Ridiculous, if you ask me (needless to state, this is a very personal opinion). Unfortunately, in Economics (you find that category under “Samfundsøkonomi” in the linked pdf), there will be many years till Denmark will catch up with the best places in the Netherlands, for instance (see here an Economics journal ranking of the Tinbergen Institute (TI) , which has its imperfections– such as Journal of Finance placed in the ‘AA’ category… — but it is way way better), in competitiveness, attitude in this context etc. Not to mention the top places in US or UK (NB: the non-existence/ non-marketing of an explicit journal ranking on the (web)sites of those departments does not mean the non-existence of a very strict, informal hierarchy — decisive in hiring and, especially, promotion decisions–, in many ways similar in spirit to the one of the TI linked above!).
The simple test the folks who made up this hierarchy (there was and still is a lot of disagreement among them apparently, this solution seems to be a compromise solution) should(have) subject(ed) themselves to is the following: if you are in the process of deciding where to submit the best paper you ever produced as yet, i.e. something you are satisfied with and very proud of, would you submit it to Econometrica, AER, JPE, QJE, ReStud, or to any of the other places (yes, some extremely good, much better than others paired with them…, but just somewhat below the very top category), which are placed in the same category in this ranking (if I were them, I would ask this question to any potential candidate I would consider hiring in my Danish Econ department). That first hierarchy level (labeled “2” in the pdf) can/should be further split in at least 3 sublevels (even the general editors of those journals in question would all agree; I doubt they were asked when this ranking was made up…). I won’t even touch on assessing the fact that the rest of the journals were all bunched together in a second hierarchical level (labeled “1” in the document). This is not about my being obsessed with rankings, this is about having an idea about scientific quality. And about proper incentives.
PS. The hilarious thing is that some would like to add even more journals that nobody reads/cites to these two categories.