Journal of Political Economy

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Abstracting and indexing

The journal is abstracted and indexed in EBSCO, ProQuest, Research Papers in Economics, Current Contents/Social & Behavioral Sciences, and the Social Sciences Citation Index. According to the Journal Citation Reports , the journal has a 2017 impact factor of 5.247, ranking it 18th out of 353 journals in the category "Economics". [3]

The journal is department-owned University of Chicago journal. [4]

Notable papers

Among the most influential papers that appeared in the Journal of Political Economy are: [5]

... stated Hotelling's rule, laid foundations to non-renewable resource economics. [6]
... first to apply econometric methods to a historic question, which triggered the development of Cliometrics. [7]
... highly influential for introducing the Black–Scholes model for option pricing. [8]
... re-introduced the Ricardian equivalence to macroeconomics, pointing out flaws in Keynesian theory. [9] [10]
... influential new classical critique of Keynesian macroeconomic modelling. [11]
... the second of two papers in which Romer laid foundations to the endogenous growth theory. [12]
... revived the field of economic geography, introducing the core–periphery model. [13]

Related Research Articles

Economics Social science that analyzes the production, distribution, and consumption of goods and services

Economics is the social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.

New Keynesian economics

New Keynesian economics is a school of macroeconomics that strives to provide microeconomic foundations for Keynesian economics. It developed partly as a response to criticisms of Keynesian macroeconomics by adherents of new classical macroeconomics.

This aims to be a complete article list of economics topics:

Robert Lucas Jr. American economist

Robert Emerson Lucas Jr. is an American economist at the University of Chicago, where he is currently the John Dewey Distinguished Service Professor Emeritus in Economics and the College. Widely regarded as the central figure in the development of the new classical approach to macroeconomics, he received the Nobel Prize in Economics in 1995 "for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy". He has been characterized by N. Gregory Mankiw as "the most influential macroeconomist of the last quarter of the 20th century." As of 2020, he ranks as the 11th most cited economist in the world.

Chicago school of economics

The Chicago school of economics is a neoclassical school of economic thought associated with the work of the faculty at the University of Chicago, some of whom have constructed and popularized its principles. Milton Friedman and George Stigler are considered the leading scholars of the Chicago school.

Cliometrics Application of econometrics and other formal methods to the study of history

Cliometrics, sometimes called new economic history or econometric history, is the systematic application of economic theory, econometric techniques, and other formal or mathematical methods to the study of history. It is a quantitative approach to economic history.

Macroeconomic model

A macroeconomic model is an analytical tool designed to describe the operation of the problems of economy of a country or a region. These models are usually designed to examine the comparative statics and dynamics of aggregate quantities such as the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the level of prices.

Edward C. Prescott American economist

Edward Christian Prescott is an American economist. He received the Nobel Memorial Prize in Economics in 2004, sharing the award with Finn E. Kydland, "for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles". This research was primarily conducted while both Kydland and Prescott were affiliated with the Graduate School of Industrial Administration at Carnegie Mellon University. According to the IDEAS/RePEc rankings, he is the 19th most widely cited economist in the world today. In August 2014, Prescott was appointed as an Adjunct Distinguished Economic Professor at the Australian National University (ANU) in Canberra, Australia.

Robert Joseph Barro is an American macroeconomist and the Paul M. Warburg Professor of Economics at Harvard University. Barro is considered one of the founders of new classical macroeconomics, along with Robert Lucas, Jr. and Thomas J. Sargent. He is currently a senior fellow at Stanford University's Hoover Institution and co-editor of the influential Quarterly Journal of Economics.

John B. Taylor American economist

John Brian Taylor is the Mary and Robert Raymond Professor of Economics at Stanford University, and the George P. Shultz Senior Fellow in Economics at Stanford University's Hoover Institution.

Constantine Christos "Costas" Azariadis is a macroeconomist born in Athens, Greece. He has worked on numerous topics, such as labor markets, business cycles, and economic growth and development. Azariadis originated and developed implicit contract theory.

Paul Romer American economist

Paul Michael Romer is an American economist at the NYU Stern School of Business, Department of Economics, and School of Law. He is also the co-recipient of the Nobel Memorial Prize in Economic Sciences in 2018 for his contributions to endogenous growth theory. He was awarded the prize "for integrating technological innovations into long-run macroeconomic analysis".

Dynamic stochastic general equilibrium modeling is a macroeconomic method which is often employed by monetary and fiscal authorities for policy analysis, explaining historical time-series data, as well as future forecasting purposes. DSGE econometric modeling applies general equilibrium theory and microeconomic principles in a tractable manner to postulate economic phenomena, such as economic growth and business cycles, as well as policy effects and market shocks.

New classical macroeconomics School of thought in macroeconomics

New classical macroeconomics, sometimes simply called new classical economics, is a school of thought in macroeconomics that builds its analysis entirely on a neoclassical framework. Specifically, it emphasizes the importance of rigorous foundations based on microeconomics, especially rational expectations.

