Barbora Holková - News

26/01/2023 - Open Day Online: BA and MA studies

Are you considering studies at IES on the Bachelor or Master level?

Join us via Zoom for the Online Open Doors organized by the International office, where you can get detailed information about study programs at the Faculty of Social Sciences, Charles University ( and the admission procedure.

Zoom link:  
Facebook event:


25/01/2023 - Winter Semester 2022/23 courses evaluation

Have you already evaluated the winter semester courses?

Let us kindly remind you that February 2, 2023 is the deadline for you to share your experience with the winter semester 2022/23 courses at
To log in, use your usual CAS identification.
Issues? Please, contact

To improve the quality of the courses in the future, it is most helpful if you dedicate an extra few minutes and verbally describe specific things you (dis)liked about the course or suggest what you would improve about the content or the form of the course.  

Based on the student evaluation, the best courses are later awarded by the faculty management (the so-called Golden Courses), an at the same time the evaluations are discussed with the lecturers in order to seek improvement based on the specific feedback. 

Thank you!

Photo: Shutterstock


02/01/2023 - Czech Journal of Economics and Finance

We would like to draw your attention to the fourth issue of Czech Journal of Economics and Finance in the year 2022.
Interesting field articles, which it presents, are available on the links below:

The journal 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), Štefan Lyócsa (SAS and MUNI), Ondřej Schneider (IES, IIF) and Laurent Weill (University of Strasbourg). The complete list of editorial board members can be found here.

Enjoy the inspirational reading!

23/12/2022 - Season's Greetings

We wish you a Merry Christmas and all the best in the new year 2023!

21/12/2022 - Our student Barbara Livorová won the Prof. Michal Mejstřík Award

The award ceremony for the 'Mastercard Bank of the Year' competition took place on November 24, 2022 at the Municipal House in Prague. On this occasion, the winners of the 2nd edition of Professor Michal Mejstřík Award were also announced. 

Our student, Barbara Livorová, has won the first place in this competition, awarding exceptionally beneficial diploma theses in economics, and named after the renowned Czech economist and founder of our Institute - Prof. Michal Mejstřík. 

Her award-winning thesis entitled 'Does monetary policy reinforce the effects of macroprudential policy?' was supervised by Associate Professor Adam Geršl. Barbara now continues her studies at IES as a PhD candidate under his supervision. 


Photos by: Veronika Rose

20/12/2022 - Change of opening hours: our building and libraries

Please note that the IES building in Opletalova will be fully closed between December 24 and December 30, 2022.

On Friday, December 23, the building will close at 6 p.m.

All faculty libraries including ours will close for the year on Thursday, December 22. 

Thank you for understanding, we are looking forward to seeing you again in 2023.



14/12/2022 - Michal Bauer Receives Education Ministry Award for Outstanding Results in Research, Experimental Development and Innovation.

On Monday, December 12, 2022, the Waldstein Palace in Prague was hosting the award ceremony of the Ministry of Education, Youth and Sports in the field of higher education, science and research. The Minister of Education, Youth and Sports Vladimír Balaš and the Deputy Minister of Higher Education, Science and Research Radka Wildová, presented the awards to eighteen laureates, including our alumnus and colleague,Michal Bauer.

The Award for Outstanding Results in Research, Experimental Development and Innovation, which recognizes achievements over the past five years, based on the support provided by the Ministry, was awarded to Michal Bauer primarily for the study published in the prestigious scientific journal Nature, which reported that that the vast majority of medical doctors in the Czech Republic trust and support vaccination, but that there is a widespread belief among the public that doctors’ opinions are divided and that only about half trust the vaccines. Informing people that there is a broad positive consensus among doctors persistently increases vaccination uptake by the public. Scientists working at four research institutes - the Institute of Economic Studies at the Faculty of Social Sciences of Charles University, CERGE-EI, the University of Munich and the Max Planck Institute in Munich - collaborated on this research, which revealed an effective way to increase public interest in vaccination. Details about this resarch and its co-authors can be found here.

However, Michal Bauer was nominated for the award (at the initiative of CERGE-EI) also thanks to other research papers in the field of experimental and behavioural economics - the article  Social contagion of ethnic hostility, which was published in the highly prestigious interdisciplinary journal Proceedings of the National Academy of Sciences of the United States of America, using modern experimental methods  shows which social factors can become triggers for hatred. The paper War Increases Religiosity published in the top field journal Nature Human Behaviour and co-authored by colleagues from Harvard University and the University of San Francisco, uses data from three post-conflict countries to show that war experience increases the importance of religion in people's lives. Finally, the article Covid-19 Crisis and Hostility Against Foreigners uses experiments in the Czech context to show that anti-foreigner sentiments have risen during the crisis.

