A Nobel Memorial Prize winner theory helps us to make better decisions

How could taxi drivers earn more money by working less? Behavioral economics can provide answers to this question among other things. Richard Thaler, the best-known researcher of this field, won this year’s Nobel Memorial Prize in Economics.  An article written by Balázs Muraközy -the director of the Firms, Strategy and Performance Research Group- and based on the scientific collection of The Committee for the Prize in Economic Sciences summarizes the crucial role of Thaler played in the development of behavioral economics over the past four decades.




Marta Bisztray participated in the 6th Lindau Nobel Laureate Meeting in Economics

This August, Lindau hosted the one-week Nobel Laureate Meeting in Economics for the 6th time. The aim of the meeting is to bring together and promote discussion between Nobel Laureates and young economists from all over the world. With the support of CERS HAS Marta Bisztray qualified in a global competition among young economists worldwide to participate. It was a special experience listening to the lectures of 16 Nobel Laureates and their panel discussions on current hot topics in economics. There were many opportunities to talk to the Nobel Laureates personally as well, and to have inspirational discussions with other young economists.

All the lectures and panel discussions can be watched here.

VSVK researchers among the winners of NKFIH’s research proposal

The project of the members of our research group is also among the winners in the proposal of National Research, Development and Innovation Office (NKFIH). In the supported proposal named “Employment of the low-skilled in Hungary”, the participating researchers (Balázs Muraközy, Attila Lindner, György Molnár and Balázs Reizer) will study the following topics: (1) the effect of trade shocks on the employment and earnings prospects of low skilled workers in Hungary; (2) the relationship between innovation, employment and wages; (3) the effect of minimum wages on competitiveness and exporting; (4) the effect of minimum wage on firm-owners and consumers; (5) whether public employment crowd out private employment and entrepreneurship.

OECD Review of Kazakhstan’s Innovation Policy 2017 OECD Review of Kazakhstan’s Innovation Policy 2017

OECD Review of Kazakhstan’s Innovation Policy 2017

A recent country review of Kazakhstan has been released by OECD in July, in which Balázs Muraközy also participated as one of the consultants of the OECD. The purpose of the OECD Review of Kazakhstan’s Innovation Policy 2017 is to obtain a comprehensive understanding of the key dynamics that drive Kazakhstan’s innovation system and the opportunities to enhance it through government policy. Balázs mainly contributed to the chapters about broader economic environment, innovation of firms and related policies.

Gábor Békés received Bolyai Plaque award Gábor Békés received Bolyai Plaque award

Gábor Békés received Bolyai Plaque award

Gábor Békés, senior research fellow of CERS HAS and member of our research team was awarded the Bolyai Plaque award of Hungarian Academy of Sciences. The Bolyai János Research Fellowship Board grants a memorial to their scholarship holders with excellent final research report. The best of them earn the Bolyai Plaque award. Congratulations!

Paper on the relationship between exporting firms and demand uncertainty

A new paper by Gábor Békés and Balázs Muraközy and two further co-authors was published online in Review of World Economics on the 17th June. In the study named “Shipment frequency of exporters and demand uncertainty”, the authors examines how exporting firms adapt to the uncertainty stemming from demand volatility.
Békés et al. use monthly customs data from France and establish four empirical patterns: (1) firms export less to markets with higher demand volatility; (2) this effect is mainly explained by the frequency margin; (3) volatility affects the frequency margin through two channels: indirectly through lower trade volume and directly through logistics re-optimization; (4) the effect of demand volatility is magnified on markets with longer time-to-ship. The authors propose that these observations are in line with simple stochastic inventory management approaches.

Balázs Muraközy on 2017 Conference of the Global Forum on Productivity Balázs Muraközy on 2017 Conference of the Global Forum on Productivity

Balázs Muraközy on 2017 Conference of the Global Forum on Productivity

On the 26th and 27th June, the 2017 Conference of the Global Forum on Productivity was held in Budapest. Over 180 participants from 36 countries were represented in the conference organized by OECD, including ministers, senior policy-makers, experts and academics. The conference encompassed discussion on several topics, focusing on the leading questions related to the theme of “openness, global value chains, and productivity-enhancing policies”. Balázs Muraközy was also one of the speakers in the session about the potentials and knowledge spillovers of multinational firms. Balázs held a presentation about the supplier-buyer linkages in Hungary, Romania and Slovakia. The presented evidence is based on a recent research by the VSVK research group.

The slides of the presentation are available here. (Only in English)

HAS organised Young Researchers’ Forum at the first time HAS organised Young Researchers’ Forum at the first time

HAS organised Young Researchers’ Forum at the first time

On 10th May, Young Researchers’ Forum was organised by Hungarian Academy of Sciences at the first time. On the forum initiated by the President of the Academy there were several lectures and roundtables on which the topic was how the younger generations can reach a more efficient advocacy and a bigger influence in the scientific life. Balázs Muraközy also participated in the roundtable. Balázs and the other participants agreed that at first, the major problems and goals should be identified, while creating the framework of advocacy should come only after that. At the end of the event, it became clear that there is a need for continuation and the participants will figure out the next steps soon.

Gábor Békés on the Hungarian companies’ competitiveness

A conference named Lending 2017 was held by the online economic journal Portfolio.hu on 27th April. In the prestigious conference, Gábor Békés was also participant of a roundtable, where István Madár (Portfolio.hu) and János Samu (Concorde Értékpapír) were the other participants. The topic of the roundtable was the relationship of lending and Hungarian firms’ competitiveness. In the discussion, Gábor pointed out that although there is a resource abundance due to the EU funds, the Hungarian companies are not able to use them wisely. Moreover, these sources decrease these firms’ ability to in the long run. Furthermore, he added that these resources are also a significant risk of corruption. Gábor explained that the key component for success and a sustainable growth in Hungary should be the education of managements and a better linkage of the firms’ inputs.