Paul Davidson is an American macroeconomist who has been one of the leading spokesmen of the American branch of the post-Keynesian school in economics. He is a prolific writer and has actively intervened in important debates on economic policy from a position that is very critical of mainstream economics.

David Hibbard Romer is an American economist, the Herman Royer Professor of Political Economy at the University of California, Berkeley, and the author of a standard textbook in graduate macroeconomics as well as many influential economic papers, particularly in the area of New Keynesian economics. He is also the husband and close collaborator of Council of Economic Advisers former Chairwoman Christina Romer.

History of macroeconomic thought Aspect of history

Macroeconomic theory has its origins in the study of business cycles and monetary theory. In general, early theorists believed monetary factors could not affect real factors such as real output. John Maynard Keynes attacked some of these "classical" theories and produced a general theory that described the whole economy in terms of aggregates rather than individual, microeconomic parts. Attempting to explain unemployment and recessions, he noticed the tendency for people and businesses to hoard cash and avoid investment during a recession. He argued that this invalidated the assumptions of classical economists who thought that markets always clear, leaving no surplus of goods and no willing labor left idle.

Basil John Moore was a Canadian post-Keynesian economist, best known for developing and promoting endogenous money theory, particularly the proposition that the money supply curve is horizontal, rather than upward sloping, a proposition known as horizontalism. He was the most vocal proponent of this theory, and is considered a central figure in post Keynesian economics

Following the development of Keynesian economics, applied economics began developing forecasting models based on economic data including national income and product accounting data. In contrast with typical textbook models, these large-scale macroeconometric models used large amounts of data and based forecasts on past correlations instead of theoretical relations. These models estimated the relations between different macroeconomic variables using regression analysis on time series data. These models grew to include hundreds or thousands of equations describing the evolution of hundreds or thousands of prices and quantities over time, making computers essential for their solution. While the choice of which variables to include in each equation was partly guided by economic theory, variable inclusion was mostly determined on purely empirical grounds. Large-scale macroeconometric model consists of systems of dynamic equations of the economy with the estimation of parameters using time-series data on a quarterly to yearly basis.

References

  1. Ross B. Emmett (ed.), The Chicago Tradition in Economics 1892-1945, Taylor & Francis, 2002, p. xix.
  2. Casselman, Ben; Tankersley, Jim (2020-06-10). "Economics, Dominated by White Men, Is Roiled by Black Lives Matter". The New York Times. ISSN   0362-4331 . Retrieved 2020-06-11.
  3. "Journals Ranked by Impact: Economics". 2017 Journal Citation Reports. Web of Science (Social Sciences ed.). Thomson Reuters. 2018.
  4. Economics; Science (2020-06-10). "Should departments own and control journals?". Marginal REVOLUTION. Retrieved 2020-06-11.
  5. Amiguet, Lluis; Gil-Lafuente, Anna M.; Kydland, Finn E.; Merigo, Jose M. (2017). "One Hundred Twenty-Five Years of the Journal of Political Economy: A Bibliometric Overview". Journal of Political Economy. 125. ISSN   1537-534X.
  6. Devarajan, Shantayanan; Fisher, Anthony C. (1981). "Hotelling's 'Economics of Exhaustible Resources': Fifty Years Later". Journal of Economic Literature . 19 (1): 65–73. JSTOR   2724235.
  7. Fogel, Robert William; Engerman, Stanley L. (1989). "Slavery and the Cliometric Revolution" . Time on the Cross: The Economics of American Negro Slavery. New York: W. W. Norton. ISBN   978-0-393-31218-8.
  8. Read, Colin (2012). The Rise of the Quants: Marschak, Sharpe, Black, Scholes and Merton. London: Palgrave Macmillan. ISBN   9780230274174.
  9. Hoover, Kevin D. (1988). The New Classical Macroeconomics. Oxford: Basil Blackwell. pp.  140–149. ISBN   978-0-631-17263-5.
  10. White, Lawrence H. (2012). "From Pleasant Deficit Spending to Unpleasant Sovereign Debt Crisis". The Clash of Economic Ideas: The Great Policy Debates and Experiments of the Last Hundred Years. Cambridge University Press. pp. 382–411. ISBN   9781107012424.
  11. Thomas, R. L. (1993). Introductory Econometrics: Theory and Applications (2nd ed.). Harlow: Longman. p. 420. ISBN   978-0-582-07378-4.
  12. Romer, David (2011). Advanced Macroeconomics (Fourth ed.). New York: McGraw-Hill. ISBN   9780073511375.
  13. Fujita, M.; Thisse, J.-F. (2002). "Industrial agglomeration under monopolistic competition". Economics of Agglomeration: Cities, Industrial Location and Regional Growth. Cambridge University Press. ISBN   978-0521805247.