Congratulations on the achievement and best of luck with the future research!

 Photo by: Ministry of Education, Youth and Sports

13/12/2022 - Jiří Novák has organized the IES Berlin - Prague Doctoral Workshop

At the beginning of December, the Institute of economic studies hosted a doctoral workshop on research in finance and financial accounting, organized by our colleague Jiří Novák in cooperation with the Humboldt University in Berlin. 

The workshop was attended by three Humboldt University PhD students - Simone Euler, Sebastian Geschonke and Jonas Materna.
At the workshop, they presented their research projects focused on the transparency of European private companies, the creation of databases covering the financial information of European companies and the importance of visualizations in scientific research.

They were joined by PhD students from Charles University - Fan Yang, Lenka Nechvátalová and Matěj Nevrla, who presented their research on the impacts of the hedge fund regulation, the potential of deep learning for optimizing the portfolio, and the ability of asymmetric risk factors to explain stock market returns.

The workshop was an opportunity for the participants to receive a valuable feedback from senior Humboldt University researchers Joachim Gassen and Ulf Brüggemann, to get to know the young colleagues from the partner university and to get a comparison of different approaches to scientific research.   

13/12/2022 - Guest Lecture on ESG, Climate Change and Banking (Petr Franěk, Česká spořitelna) on Wednesday, Dec 14

We would like to invite you to a guest lecture by Petr Franěk (Head of Strategic Risk Management, Česká spořitelna) on "ESG, Climate Change and Banking", which is organized within the course JEM032 Banking.

When? Wednesday, December 14, 5:00 p.m. to 7:50 p.m.

Where? room 109 (Prof Michal Mejstrik Hall), IES building (Opletalova 26)

Looking forward to seeing you!

08/12/2022 - Guest lecture: Energy Trading (guest: Jiří Mlynář, E.ON)

We would like to invite you to a guest lecture on Energy trading led by our alumnus Jiří Mlynář.

We will discuss (among other topics) the current situation on the energy market from the point of view of an expert - Head of Energy Purchase at E.ON Energie. The lecture will take place within the Financial Economics (JEB120) in English.   

When? Tuesday, December 13, 12:30 p.m. to 1:50 p.m.

Where? room 109, IES building (Opletalova 26)

Looking forward to seeing you!

24/11/2022 - Highly Cited Researchers 2022: Professor Krištoufek is among the most cited scientists in the world

Clarivate has published this year's edition of the prestigious Highly Cited Researchers list. 
The list contains the names of nearly 7,000 researchers from 70 countries who have demonstrated significant and broad influence reflected in their publication of multiple highly cited papers over the last decade (2011-2021). These highly cited papers rank in the top 1% by citations for a field or fields and publication year in the Web of Science™ database.

There are 10 scientist from the Czech Republic in this year's list. We are happy to share that our colleague, Professor Ladislav Krištoufek, is among them. With his research, mainly  focused on interdisciplinary finance and economics, energy finance, cryptoassets and cryptocurrencies, he represents our Institute of Economic Studies as well as Faculty of Social Sciences, Charles University and the Academy of Sciences of the Czech Republic. 

More information and the overall results of Highly Cited Researchers 2022 can be found here.  

Congratulations on the achievement!   

22/11/2022 - Support our candidates to the Academic Senate with your votes

The electronic elections to the Academic Senate of the Faculty of Social Sciences, Charles University, for the term of office 2023–2025, will take place from November 29 to November 30, 2022. 

The Academic Senate is the key controlling institution of the Faculty - the senators help for example with checking the preparation of the overall budget, management, various faculty regulations, but also the quality of teaching, etc. 

We would therefore like to encourage all students and academic staff to vote and support our IES and ICSJ coalition.

IES academic staff candidates are: 

IES student chamber candidates are: 

  • Bc. Tomáš Fencl
  • Gabriela Bošňáková

As each voter can support a total of 5 candidates in each Senate chamber with their vote, we also ask you to support the candidates from ICSJ who will defend common interests with our representatives in the Senate (Detailed agenda and profiles of the candidates will be available on the faculty website soon). 

Thank you! 


21/11/2022 - Prof. Tomáš Havránek has been appointed Research Affiliate at Meta-Research Innovation Center at Stanford

Our colleague,Professor Tomáš Havránek, has been appointed Research Affiliate at METRICS (Meta-Research Innovation Center at Stanford).  

