1 Academic Excellence Western Standards International Character Community Value Added

2 Center for Economic Research and Graduate Education and Economics Institute (CERGE-EI)

3 What is CERGE-EI? A joint academic workplace of Charles University and the Academy of Sciences of the Czech Republic (founded 1991) Internationally-minded institution with academic staff from all over the world Mission: modern economics for the post- communist bloc; identify possibly underprepared but gifted students, nourish and develop their talents (so they stay).

4 Main products Basic research in economics (publications in international journals) Ph.D. program in Economics

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6 International Recognition Absolute charter from the NYSED to award the PhD, MA, and MAE. SSRN ranking: 58th out of 1,236 economics departments worldwide (top 5%) + ranked Top 10% in Europe in RePEc ranking. Producing 70 (60) % of articles in top (2 nd ) IF tercile in economics in the Czech Rep. “Center of Excellence in Economics Education and Research” (recognition by USAID) Several FP6 and FP7 projects.

7 The Ph.D. program Modern post-graduate training in economics Curriculum follows the “U.S. model” All instruction in English International faculty with Ph.D.s from Chicago, Michigan, Minnesota, Pittsburgh, Virginia, Johns Hopkins, UCL, LSE…

8 Graduates Find Excellent Jobs Western Universities: Northwestern (Kellog), UBC, Bonn, Arizona State, Georgia State, Tilburg, Copenhagen Business School, Zurich, Innsbruck, International Organizations: IMF (5% of Ph.D.s!), EBRD, World Bank,… Central banks (Czech, Canada, USA) Consulting (McKinsey, BCG, Deloitte) and private financial institutions

9 Academic Buzz Research Seminars in three fields (over 50 a year including 10 Nobel visitors so far!) Brown Bag Seminars – students present their own work in an informal setting Conferences hosted by CERGE-EI (SED, EALE, FMA, GDN, …) In-house working paper series

10 Resources (for students) Library: The largest collection of economics books, journals, data, and on-line resources in Central and Eastern Europe Development of English language, writing, and presentation skills Regular consultations with permanent faculty Visiting faculty

11 Community Value Added CNB Board – 1, NERV – 2 Policy analysis – IDEA project Advising several ministries, TV/newspaper article Active in grant agencies, scientific boards, … SHARE data collection, European Employment Observatory, GDN, … Seminars and Library open to public Teaching Fellowships

12 Governance A joint workplace of two legal entities: CERGE of Charles University Economics Institute of AVCR External supervisory board (Stiglitz, Aghion, Sutton, Roland, Krueger, Svejnar, Shaked…): key strategic decisions service on dissertation workshops approves hiring of new faculty evaluates faculty and awards tenure

13 Quality Control - Internal No inbreeding Hiring new faculty on the international market for economists Course evaluations Plagiarism not tolerated De-facto tenure system based primarily on publications Regular evaluations, feedback on research (actually read the papers)

14 Quality Control - External International competition (students and faculty) NYSED charter evaluations External board

15 Key factors behind the success Clear and shared mission Devotion to the mission and “good practices” International background of faculty External board Starting from scratch helped Start-up Western funding helped (but it’s gone)

16 Challenges ahead “Coffee mill”: Despite producing 70% (60%) of articles in top (second) IF tercile in economics in CZ, CERGE-EI share of “research output” in economics according to RVVI formula is only 16%.

17 Challenges ahead Intensified competition from Western Europe (more generous stipends for PhD students) Background of incoming students from many CEE universities still poor Much of EU funding bypasses Prague LC centers eliminated Funding of PhD programs (“normatives”, stipends) does not reflect quality

18 Ph.D. program: The 1 st and 2 nd Years 1 st year: a common curriculum of Micro, Macro, Econometrics, and Academic Writing 2 nd year: elective courses in specialized fields (Finance, Advanced Macro, Industrial Organization, International Trade, Public Economics, Advanced Econometrics, etc.) and Academic Writing Research Methodology Seminar M.A. Degree

19 Ph.D. Program: The Dissertation Stage Early 3 rd year: students formulate and defend a dissertation proposal 3 rd -5 th years: work on the dissertation under regular guidance from their professors Dissertation workshop (4 th year) and final dissertation defense The dissertation makes an original contribution to economics, comparable to articles in high-quality international journals

20 Financial Conditions Tuition-free for almost all students All students receive stipends ($500-$1000 depending on performance and year) 5 years of funding Research and teaching assistantship requirements Housing arrangements Good work is rewarded