conducted among low-income individuals in Nairobi, Kenya. We find that quantitative survey measures – hypothetical versions of experimental tasks – of time preference, attitude to risk and altruism are good predictors of choices in incentivized experiments, suggesting these measures are broadly experimentally valid. At the same time, we find that qualitative questions – self-assessments – do not correlate with the experimental measures of preferences in the Kenyan sample. Thus, caution is needed before treating self-assessments as proxies of preferences in new contexts.
Congratulations to all the authors!
The Faculty of Social Sciences has extended the application deadlines for all the English language Bachelor's and Master's degree programs as follows:
- extended early-bird deadline: June 30, 2021 for students from visa-seeking countries
- extended final deadline: August 31, 2021 for students who don't need to apply for visa.
At our Institute of Economic Studies this applies to the following English-taught programs:
While we are happy to announce that you have more time to decide about your future studies in these challenging times, we strongly recommend to apply as soon as possible. Please, be aware that it is the student's responsibility to obtain a visa before enrolling in the program.
You can find all important details about the admission process, including a step-by-step manual at the faculty website.
In case you need further help, please contact the International office at firstname.lastname@example.org.
The Financial Times has published an article discussing global tax reforms from both the US and developing countries' point of view, using the working paper "Profit Shifting of Multinational Corporations Worldwide" by our colleague Petr Janský and Javier Garcia-Bernardo as one of their sources.
The graph that they used is showing how that multinational corporations have high profits and extremely high profits per employees in countries which have extremely low effective tax rates:
We would like inform you about the opportunity to take part in the Prof. Dr. Marijan Hanzekovic Prize 2021 competition.
The Trust is calling for theoretical, empirical and policy-oriented papers in the field of the public sector economics.
Papers can analyse the role and functioning of the public sector at macroeconomic, sectoral and microeconomic levels, in both advanced and emerging market economies. Particularly welcome are papers providing new ways of looking at things, new assessments, judgements and knowledge. The qualities looked for in submissions are analytical rigour and creativity, as well as originality and technical proficiency.
Only original and unpublished works can be considered.
In the judging for the regular prize, the age of the entrants will be taken into consideration, younger contestants receiving extra points.
The prizes are awarded in two categories:
- one regular prize, which consists of a certificate, a medal and the sum of 50,000 kuna gross (approx. EUR 6,500)
- one student prize, which consists of a certificate and the sum of 15,000 kuna gross (approx. EUR 1,900).
Papers from the domain of public sector economics, written in Croatian or in English, accompanied by an application form, must be submitted under a codename by June 1, 2021 at the latest.
Detailed rules can be downloaded HERE.
The Trust will inform the prize-winners and the public of the results of the competition by September 30, 2021.
The award of the prizes will take place in the first half of December.
We would like to cordially invite you to join the guest lecture "Multinational Enterprise and National Interests" by Professor Neil Forbes of Coventry University.
- When? May 7, 2021 at 9:30 AM
- Where? Online via ZOOM (Meeting ID: 936 2902 7368; Passcode: 013105)
This talk will consider the rise and development of multinational enterprise (MNE) from the beginning of the twentieth century. Whilst the chronological focus will be on the 1930s, issues confronting the contemporary world will also be discussed. In some cases, such as taxation, the history of the relationship between the nation state and MNE reveals that interests do not always coincide; in other cases, such as trading with potential enemy powers, interests may conflict, with grave consequences.
Neil Forbes is Director of the Institute for Creative Cultures and Professor of International History, Coventry University, UK.
His research interest traverse the fields of cultural heritage (contested/conflicted heritage, the memorialisation of war), and twentieth century history (interaction of foreign policy, international business and European dictatorships). His many publications include Multinational Enterprise, Political Risk and Organisational Change: From Total War to Cold War (2019). He has led several major, European research projects, and is a member of several national and international advisory boards and similar bodies.
For further information, please contact Antonie Doležalová (email@example.com).
26/04/2021 - Guest lecture: Yoram Bauman on Carbon Taxes
We are happy to announce that in Week 12 of the Public Finance course, we will be joined by Yoram Bauman, Ph.D.,
known as "the world's first and only stand-up economist", who will present a lecture on carbon taxes.
You can join us on Tuesday, May 4, 2021 from 2 PM via MS Teams here.
You might know Yoram Bauman from his popular funny talk "Principles of Economics, translated".
Apart from being a "stand-up economist", he is a great actual economist whose work focuses on carbon taxes.
He was the founder and co-chair of the first-ever carbon tax ballot measure campaign in the United States (the I-732 effort in Washington State in 2016), and he continues to be involved in state-level carbon pricing efforts around the country.
He has experience teaching economics and environmental studies at both colleges and high schools, and has co-authored cartoon books about economics, climate change, and calculus.
After Yoram Bauman's talk on carbon taxes, we will also have some time for discussion - we encourage you all to use this opportunity to discuss and learn about carbon pricing and climate change!