The METRICS team is dedicated to the development of new methods in meta-analysis, the study of publication selectivity and related research.
The team is led byProfessor John Ioannidis, one of the most cited scientists in the world.

METRICS Affiliates are recognized leaders in the field of meta-research who are studying research practices in the areas of methods, evaluation, reporting, reproducibility and incentives with the goal of generating evidence to strengthen the research enterprise. Currently there are 28 scientists and scholars from leading research institutions around the world among the Affiliates.
More information on how the Affiliates are selected can be found here:  



14/11/2022 - Skills for success with the CFA Program webinar - more dates in November

In case you wanted but could not participate in the originally scheduled sessions of the Skills for Success with the CFA® Program webinar, we have some good news for you - the CFA Institute is now offering 3 more webinars with the same content for students: 

Do not miss the opportunity to learn about the CFA® Program and access free resources about skills and careers in the investment industry!
You can also ask your own questions.

Find more aboout the IES-CFA partnership here. 

04/11/2022 - Zuzana Havránková has received the prestigious JUNIOR STAR grant

Congratulations to our colleague Zuzana Havránková on receiving the prestigious JUNIOR STAR grant!  

The Czech Science Foundation (GAČR) has decided to support her project "Spurious Precision in Meta-Analysis of Social Science Research (METASPUR)", which will focus on the development of new meta-analysis techniques that can be used in social sciences. In particular, it will concern cases when published measures of precision are not reliable.

The JUNIOR STAR grants aim to fund and support excellent early-career scientists who completed their Ph.D. no more than 8 years ago, have already published in prestigious international journals, and have had significant international experience. The grants should bring them the opportunity to carry out their own research and contribute to a significant development in their fields of science.
The evaluation process involves foreign scientists only. It takes place in two phases – each project that receives funding is first reviewed by six subject-matter experts, and it is then discussed in detail at a meeting of the Discipline Committee.

Starting next year, a total of 23 JUNIOR STAR projects will receive new funding, most of them at the Charles University (5 projects), the Czech Technical University in Prague (4 projects), the University of Chemistry and Technology in Prague (4 projects), and institutes of the Czech Academy of Sciences (3 projects). More than half a billion Czech crowns is earmarked for these projects over the next five years.

More information is available here. 

We wish you a successful research!





01/11/2022 - Renowned economists come to Prague to the conference on international taxation

On Thursday and Friday, our colleagues Miroslav Palanský and Petr Janský, their research group CORPTAX and the EU Tax Observatory, are organising the international conference "Transparency and Tax Avoidance: Country-by-Country Reporting by Multinational Enterprises" in Carolinum.

It will focus on the latest research results on transparency and taxation of multinational corporations. The keynote speakers will be Kat Bilicka and Kim Clausing, professors of economics from the United States.

The full programme can be found here.  

You can watch the conference online.     

26/10/2022 - Petr Janský will give a speech in the EP on the reform of corporate taxation

Our colleague, Petr Janský, will participate in the public hearing with the Subcommittee on Tax Matters (FISC), on “The reform of corporate taxation: what’s next?’ on Thursday, October 27, 2022, from 09:00 to 10:30 (CET). 

You can find the complete schedule here
It is possible to watch the public hearing online on the following streaming link:

The purpose of the hearing is to discuss upcoming reforms of corporate taxation at an EU level, looking notably at the implementation of Pillar 1 of the OECD/G20 Inclusive Framework agreement and at how to make the design of the future EU tax rulebook, the Business in Europe: Framework for Income Taxation’ (BEFIT) a success. This will be an opportunity to look at the remaining challenges related to corporate taxation and discuss possible solutions at EU level. The contributions from this hearing will be of particular value to the FISC Subcommittee, going to its core mission, which is to address matters related to the fight against tax fraud, tax evasion and tax avoidance, as well as to promote financial transparency for taxation purposes.

25/10/2022 - Deloitte Outstanding Thesis (DOT) Awards 2022 winners announced

On October 25, 2022, the Deloitte Outstanding Thesis Award (DOT Award) was presented at Deloitte headquarters in Prague. 

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. It was established in 2018 thanks to the long-term partnership between IES and Deloitte. The examination committees nominate approximately top 10% of the best graduate theses every year. 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 RomancovDavid Marek and Radovan Fišer, Deloitte Corporate Chair and coordinator of the cooperation at IES Jiří Novák and the DOT award laureates for 2022. 

The awarded theses' details, including abstracts and reviews, can be found at the links below:

Bachelor´s Theses:

Master´s Theses:

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.


