Talking Economics

How are monetary and fiscal policy, the main macroeconomic tools used to steer our economies, able to address the unprecedented challenges presented by the events of recent years, such as COVID-19, war on Ukraine, or increase in energy prices? In Talking Economics, Katarína Stehlíková and Jaroslav Borovička give us a macroeconomic look at the current economy. Jaroslav Borovička is a CERGE-EI MA in Economics alumnus and one of the leading Czech macro economists. He holds a Ph.D. degree from the University of Chicago and works as an Associate Professor at the Department of Economics at New York University in the United States.

Russia’s invasion of Ukraine has boosted the already high prices of oil and gas. How come the energy situation in the EU is so dependent on Russia? What are the prognoses for energy costs and related costs of living for the near future? Katarína Stehlíková talks about War on Ukraine’s effect on European energy with Silvester van Koten. Silvester is a CERGE-EI PhD Alumnus and senior researcher at the Faculty of Social and Economic Studies, University of Jan Evangelista Purkyně. He specializes in Energy Economics and Economics Experiments with a special interest in economics of electricity markets, renewables, and regulation.

What are the main challenges children and teachers have to face in our schools due to an unprecedented inflow of Ukrainian children and youth into our educational system? Is the situation more complicated because schools suffered from the 2-year pandemic? Can we take this situation as an opportunity? Katarína Stehlíková talks about these questions with Daniel Münich. Daniel Münich is a CERGE-EI PhD in Economics alumnus, member of CERGE-EI Faculty, and executive director of the academic think-tank IDEA at CERGE-EI.

Inflation and monetary policy have become hot topics recently. The world economy first seemed to be heading towards recession due to Covid. Now, we face huge increases in energy prices and soaring inflation. What are the main causes of such high inflation? Will the inflation go back to lower levels? Katarína Stehlíková asked Dana Hájková these questions in the latest episode of Talking Economics. Dana Hájková is a CERGE-EI PhD in Economics alumna and Director of Monetary Policy and Fiscal Analyses Division at Czech National Bank.

What is the difference between the main sanctions imposed on Russia now and those from 2014/2017? What are the impacts of the sanctions? In Talking Economics, Katarína Stehlíková talks with Anna Pestova and Mikhail Mamonov on sanctions on Russia at the macro level. "The current sanctions are not able to stop the inflow of foreign currency totally. They are not able to change the model of export-related activities of the Russian economy," said Anna Pestova and added: "Our estimate says that the amount of the oil embargo currently announced plus potential European oil embargo and the cut of European imports of gas by two thirds will decrease the export revenue by one quarter." Anna Pestova and Mikhail Mamonov are both CERGE-EI PhD students doing their research stay at the University of Zurich. They have published several articles about sanctions imposed on Russia for VOX.EU, a policy portal of Economic Policy Research Centre. They are working on papers at CERGE-EI and Bank of Finland Institute for Emerging Economies (BOFIT). Before joining CERGE-EI, Anna and Mikhail worked for ten years in the leading Russian think tank providing macroeconomic and financial policy consultations

In the most recent Talking Economics Podcast, Katarína Stehlíková and Jared Laxton have a closer look at challenges and opportunities in economic forecasting and modeling. Jared moved to Prague about ten years ago and worked for six years in macroeconomic forecasting. He completed his Masters in Applied Economics at CERGE-EI in 2018 before moving to SpaceKnow, a start-up. According to him, he was "trying to make satellite data relevant for economic forecasting and decision making." But he is now returning to his roots and beginning a new venture with his father focusing on bringing helpful economic modeling and analysis practices to anyone willing to listen.

How has the current pandemic affected measuring and evaluating poverty and welfare programs? In Talking Economics, Katarína Stehlíková directs this question to Nikolas Mittag, Associate Professor with Tenure at CERGE-EI. According to Nikolas, the evaluation of government programs designed during the pandemic is essential: "The pandemic brought a lot of action to the idea of helping other people, and fending off poverty. So we tried a lot of new things. Now would be the time to look at them and think what worked, what can we do better next time (we'd better be prepared), and what might work in normal situations." Nikolas Mittag has been an Associate Professor at CERGE and Charles University, and a Researcher at the Economics Institute of the Czech Academy of Sciences. He is affiliated with the Institute for the Study of Labor and the University of Chicago where he received his Ph.D. in Public Policy Studies from the Harris School of Public Policy. His main research interest is in the evaluations of government programs, applied microeconomics, labor economics, and measurement error issues.