Photo credit: Bill Boyd
From April 19, 2021, the faculty libraries are open again in a special regime:
- The number of users present in the library is limited in order to keep the limit of one person per 15 m².
- Users are required to cover their mouths and noses with the FFP2 respirator, disinfect their hands at the entrance and keep a two-metre distance.
Library Hollar: Monday - Friday 9:00-16:00
Library Jinonice: Monday - Friday 9:00-16:00
Library Opletalova: Tuesday, Wednesday, Thursday 10:00-14:00
Max. number of people in the library at the same time:
This week we are happy to welcome Professor Ben Wubs of Erasmus University and invite you to his lecture
"The Netherlands as an Offshore Financial Centre, 1915-1960", which will take place on April 23, 2021 at 9:30 AM online.
Link to Zoom: https://cuni-cz.zoom.us/j/93629027368?pwd=NXUwUFJvdEtGdkEvUld4cWs4eVNFdz09
Meeting ID: 936 2902 7368
The historical significance of offshore financial centres (OFCs) derives not from their individual characteristics but from their place and connectedness in a growing transnational financial system that emerged from the tensions between mobile capital and the rise of the centralised, tax-levying state in the 20th century. This lecture argues that OFCs should be understood as networked entities with specialised, complementary roles and explores colonial ties as a mechanism for shaping such OFC networks through a case study of the Netherlands and its crown dependencies in the Netherlands Antilles.
The lecture questions when, how and why the Netherlands and Curaçao emerged as OFCs, and focuses on the interaction between Netherlands Antilles and Dutch authorities on the one hand and financial corporates, entrepreneurs and Dutch multinationals on the other.
Ben Wubs is Professor of International Business History at the ESHCC, Erasmus University Rotterdam, an Appointed Project Professor at the Graduate School of Economics, Kyoto University, and a Programme Director of the Erasmus Mundus International Master’s programme GLOCAL. He is engaged in various research projects related to international business, offshore financial centres, business systems, transnational economic regions, and the transnational fashion industry.
For further information, please contact Antonie Doležalová (firstname.lastname@example.org)
Our PhD student, Lenka Šlegerová, has received grant support from the START programme (financed by the European Structural and Investment Funds), together with Petr Michenka, MD (Third Faculty of Medicine), and Martin Kočí, MD (Second Faculty of Medicine).
The project aims to launch an annual survey on clinical competencies and occupational preferences among medical students in the Czech Republic. These factors have a tremendous impact on the healthcare system; however, the relevant data are missing.
The study will provide data on challenging topics, such as the shortage of healthcare staff, access to healthcare, or malpractice due to insufficient training.
We are pleased to inform you that the Faculty of Social Sciences has managed to collect extra funding for the Development Scholarship for the year 2021. As a result, there will be five more scholarship holders this year!
The first eight applicants selected by the Scholarship Review Board will receive a CZK 75 000 scholarship.
Another five applicants selected from the rest of the applications will be awarded a scholarship of approximately CZK 50 000.
Who is usually eligible:
The scholarship can be awarded to students studying in one of Faculty's fee-based study programs in one of the first three years of study for Bachelor's programs or first two years of study for Master's programs. This means the application can be submitted by current students in the first or second year of Bachelor's studies or first year of Master's studies, or by a fresh applicant to any of our fee-based programs.
The applicants have to be from the developing countries or countries going through a process of political and economic transition (according to the report of UNCTAD) and have to state their needs of the financial support within the application.
Who is now also eligible:
Moreover, all students in English-taught study programs who fulfil the rules and who have been affected particularly hard by the COVID-19 crisis, regardless of their country of origin, can apply for these extra five scholarships.
You can apply for the scholarship until April 30, 2021.
The Economist reports in its article "Joe Biden hopes to stop American multinationals booking huge profits abroad" a graph from the recent research paper by our colleagues Javier Garcia-Bernardo and Petr Janský.
Their working paper has been supported by the new CORPTAX project and ICTD.
The graph (below) shows that multinational corporations have high profits and extremely high profits per employees in countries which have extremely low effective tax rates.
This research about profit shifting to tax havens is relevant in the current debate about a global reform of taxing multinational corporations.
The research paper has been reported also by Tax Notes and ICIJ.
Institute of Economic Studies and Centre for Support of Strategic Partnerships, Charles University would like to cordially invite you to the following guest lectures that will be delivered by Dr. Romola Davenport of Cambridge Group for the History of Population and Social Structure, University of Cambridge:
- Lecture 1: Thursday, April 15, 2021, 11:00 CET:
‘Plagues and peoples revisited: epidemic disease and urbanisation in early modern England’.
- Lecture 2: Thursday, April 22, 11:00 CET:
‘Urbanisation and the decline of infectious diseases in England, c.1750 – 1900’.