20/10/2022 - When Does Monetary Policy Sway House Prices? IES researchers published in the IMF Economic Review

The official journal of the International Monetary Fund, IMF Economic Review, presents articles that offer a high-level view of economics, including such topics as Macroeconomic implications of financial crises; Economic and financial spillovers; Policy responses to commodity price movements; and Monetary and macroprudential policies.

In the latest issue of this prestigious journal, the article  When Does Monetary Policy Sway House Prices? A Meta-Analysis was published, co-authored by our colleague, Professor Tomáš Havránek and our PhD students, Dominika Ehrenbergerová and Josef Bajzík. Their research focused on the effect of monetary policy on house prices. The authors show in the article that the effect is strongest at the end of the economic cycle, when property prices usually rise the fastest.  

Several central banks have leaned against the wind in the housing market by increasing the policy rate preemptively to prevent a bubble. Yet the empirical literature provides mixed results on the impact of short-term interest rates on house prices: the estimated semi-elasticities range from −12 to positive values. To assign a pattern to these differences, we collect 1,555 estimates from 37 individual studies that cover 45 countries and 72 years. We then relate the estimates to 39 characteristics of the financial system, business cycle, and estimation approach. Our main results are threefold. First, the mean reported estimate is exaggerated by publication bias, because insignificant results are underreported. Second, inclusion of controls correlated with policy rates (credit or money supply) decreases the estimated effects of policy rates on house prices. Third, the effects are stronger in countries with more developed mortgage markets and generally later in the cycle when the yield curve is flat and house prices enter an upward spiral.

Congratulations on the publication!

14/10/2022 - Elections to the Faculty Academic Senate will take place in November

The Academic Senate of the Faculty of Social Sciences, Charles University announces the electronic elections for the term of office 2023 – 2025.
The elections will take place in an electronic form and will begin on November 29, 2022, at 9:00 am and end on November 30, 2022, at 6:00 pm.

If you wish to nominate a suitable candidate who would be willing to represent IES and take an active role in the future of the Institute and the Faculty as a senator, or if you are planning to run yourself, please follow the instructions below:

The candidate proposals can be submitted between 17 October (9:00 am) and 11 November 2022 (2:30 pm) through the FSV UK mailroom (Hollar, Smetanovo nábřeží 6, Prague 1), the faculty's data box, and by e-mail to the Election Commission's mailbox
Candidate lists will be published no later than 7 days before the first day of the election. 
Candidates can send their election programs to the AS FSV UK secretary Tereza Volfová to be published on the faculty website.

Candidate proposal form

Address for sending the candidate's proposal by post:

Election Commission of the AS FSV UK
Faculty of Social Sciences of Charles University
Smetanovo nábřeží 6
110 01 Praha 1

Proposals submitted after the deadline, proposals submitted in a manner other than the above-mentioned or proposals not containing all the necessary elements according to the Electoral Regulations of the AS FSV UK, Article 4 will not be registered for the elections.

There are 20 senators in the AS FSV UK, ten from the faculty staff and ten from the student chamber. Each voter will receive a voucher in his/her faculty e-mail box, which he/she will then use in the election application. Each has five votes in each chamber (faculty and student), for a total of ten votes. Details will be specified in the upcoming days.


13/10/2022 - Golden Courses for the best courses of the Summer Semester 2021/2022

On Tuesday, October 11, during the Academic Senate FSV UK meeting, the Golden Courses  for the best courses of the Summer Semester 2021/2022 according to the student evaluation were awarded to the lecturers. The award is accompanied by financial reward.  

This time, the following courses were awarded at IES: 

  • JEB152 Recent Financial Crises: Theory and Evidence (PhDr. Mgr. Martin Janíčko Kamil Kovář, M.A., Ph.D.) 
  • JEM228 Systemic Risk and Macroprudential Policy (doc. PhDr. Adam Geršl, Ph.D, Mgr. Josef Švéda)

Congratulations!  We would also like to thank all those involved in the preparation of these successful courses for their work and to our students for their valuable feedback.  

12/10/2022 - Skills for success with the CFA Program webinar

Let us invite you to the Skills for Success with the CFA Program webinar series for students, which will take place from  October 24  to November 2, 2022.