"How have banks survived the pandemics? And what are the trends in the banking industry?" In the Talking Economics Podcast, Katarína Stehlíková asks Richard Podpiera, CERGE-EI's Ph.D. Alumnus and ČSOB’s Executive Director. Richard thinks that banks have proven to be quite resilient during the pandemic: "But that does not mean that COVID was a walk in the park. We were shocked as any other industry, perhaps even more because banks are generally leveraged plays on the economy. From one day to another, we had to resolve operational issues." Richard sees two new directions in the banking industry’s future. "Sustainability (green, energy, responsible behavior) and the effort of banks to be useful and relevant in client lives – simplify the way services are provided, estimate what clients want based on increasingly sophisticated data models, and provide most relevant offers and help to clients at the right time and through the most convenient channel." Richard Podpiera is CERGE-EI's Ph.D. Economics Alumnus and ČSOB’s Executive Director. He manages retail group segments at ČSOB, one of the largest banks in the Czech Republic. Richard is also a lecturer of Master’s in Applied Economics, teaching Corporate Finance and Valuation courses at CERGE-EI. Prior to his current engagement, he has also worked for McKinsey&Company and for the International Monetary Fund in Washington, D.C..

"Have we learned anything new about the educational system during the pandemic? And why are the economics of education becoming more important these days?" asks Katarína Stehlíková in Talking Economics, a Podcast with Daniel Münich. Daniel Münich, a CERGE-EI Ph.D. in Economics and member of the CERGE-EI Faculty, points out that inequality emerged during the pandemic: "I mean inequality in access to good education. It was already a problem before Covid-19. We don't have much data, but I'm convinced, given what I know, that inequality in education and resulting skills will substantially increase during the pandemic. That's a big issue even for us researchers."

Has the pandemic had a substantial impact on energy economics, or has the supply and use of energy worldwide remained stable during this time? And how does the current focus on climate change affect this interdisciplinary field? Katarína Stehlíková talks with Silvester van Koten also about the current increase in electricity prices in the Talking Economics Podcast. Silvester van Koten is a CERGE-EI Ph.D. alumnus and a senior researcher at the Faculty of Social and Economic Studies at Jan Evangelista Purkyně University in Ústí nad Labem. He specializes in energy economics and experimental economics with a particular interest in the economics of electricity markets, renewables, and regulations.

What information do we need to introduce good economic policies? Have we learned anything from the pandemic? In the Talking Economics Podcast, Katarina Stehlíková talks with Filip Pertold and takes a closer look at data and its role in effective government.

Has the current pandemic changed the role of women in family, society, and work? How does the crisis affect women in developing countries? In the Talking Economics Podcast, Katarina Stehlíková talks with Martina Miotto and takes a closer look at these and other questions related to Gender and Development Economics. Martina Miotto is a Post-Doctoral Fellow at the Economics Institute of the Czech Academy of Sciences and a research associate at the CAGE Research Centre in Warwick. Martina holds a Ph.D. degree from the University of Warwick. Her research interests lie in development economics and economic history, focusing on the interconnection between the two. Among others, Martina has recently co-authored a study entitled "Gender and the COVID Crisis."

In the Talking Economics Podcast, Katarina Stehlíková talks with Eva Hromádková about health economics and its contribution to the current debate on health, healthcare, and healthcare policy. How has the pandemic changed health economics? „In the last year, interest seems to have seized most of the population. This is indeed great for the field, and I’m actually looking forward to all the new studies and findings. (..) For us all as human beings, I just wish we could all live in the boring times again,“ Eva says. Eva Hromadkova is a CERGE-EI Ph.D. in Economics Alumna and the program director for our Master in Applied Economics program. Eva also works in the Monetary and Statistics Department at the Czech National Bank as an Expert Analyst of the Economy.

What are the biggest challenges in economics due to the COVID-19 pandemic? One of the questions answered by Jan Švejnar in the Talking Economics Podcast focused on the effects of the pandemic on the economics and economy.