These lectures are part of the course Cambridge Lectures in Economic History (JEB143), focused on the Economic History of Pandemics this year. The course is an unmissable event not only for anyone who wants to understand how history influences the present as well as the future economic development. It is also a great opportunity for anyone who wants to experience how students are taught at one of the best universities in the world.
1) Please download and import the following iCalendar (.ics) files to your calendar system: Weekly: https://bit.ly/2PPdhj7
2) Join the Zoom Meeting: https://cuni-cz.zoom.us/j/96836846020?pwd=UUNxV1BDRVVlL2NybG4xQnJxTG5hQT09
Meeting ID: 968 3684 6020 Passcode: 657203
For further information, please contact the organizer, Antonie Doležalová.
We are looking forward to seeing you!
We understand that in the current pandemic situation it may be uneasy for our students and applicants to make decissions about their future.
While we would love to welcome you in the beautiful city of Prague and let you experience what it means to be a part of IES family in person soon, and while we are getting ready to provide both onsite and online form of our courses, we do not want any unexpected issues or obstacles to keep you from the access to quality education.
To bring at least some certainty into these uncertain times, please let us announce that:
It is now guaranteed that no matter the situation, the faculty will be prepared to provide a hybrid form of education, which means both the in-person education (to an extent allowed by the governmental restrictions) and the possibility of online education to everyone affected by the COVID situation (quarantine, late visa issuance, etc.). In other words, it will be possible for the students of BEF, MEF, MFDA, and CSF programs in a difficult situation to attend the winter semester of 2021/22 at IES online, including the registration, if needed.
The final form of study for the summer semester of 2021/22 will be officially confirmed by December 15, 2021 at the latest.
So if you wish to study with us, do not worry, apply now and deal with other decisions later!
Applications are open till April 30, 2021.
- Do you wish to spend your studies in a friendly and thought-provoking environment and learn from many renowned scholars and experienced professionals?
- Do you want to study attractive subjects within a curriculum recognized as compatible with the CFA candidate body of knowledge at the prestigious Charles University, regularly ranking amongst the best 150 universities in economics in the world?
- Do you wish to get access to modern tools, databases, support at competitions, individual career consultations, mentoring, regular networking or internship opportunities and have a great advantage on the international career market?
Then you have probably already considered applying for one of our English-taught programs:
- Are you interested in careers and success stories of our alumni? Find them here.
- Want to learn more about our university, research awards, outreach or policy impact?
Browse through our booklet or download it here.
- Want to know more about the tuition fees and scholarships? Click here.
- Do you have questions about the admissions? Please, contact: email@example.com.
The deadline for accepting applications is April 30, 2021.
Please, note that in case you find yourself in difficult conditions due to the COVID-19 situation abroad might be the issue for you under current conditions, we can guarantee that the winter semester of the academic year 2021/22 will be organized in a hybrid form, meaning you will be allowed to attend the courses online if needed.
We are looking forward to your applications!
Our colleague, Professor Evžen Kočenda, is giving a speech on "How to Become an Internationally Recognized Researcher" at the official launch of the academic year for postgradute students at the Business School, Pontificia Universidade Catolica Do Parana PUC. The event takes place today, Monday, March 29 at 4 PM CET Summer time. You are welcome to join and watch it online here:
27/03/2021 - Czech Journal of Economics and Finance
The latest issue of the Czech Journal of Economics and Finance is now published.
You can access the articles on the following links:
Income Inequality and the Distributional Effects of Monetary Policy: The Role of Financial Heterogeneity
M. Belén GUERCIO, Lisana B. MARTINEZ, Aurelio F. BARIVIERA, Valeria SCHERGER:
Credit Crunch or Loan Demand Shortage: What Is the Problem with the SMEs’ Financing?
Marcin HUMANICKI, Krzysztof OLSZEWSKI:
The Heterogeneous Nature of FDI in Central and Eastern Europe. Impact of the Entry Mode on the Host Country’s Economic Growth
Dejan ŽIVKOV, Jelena DAMNJANOVIĆ, Jasmina ĐURASKOVIĆ:
The Effect of Oil Price Uncertainty on Industrial Production in the Major European Economies - Methodologies Based on the Bayesian Approach
The journal is published by Faculty of Social Sciences, Charles University and is currently edited by Roman Horváth (Editor-in-Chief), and Senior editors: Jarko Fidrmuc (Zeppelin University, Friedrichshafen), Martin Fukač (New Zealand Treasury), Evžen Kočenda (Faculty of Social Sciences, Charles University, Prague), Ondřej Schneider (IES, IIF), and Laurent Weill (University of Strasbourg).
With this issue, the Czech Journal of Economics and Finance also welcomes a new editor and editorial board members:
New Editor: Stefan Lyocsa (Institute of Economic Research, Slovak Academy of Sciences)
New Editorial Board members: Eduard Baumohl (University of Economics, Bratislava), Tomáš Vyrost (University of Economics, Bratislava) and Max Gillman (University of Missouri - St. Louis)