At this free student webinar you will hear key information about the globally recognized CFA® Program and how it will accelerate your finance career. The organizers will share free resources for students, with a special focus on the changing professional skills employers are looking for. 
Tech, sustainability, or soft skills? How can you maximize your career opportunities with the right skill profile? 
Register here for a 60-minute interactive webinar with CFA Institute – the global professional body for investment professionals on a day that suits you the best:

06/10/2022 - Czech Journal of Economics and Finance

The third issue of Czech Journal of Economics and Finance in the year 2022 is now available.
You can find the complete articles on the links below:

The journal 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), Štefan Lyócsa (SAS and MUNI), Ondřej Schneider (IES, IIF) and Laurent Weill (University of Strasbourg). The complete list of editorial board members can be found here.

Enjoy the inspirational reading!

05/10/2022 - Join the ACCA Virtual Careers Fair!

The ACCA Virtual Careers Fair is back!

Whether you are exploring new opportunities, looking to shift gears into a new career zone or simply checking out the job market, we are here to support you. Powered by ACCA Careers, the EU Virtual Careers Fair will provide an immersive experience with our extensive network of employers all across the European Union, who are actively seeking your experience and expertise. For this event candidates will also be able to use our new event app, which makes the mobile experience more user friendly.     

When? On October 26, 2022, from 8:00 a.m. to 8:00 p.m. (8:00 - 20:00 CET)

Where? Online. Please, register via this link: ACCA EU (

04/10/2022 - Call: Young Economist of the Year

The Czech Economic Society calls for applications for the 29th Young Economist of the Year Award.
Deadline: October 9, 2022  

The award is open to Czech citizens as well as citizens of other countries who are living, working or studying in the Czech Republic, aged 30 years or under (these conditions also apply to all potential co-authors). Applications for the award is not restricted to CES members.

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 no later than October 9, 2022.

Each award winner is obliged to present their paper briefly on the occasion of the 12th Biennial Conference of the CES to be held at the University of Economics, Prague, Czech Republic on November 25-26, 2022.

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 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

The application form and the award regulations are available at


03/10/2022 - New water dispenser and other improvements at IES

Welcome back to the Institute of Economic Studies!

During the summer holidays, some changes took place at the Opletalova building, which should contribute to a more pleasant study environment: 

Firstly, brand new, healthier and more stable lighting was installed in classroom 206.
Secondly, a new filtered drinking water dispenser can now be found next to the snack machines in the basement study areas.  

The demand for the installation of such a facility came from the student surveys and evaluations. After taking in consideration the pros and cons of several other solutions, the Dispenser Classic L was selected, purchased and installed, featuring powerful antibacterial carbon filtration and scale elimination, as well as compatibility with the size of most common bottles, glasses and other containers.  

We hope that this source of healthy and tasty cold water will help you to better adhere to your drinking regime. Should there be any issues with the dispenser, please inform the caretaker (line 222 112 301) or the reception.

At the same time, the walls in part of the building have been newly painted before the start of the new academic year, so please, should you need to display posters or flyers, use the cork board in the foyer or discuss your campaign with PR (line 222 112 320), but do not stick posters directly on the walls. The annual carpet cleaning also took place in the summer. Therefore let us kindly ask you not to bring uncovered beverages such as coffee to the carpeted areas, so that the nice and clean environment will last a long time.  

We wish everyone a successful start of the academic year!


01/10/2022 - Statistics of Machine Learning conference co-organized by IES will take place in Prague

From October 6 to October 7, 2022, an international conference Statistics of Machine Learning, with a special focus on financial applications, will take place in Prague under the auspices of the Academy of Sciences, with the participation of world leaders in the field (this year e.g. Professor Jianqing Fan from Princeton or Professor Cathy Yi-Hsuan Chen from the University of Glasgow).

The conference is co-organized by our colleague Jozef Baruník,  Miloš Kopa (MFF UK) and Prof. Wolfgang Karl Härdle (Humboldt-Universität zu Berlin). 

Our colleagues from IES will present papers on Currency Network Risk (Jozef Baruník) and Time Varying Persistence of Econimic Time Series (Lukáš Vácha). Our PhD candidates Luboš HanusMartin HronecLenka Nechvátalová and Matěj Nevrla will also present their research.

The full schedule is available here and the list of all speakers and abstracts of their presentations are avaliable here

Photo: Shutterstock


18/09/2022 - Apply for Czech Government scholarships to cover your Master studies starting in 2023/24

Attention Bachelors and soon-to-be-Bachelors interested in studying 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 140 universities in economics in the world? Then you have probably already considered applying for our Master of Economics and Finance (MEF) or Master in Finance and Data Analytics (MFDA) Program at the Institute of Economic Studies in the academic year 2023/24. 

