Research Seminars (Archive)
Historical Analysis of Monetary Policy Reaction Functions: Do Real-Time Data Matter?Lecturer: Jan Čapek Affiliation: Masaryk University Mendel Univ., Zemědělská 1, Brno, Room Q13 1:00 PM • 3/27/2015
Abstract: This paper investigates the differences between parameter estimates of monetary policy reaction functions using real-time data and those using revised data. The model is a New Keynesian DSGE model of the Czech, Hungarian and Polish small open economies in interaction with the euro area. Unlike the related literature, this paper uses separate vintages of real-time data for all successive estimations. The paper reports several statistically significant differences between parameter estimates of monetary policy reaction functions based on real-time data and those based on revised data. The parameter whose estimate is the most affected by the usage of real-time data is preference for output growth. This result is common across the countries in the study. The results suggest that real-time data matter when conducting a historical analysis of monetary policy preferences.
Does the Czech tax and benefit system contribute to one of the Europe's lowest levels of relative poverty and inequality?Lecturer: Petr Jánský Affiliation: Charles University ESF, Lipová 41a, Brno, Room P403 1:00 PM • 2/27/2015
Abstract: The Czech population is one of the most equal societies in terms of households' disposable incomes and has the lowest level of relative poverty in Europe. We ask if the Czech tax and benefit system helps to achieve this low inequality and poverty. We test this hypothesis with the best available data on households from the Czech Statistical Office - the Survey of Income and Living Conditions (SILC) for direct taxes and social benefits combined with the Household Budget Survey (HBS) for indirect taxes. We thus combine detailed data on household's income and expenditure for the first time. We show that market income, especially due to the inclusion of pensions, is quite egalitarian. We find that the narrowly defined tax-benefit system (direct taxes and social benefits) actually does not change the poverty rate, while the indirect taxes increase it. The Czech tax and benefit system thus does not seem to contribute to the one of the world's lowest levels of relative poverty and inequality. We further provide the first estimates of the redistributive effectiveness of a number of social and tax policies. Among other findings, we show that aid in material need benefits are the most effective in decreasing poverty gap and income inequality, while the child allowance is the largest benefit in terms of coverage of poor individuals.
Satisfaction and loyalty factors of ski resorts' customers - a case study from Slovakia and AustriaLecturer: Monika Bédiová Affiliation: Mendel University Mendel Univ., Zemědělská 1, Brno, Room Q13 1:00 PM • 2/20/2015
Abstract: In order to keep up with the actual challenges, a high level of awareness of the special demand patterns of customers is mandatory. The primary reason organizations measure service quality and customer satisfaction is to better understand how they may enhance customer value and loyalty, and thus the overall financial performance of the firm. Providers of ski resorts must have a good understanding of their customers if they are to understand their quality perceptions or have a chance of successfully implementing service quality programs. The paper investigates the relationship of factors influencing the satisfaction and loyalty according to ski resorts customers and ski resort providers. The qualitative data was collected in ski resorts of Slovakia and Austria. A total of 58 depth customer interviews of 3 ski resorts in Slovakia and depth provider interviews of 3 ski resorts in Slovakia and 3 ski resorts in Austria were analyzed using software Maxqda. The results of the research show that there is a gap between perception of satisfaction and loyalty factors of customers and providers of ski resorts. The findings suggest that providers of ski resorts should focus more on factors of the satisfaction and loyalty according to ski resorts customer's exÂpectations. Theoretical and managerial implications of these findings are discussed.
Grandmothers' Labor SupplyLecturer: Rudolf Winter-Ebmer Affiliation: Johannes Kepler University of Linz Mendel Univ., Zemědělská 1, Brno, Room Q13 1:00 PM • 2/13/2015
Abstract: The birth of a child may have (negative) consequences on labor supply of the mother or the parents in general - but also on labor supply of the grandmother. Non- availability of formal child-care may force the extended family to bargain whether the mother, the father or the grandmother is taking a leave to care for the child. While the joint determination of mother's labor supply and fertility decisions is well studied in the literature, a thorough causal analysis of labor supply effects of be- coming a grandmother is practically non-existent. We will use administrative data covering the universe of Austrian workers and two different identification strategies to explore causal effects of having a first grandchild vs. having an additional one. We find that becoming a grandmother significantly increases the probability of labor market exit. Similarly, having an additional grandchild reduces labor market par- ticipation. Such an analysis is important, because it investigates side-effects of the existence of formal child-care facilities on labor supply and early retirement behav- ior of elderly workers in times of serious demographic pressure on public pensions systems.
