I29 - Education: OtherNávrat zpět

Economic education is considered of prime importance nowadays with direct implications for effectiveness of monetary policy. We aim to verify with an application of experimental method, whether economic education acquired has weakening or even suppressive effects on recently resurrected phenomenon of money illusion. If our hypothesis will be proved, previous evidence about signifi cant indirect effects of money illusion, causing significant long-lasting deviations of the economy from equilibrium after the shock, might be significantly alleviated, weakening thereby predictions of the New Keynesian model. Our findings suggest that even well-educated individuals do not have the ability to pierce the veil of money and do not form expectations properly after a fully anticipated monetary shock. As a result we can infer that money illusion is multiplied and nominal rigidities are intensifi ed even in the economy that consists of well-educated individuals.

We survey the state-of-the-art methods of how to rank economic departments and economists on the basis of 14 studies conducted in years 1995-2005. We cover a diversity of rankings: U.S., worldwide, E.U., those of developed academic nations and those of developing academic nations. Each method rests on a specific goal: while some identify top-notch research, others reflect quantity and thus are able to discriminate down the ranking. We also document novelties in ranking-construction such as sensitivity analysis, parallel rankings, instant updates and journal weights based on impact-adjusted impact factors.