Are you worried about the tuition costs? If you are coming from:

  • Bosnia and Herzegovina
  • Cambodia
  • Ethiopia
  • Georgia
  • Cambodia
  • Moldova
  • Ukraine
  • Zambia

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, 2022. 


Photo: Shutterstock


16/09/2022 - Our colleagues have published in The Review of Economics and Statistics

Our colleague Zuzana Havránková is the lead author and our colleague Prof. Tomáš Havránek is the co-author of the article Publication and Attenuation Biases in Measuring Skill Substitution, which was published this summer in The Review of Economics and Statisics (REStat).
REStat has been published since 1919 at Harvard University and is one of the most prestigious professional journals in the field of economics. Lubica Laslopova from Anglo-American University and Olesia Zeynalova, a PhD student at IES, also collaborated on the article.  

A key parameter in the analysis of wage inequality is the elasticity of substitution between skilled and unskilled labor. We show that the empirical literature is consistent with both publication and attenuation bias in the estimated inverse elasticities. Publication bias, which exaggerates the mean reported inverse elasticity, dominates and results in corrected inverse elasticities closer to zero than the typically published estimates. The implied mean elasticity is 4, with a lower bound of 2. Elasticities are smaller for developing countries. To derive these results, we use nonlinear tests for publication bias and model averaging techniques that account for model uncertainty.

Congratulations on this significant scientific and publishing success!  

30/08/2022 - New health insurance financing model to be developed at IES, funded by EIC

Congratulations to our colleague Jana Votápková and her team for receiving a grant support from the European Commission's prestigious Horizon Europe call! The supported international and multidisciplinary project FLASH (Flexible Approaches to Support Health through financing) aims to conduct a thorough analysis of current healthcare financing mechanisms in Europe and to help European policy makers and healthcare providers to define appropriate financing models to make the healthcare system sustainable, stable and equitable in the future. Thanks to this project, they should be able to better deal with long-term challenges such as as an ageing population and the increasing incidence of chronic and long-term diseases, as well as sudden crises (such as the Covid-19 pandemics) and the need to shift the already limited financial and human resources to the areas of greatest need. 

The four-year project, scheduled for launch at the beginning of 2023, is divided into 10 sub-projects involving 18 institutions from 9 countries (Italy, Spain, Austria, Germany, Czech Republic, Poland, Lithuania, Belgium, Netherlands), with the University of Verona, where our colleague  Paola Bertoli is also based, as the main coordinator of the project. The total amount of support for the project is €5 million.

Two of these sub-projects, namely the proposal of a model for sustainable financing of health insurance in the Czech Republic and a model for quantifying price differences in cross-border health care, will be carried out in the Czech Republic through two cooperating institutions - IES FSV UK and the Health Insurance Office. The research team consists of our colleague Jana Votápková and external collaborators Pavel Hroboň (Advanced Healthcare Management Institute in Prague) and Anne Spranger from TU Berlin. These sub-projects account for €400 thousand out of the total support, which makes them of the largest sub-researches of the whole project.

30/08/2022 - Columbia Law School's blog covers research by Martin Gregor

Columbia Law School's blog on corporations and the capital markets has issued an article 'Why Activist Hedge Funds Deserve Representation on Corporate Boards' co-authored by Martin Gregor and Beatrice Michaeli (UCLA). The article discusses a universal proxy rule adopted by the Securities and Exchange Commission; the rule takes effect on September 1, 2022.

The new rule allows investors to choose the combination of candidates they vote for in a contested election. This change lowers the barriers for nominations from hedge fund activists and other activist groups. Will empowering activist funds come at a cost for other shareholders? Using their recent research based on information economics and game theory, the authors show that directors nominated by activist groups, such as hedge funds, can benefit other shareholders, even if the activists are biased. The explanation is that in the presence of activists, the CEO is forced to make the proposals more attractive to both the activists and other shareholders, and this improves the quality of approved projects.

The post on the Columbia Law School's Blue Sky blog is available here.