The Price of LuckLecturer: Pablo Guillen Affiliation: University of Sydney ESF, Lipová 41a, Brno, Room P103 1:00 PM • 1/16/2015
Abstract: We report the results of a simple statistical choice task based on independent and identically distributed (iid) variables. In our experiment subjects were asked to bet on the future performance of players in a coin toss task. Subjects exhibit a strong, irrational bias towards placing their bets on players with a good guessing history in the coin toss task. We also show that the result cannot be attributed to confusion induced by the BDM mechanism. Subjects' elicited preferences are compatible with prescriptive luck beliefs. That is, the idea that luck is a somehow deterministic and personal attribute.
Úvod do teorie zajištění a ocenění derivátů, aneb co nám Blackův-Scholesův model napovídá o zajišťovacím riziku způsobeném cenovými skokyLecturer: Aleš Černý Affiliation: CBS University, London Masaryk university, Brno 1:00 PM • 4/9/2014
Abstract: The talk will explore quadratic hedging of derivatives in a complete and incomplete financial market. Starting with a discrete-time setting we will provide several numerical illustrations one of which leads to the famous Black-Scholes formula in the continuous-time limit . The talk is based on joint work with Jan Kallsen and Stephan Denkl of CAU Kiel.
Transaction Costs and Inertia in Charitable GivingLecturer: Maroš Servátka Affiliation: University of Canterbury, New Zealand Masaryk university, Brno 1:00 PM • 1/21/2014
Abstract: This paper uses a laboratory experiment to analyse the effect that transactions costs and inertia have on charitable giving. We conjecture that transaction costs are likely to have a greater effect on donations if the solicitations are received when potential donors are busy (when the opportunity cost of time is high) as opposed to when they have time on their hands to donate (when the opportunity cost of time is low). If donations do not have to be made immediately, inertia could also become a factor as people might intend to give, but then postpone making the payment until they have more time, and having postponed making the donation once, keep doing so until the opportunity to donate has passed. We find that introducing a transaction cost to a standard Dictator Game with charity as a recipient, and manipulating whether the donation can be made when we know subjects have time on their hands, reduces donations providing evidence of a transaction cost effect. Some weak evidence is found that giving people more time to donate reduces donations, which is consistent with an inertia effect.
Does Financing of Public Goods by Lotteries Crowd Out Pro-Social Incentives?Lecturer: Peter Katuščák Affiliation: CERGE-EI Masaryk university, Brno 1:00 PM • 12/12/2013
Abstract: We investigate the extent to which lottery financing of public goods crowds out voluntary contributions driven by social preferences. On average, we find presence of such crowding out effect. We then classify subjects by the strength of their conditional cooperation and find that the extent of crowding out is increasing with the the level of conditional cooperation, especially under a higher lottery prize. We interpret this finding as crowding-out of voluntary contributions driven by reciprocity.
Biofuels and Vertical Price Transmission: The Case of the U.S. Corn, Ethanol, and Food MarketsLecturer: Dušan Drabik Affiliation: Wageningen University Mendel Univ., Zemědělská 1, Brno, Room Q474 1:00 PM • 11/14/2013
Abstract: This is the first paper to analyze the impact of biofuels on the price transmission along the food chain. We analyze the U.S. corn sector and its vertical links with food and ethanol (energy) markets. We find that biofuels affect the price transmission elasticity in the food chain compared to a no biofuel production situation but the effect depends on the source of the market shock and the policy regime: the price transmission elasticity declines under a binding blender's tax credit and a food market shock. Our results also indicate that the response of corn and food prices to shocks in the corn and/or food markets is lower in the presence of biofuels. Finally, the sensitivity analyses indicate that our results are robust to different assumptions about the model parameters.
Dynamic Provisions in the Context of the Financial Crisis: Empirical Study of V4 countriesLecturer: Svatopluk Kapounek Affiliation: Mendel University, Brno ESF, Lipová 41a, Brno, Room S309 1:00 PM • 11/7/2013
Abstract: The pro-cyclical effect of provision is generally agreed and widely discussed in the context of the current financial crisis. The new model of the dynamic provisions applied in Spain showed anticyclical effects on credit and business cycle. We simulate development of the dynamic provisions during the financial crisis and discuss the possible consequences. We apply panel data model of past credit cycle to calibrate parameters following the same approach as in the Spanish dynamic provision. Our contribution is in application of dynamic provisions on the banking systems for the V4 countries.