17/08/2022 - Shanghai Ranking 2022: Charles University maintains high rankings in Economics

The Academic Ranking of World Universities (ARWU), also known as the Shanghai Ranking, is considered one of the most recognized academic rankings worldwide. For twenty years now, the ShanghaiRanking Consultancy has been annually comparing the top 1,000 universities from around the world, based on six objective indicators (detailed methodology is available here) - it focuses primarily on the scientific and research level of the institutions, with an emphasis on the number of academics who achieve the highest citation impact, on publications in the most prestigious journals such as Science and Nature, but also on the number of alumni or academic staff of the particular university who have won a Nobel Prize or the Fields Medal.
According to the newly released data for 2022, the top three places have traditionally been taken by Harvard, Stanford and MIT. Charles University ranks best among the Czech universities, taking the 301st - 400th position in the overall ranklings.
We are pleased that the latest results in the associated ranking -  GRAS (Global Ranking of Academic Subjects 2022) once again confirm the excellent position of Charles University in the field of economics: we share the 100th-150th world rank in this scientific discipline with the University of Sheffield, Glasgow, Dublin and Humboldt University in Berlin among others. Within Charles University (the activities of the two economic departments - Institute of Economic Studies at the Faculty of Social Sciences and CERGE-EI-are evaluated together), economics is one of the highest ranked disciplines together with mathematics or physics for example.

For information about more global university rankings of IES, see here.

28/07/2022 - NBER features research by Petr Janský

The National Bureau of Economic Research (NBER) features on its homepage the research paper "Did the Tax Cuts and Jobs Act Reduce Profit Shifting by US Multinational Companies?" by Petr Janský, Javier Garcia-Bernardo, and Gabriel Zucman, in which the authors examine whether and how the 2017 Tax Cuts and Jobs Act affected profit shifting by US multinationals abroad. They conclude that the share of US multinationals' profits booked abroad fell by between 3 to 5 percentage points, which they attribute mainly to the repatriation of intellectual property. NBER found this research very interesting.  


09/07/2022 - In the World Investment Report, UNCTAD uses data from researches by Petr Janský

In this year's World Investment Report on international tax reforms and sustainable investment, the United Nations Conference on Trade and Development (UNCTAD) quotes extensively from the research of our colleague Petr Janský - not only from the research paper Profit Shifting of Multinational Corporations Worldwide, which he had worked on with Javier Garcia-Bernardo, but also from a recent research co-authored by Miroslav Palanský - especially in the chapter on the impact of the global minimum tax on foreign direct investment (FDI)

In case you are interested in the issue of tax havens and specific data on the current situation, as well as the development of European and global negotiations on the possibilities of the new rules, we also recommend following the Corptax and DemoTrans projects, led by our colleagues.      

04/07/2022 - Do fines imposed on U.S. banks pose a systemic risk? Research published in JIMF

Our colleague, Professor Evžen Kočenda and our alumnus, Václav Brož, have published their research in a high quality journal devoted to theoretical and empirical research in the fields of international monetary economics and international finance, Journal of International Money and Finance. Their article Mortgage-related bank penalties and systemic risk among U.S. banks is available in full length here.  

The authors analyze the connection between mortgage-related regulatory penalties levied on banks in the United States and the level of systemic risk in the U.S. banking industry during the post-crisis period (2010–2016). They found out that while the risk does not increase immediately after the imposition of fines, it is cumulative and spreads throughout the whole banking sector in the long term.


We analyze link between mortgage-related regulatory penalties levied on banks and the level of systemic risk in the U.S. banking industry. We employ a frequency decomposition of volatility spillovers (connectedness) to assess system-wide risk transmission with short-, medium-, and long-term dynamics. We find that after the possibility of a penalty is first announced to the public, long-term systemic risk among banks tends to increase. From the dynamic perspective, bank penalties represent an overlooked risk as they do not increase systemic risk immediately, but the risk accumulates and propagates over the long term. In this respect, bank penalties resemble still waters that run deep. In contrast, a settlement with regulatory authorities leads to a decrease in the long-term systemic risk. Our analysis is robust with respect to a number of relevant criteria.


28/06/2022 - Summer 2021/22 courses evaluation

Have you already evaluated the summer semester courses?

Let us kindly remind you that July 10, 2022 is the deadline for you to share your experience with the summer semester 2021/22 courses at  Use your usual CAS login. Issues? Please, contact

To improve the quality of the courses in the near future, it is most helpful if you dedicate an extra few minutes and describe specific things you (dis)liked about the course or suggest what you would improve about the content or the form of the course.  

Based on the student evaluation, the best courses are later awarded by the faculty management (the so-called Golden Courses), while the worst-rated courses are discussed by the lecturers and the management in order to seek improvement based on the specific feedback. 

Thank you!  

Photo: Shutterstock



23/06/2022 - Application deadlines for English-taught programs are extended

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, 2022 for students from visa-seeking countries
  • extended regular deadline: September 2, 2022 for students who don't need to apply for visa.

Note: the early-bird application deadline is strongly recommended for students from visa-seeking countries, who need a student visa to study in Czechia. Please, be aware that it is the student's responsibility to obtain a visa before enrolling in the program. 

At our Institute of Economic Studies this applies to the following English-taught programs: 

The Application for our study programmes is online only. You can start to fill in your application form here. Please do not forget to finalize your online application by hitting the "send" button. Upload all your supporting documents before you finalize your application.

A step-by-step manual for the application form is available here.

The application fee is 820 CZK (approx. 33 EUR). The application fee must be paid in full either by card or via bank transfer. No cash payments are possible. You will find the payment instructions at the end of your online application form. The application fee has to be paid no later than September 02, 2022 (June 30, 2022 for Early-bird term) in order for the application to be assessed in the particular term. Applications without the fully paid application fee will not be considered.

Should you have any queries related to the admission process, please, contact us at

We are looking forward to welcome you among us! 

22/06/2022 - Our researchers have published an article on the effects of low interest rates in Europe

Journal of Economic Surveys, a highly recognized scientific journal, which seeks to disseminate new ideas in the fields of economics, econometrics, economic history and business economics, has published the article "A prolonged period of low interest rates in Europe: Unintended consequences"  by Simona Malovaná (a PhD graduate of IES), Josef Bajzík, Dominika Ehrenbergerová (both PhD candidates at IES) and Jan Janků. 

Their research focused on the risks posed by the period of prolonged low interest rates which central banks in many advanced economies used in response to the global financial crisis of 2007-2009. 

We examine the potential adverse effects of a prolonged period of low interest rates on financial stability from multiple perspectives.
First, we provide a unique comparison of natural rates of interest estimated using two approaches—with and without financial factors—for six large European countries inside and outside the euro area. Second, we provide a comprehensive review of the empirical literature, allowing us to identify and categorize financial vulnerabilities, which may be created and fueled by low interest rates. Third, we discuss a situation in which a prolonged period of low interest rates may lead to a point of no return by contributing to higher indebtedness, overvalued asset prices and underpriced risks, resource and credit misallocation, and lower productivity. 

With respect to all of that, we offer a few monetary policy considerations. Specifically, we suggest that (i) monetary policy should act symmetrically over the medium to long term, (ii) both the short-term and long-term costs and benefits of pursuing accommodative or restrictive monetary policy should be accounted for, and (iii) monetary and macroprudential policies need to be coordinated, and their interactions should be accounted for in order to find the best policy mix for the economy.


15/06/2022 - Czech Journal of Economics and Finance

The second issue of Czech Journal of Economics and Finance in the year 2022 is now available.
The list of published papers is available below:

The journal 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). The complete list of editorial board members can be found here.

Enjoy the inspirational reading!

01/06/2022 - Doctors support vaccination: a study by our scientists was published in Nature

Our colleagues Julie Chytilová and Michal Bauer and our alumni, Vojtěch Bartoš and Jana Cahlíková, are the co-authors of the study  "Communicating doctors’ consensus persistently increases COVID-19 vaccinations", which was published in the most recent issue of Nature, a leading scientific journal.

Their empirical research documents that the vast majority of medical doctors in the Czech Republic trust and support vaccination, but that there is a widespread belief among the public that doctors’ opinions are divided and that only about half trust the vaccines. Informing people that there is a broad positive consensus among doctors persistently increases vaccination uptake by the public. Thus, effectively communicating doctors‘ true views can play an important role in the fight against the Covid-19 pandemic.

The authors of the study conducted extensive questionnaire surveys to identify the medical community's views on vaccination against Covid-19, and then surveyed public perceptions of doctors' views. Finally, they examined the effect of providing information about doctors‘ actual views on individuals' decisions to get vaccinated. The phases and results of the study are described in detail in the article in Forum - Charles University Magazine. 

"We found that clearly communicating the strong consensus of the benefits of vaccination among doctors is a cheap way to persistently increase interest in vaccination," summarizes Michal Bauer, as he adds: „the inaccurate public perceptions that experts are divided, despite the fact that a broad consensus in fact exists, is very likely relevant in a number of other areas, such as the climate change debate, and it may undermine the societal support required to solve fundamental national and global problems." 

The lessons from this study thus very likely apply to a number of other issues, and the current pandemic is just one example of a more general phenomenon. At the same time, it is the first study by Czech scientists in the field of social sciences ever published in one of the world's most prestigious scientific journals (Nature). The publication is thus a truly significant achievement for the authors as well as for all the scientific institutions where the authors work - Institute of Economic Studies at the Faculty of Social Sciences - Charles University, CERGE-EI, the University of Munich and the Max Planck Institute in Munich. 


Photo: Vladimír Šigut, UK

February 2023




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